NEW YORK Money parked at the Federal Reserve’s reverse repo facility fell under the $1 trillion mark for the first time in just over two years, central bank data released on Thursday showed.

The New York Fed said that money funds and other firms had $993.3 billion parked at the reverse repo facility Thursday, the first time inflows have moved below $1 trillion since Aug. 10, 2021. The Fed’s balance sheet contraction process has been whittling away reverse repo inflows for some time and the facility is down from the $2.554 trillion peak reported on Dec. 30, 2022.

(Reporting by Michael S. Derby; Editing by Daniel Wallis)