The Fed’s overnight RRP just hit another record – $2.2 Trillion. Where is this leading?

95 entities dumped an average of 24B into the facility last night.

Anyone got takes on why this continues to skyrocket? I feel like this has gone well beyond the bounds of its “expected” usage as a post-COVID backstop. I'm running out of reasons why this wouldn't be big news – or at least worth keeping an eye on.