Well, maybe it’s more like taking an advance on your paycheck.
The Fed was hit with withdrawals of $83.3 billion last Wednesday, the largest withdrawals from its deposit accounts that were not associated with quarterly tax payments since February of 2009. $7 billion of that was the net cash transferred to the US Treasury from its note and bond sales less outlays. The Fed still had to meet the other $76 billion.
This stuff is way over my head, but I did read up on some of it. This “Reverse Repurchase Agreement” sounds like a bunch of malarkey.