The amount of money that investors are parking at a major Federal Reserve facility dropped below $1 trillion for the first time in more than two years.

A total of 94 participants on Thursday put a combined $993 billion at the Fed’s overnight reverse repurchase agreement facility, used by banks, government sponsored enterprises and money-market mutual funds to earn interest. It marks a steep decline from a record $2.554 trillion stashed on Dec. 30 and is the smallest sum since August 2021.