The Fed’s overnight reverse repo facility once held about $2.5 trillion in spare cash, like a giant mattress stuffed with money nobody needed yet. That mattress is empty. The cash migrated into your money-market fund, which means you are now the mattress.

Then there’s the Standing Repo Facility. That’s the Fed’s emergency lending window. The backstop they said they’d “hardly ever use.” The facility that lets big dealers hand over Treasurys and get overnight cash at a preset rate. It’s the central bank’s credit card for when things get weird.

It’s been getting real weird.

Some days, dealers have borrowed up to $10 billion from the facility. Used to be that this was a quarterly thing. Now it’s Tuesday.