Why Did Reverse Repo Rates Start to Fall?

There was an enormous bid for treasury bills way over and above what their quote unquote should have been given. We actually started to see sulfur rates, S.O.F.R., the feds amalgamation that's supposed to replace LIBAR. repo rates can fall because there aren't enough borrowers with the right collateral. The reason is because cash lenders are forced to lend to a smaller and smaller pool of borrowers.