The amount of money parked at a major Federal Reserve facility climbed to yet another all-time high, surpassing the $2 trillion milestone for the first time, as investors struggled to find places to invest their cash in the short term. The pervious record was 1.988 trillion, set just on Friday.

Investors have been rushing to park cash at the Fed’s overnight reverse repurchase agreement facility, even as the Fed moves to drain excess liquidity from the system. The amount of money parked there has surpassed the $2 trillion dollar milestone for the first time.

Analysts note there’s still an imbalance in the Treasury-bill market that as of late has been exacerbated by robust tax collections in the US, and as a result the so-called RRP facility has been seen as a safe-haven for money markets with few other investment options.

Gennadiy Goldberg, a senior US interest rates strategist at TD Securities said, “Treasury is still decreasing bill supply and that seems to be driving the market firmly into the arms of the RRP facility as the only place of refuge. The big implication is that with RRP usage remaining high, QT will drain reserves from the system rather quickly at the start of runoff.”

Wells Fargo & Co. strategists beleive in the second half of the year bill supply should turn slightly positive, though not enough to “fill the void for the mountain of dollars looking for a safe and liquid home,” Zachary Griffiths and Michael Pugliese noted.

As liquidity begins being drained from the financial system by the Fed’s quantitative tightening, ait si believed that cash will flow out faster from bank deposits than from the RRP.