While Fed lending spikes do signal stress, they are small amounts relatively. Think it shows that reserves are near their minimal level for healthy market function and they're unevenly distributed, so we see these spikes in SRF uptake. It confirms the Fed was correct to end QT. It does not mean the system is about to crack unless it gets a lot bigger, and we'd likely also see bond volatility rising.(𝐓𝐗𝐌𝐂)