[Federal Reserve Meeting Minutes: Short-Term Funding Market Tightens, Reserves Approaching Ample Levels] The Federal Reserve's October meeting minutes indicate that conditions in the U.S. short-term funding market tightened significantly during the interim period but remained orderly. The spread between the effective federal funds rate and the interest rate on reserve balances narrowed to the tightest level since the Fed began balance sheet reduction in 2022. The secured overnight financing rate (SOFR) exceeded the minimum bid rate of the standing repo facility multiple times, leading to repeated use of the facility. The average usage of the overnight reverse repurchase agreement (ON RRP) facility dropped to its lowest level since 2021, while reserve balances gradually approached ample levels.