Commercial bank reserves at the Federal Reserve dropped by about $59 billion to $2.93 trillion in the week ending Oct. 22, the lowest since the week of Jan. 1, Fed data released Thursday show. The decline follows the Treasury Department's increased debt issuance after the July debt ceiling raise to rebuild its cash balance, which drains liquidity from other Fed liabilities including the overnight reverse repurchase agreement facility and bank reserves. With the ON-RRP facility nearly depleted, bank reserves have been declining steadily. Strategists at JPMorgan, Bank of America, TD Securities, and Wrightson expect the Fed to halt the reduction of its roughly $6.6 trillion balance sheet this month.