New York Fed reports sharp drop in reverse repo usage

NEW YORK, Jan 2 (Reuters) - Usage of the Federal Reserve's reserve repo facility dropped on the first day of the year, the central bank reported on Thursday.

The New York Fed said money market funds and other eligible firms parked $239.9 billion at its overnight reverse repo facility, down from the six-month high of $473.5 billion seen on Tuesday. The decline was expected as Tuesday's usage was driven by transitory end-of-year factors.

(Reporting by Michael S. Derby; Editing by Chris Reese)

((Michael.Derby@thomsonreuters.com;))