The government's chequing account sits at the Fed, so every dollar it gains is a dollar of bank reserves destroyed. A post-debt-ceiling rebuild or a quarterly tax date pulls hundreds of billions out in days, and that drain is the usual reason repo firms with no policy change behind it.
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U.S. Department of the Treasury, Bureau of the Fiscal Service
Source: U.S. Department of the Treasury, Bureau of the Fiscal Service, Daily Treasury Statement, via FiscalData.
The Treasury's operating cash balance at the Federal Reserve at the close of business, in millions of US dollars. A rebuild drains bank reserves one for one, which is why it belongs beside the reverse repo facility rather than in the fiscal accounts.
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