In accordance with the most recent Federal Open Market Committee (FOMC) directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct a series of overnight and term repurchase agreement operations (repos) to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets.
Securities eligible as collateral for both overnight and term operations include Treasury, agency debt, and agency mortgage-backed securities. Primary Dealers will be permitted to submit up to two propositions per security type at rates equal to or greater than the minimum bid rate. Unless otherwise specified, the minimum bid rate for term repo operations is based on prevailing market rates that reflect market expectations for the path of the federal funds rate over a similar tenor to that of the repo operation. An additional spread may be applied. These are a technical parameters and no inference should be drawn about the Federal Reserve’s views on the current or future stance of monetary policy based on minimum bid rates. These parameters are subject to change.
The operation schedule and parameters are subject to change. The Desk will update the operation schedule and parameters table below daily to reflect the operational details for the following business day’s operations.
Schedule of Overnight and Term Repurchase Agreement Operations
| Current Period | Summary | Next Schedule Release |
|---|---|---|
| Thursday, 3/12/2020 - Monday, 4/13/2020 | The desk plans to conduct overnight repo operations on each business day and a series of term repo operations. | Monday, 4/13/2020 |
| Overnight Operations Dates | Aggregate Operation Limit |
|---|---|
| Morning: Thursday, 3/12/2020 - Monday, 3/16/2020 | At least $175 billion |
| Afternoon: Monday, 3/16/2020 – Monday, 4/13/2020* | $500 billion |
| Morning: Tuesday, 3/17/2020 – Monday, 4/13/2020* | $500 billion |
| Term operation date | maturity date | term | aggregate operation limit |
|---|---|---|---|
| Thursday, 3/12/2020** | Monday, 4/6/2020 | 25-days | At least $50 billion |
| Thursday, 3/12/2020 | Thursday, 3/26/2020 | 14-days | At least $45 billion |
| Thursday, 3/12/2020**, forward settlement repo*** | Friday, 6/5/2020 | 84-days | $500 billion |
| Friday, 3/13/2020** | Friday, 6/5/2020 | 84-days | $500 billion |
| Friday, 3/13/2020** | Monday, 4/13/2020 | 31-days | $500 billion |
| Monday, 3/16/2020** | Monday, 4/13/2020 | 28-days | $500 billion |
| Tuesday, 3/17/2020 | Tuesday, 3/31/2020 | 14-days | At least $45 billion |
| Thursday, 3/19/2020 | Thursday, 4/2/2020 | 14-days | At least $45 billion |
| Friday, 3/20/2020** | Friday, 6/12/2020 | 84-days | $500 billion |
| Monday, 3/23/2020** | Monday, 4/20/2020 | 28-days | $500 billion |
| Tuesday, 3/24/2020 | Monday, 4/6/2020 | 13-days | At least $45 billion |
| Thursday, 3/26/2020 | Monday, 4/6/2020 | 11-days | At least $45 billion |
| Friday, 3/27/2020** | Friday, 6/19/2020 | 84-days | $500 billion |
| Monday, 3/30/2020** | Monday, 4/27/2020 | 28-days | $500 billion |
| Tuesday, 3/31/2020 | Monday, 4/13/2020 | 13-days | At least $45 billion |
| Thursday, 4/2/2020 | Monday, 4/13/2020 | 11-days | At least $45 billion |
| Friday, 4/3/2020** | Friday, 6/26/2020 | 84-days | $500 billion |
| Monday, 4/6/2020** | Monday, 5/4/2020 | 28-days | $500 billion |
| Thursday, 4/9/2020** | Friday, 7/3/2020 | 85-days | $500 billion |
| Monday, 4/13/2020** | Monday, 5/11/2020 | 28-days | $500 billion |
| Operation Term | Operation Date | Operation Time (ET) |
Settlement Date | Maturity Date | Minimum Bid Rate | Proposition Limit | Aggregate Operation Limit |
|---|---|---|---|---|---|---|---|
| Term | 3/31/2020 | 8:00 - 8:15 a.m. | 3/31/2020 | 4/13/2020 | 0.10% | $7 billion | $45 billion |
| Overnight | 3/31/2020 | 8:30 - 8:45 a.m. | 3/31/2020 | 4/1/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/31/2020 | 1:30 - 1:45 p.m. | 3/31/2020 | 4/1/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/30/2020 | 8:00 - 8:15 a.m. | 3/30/2020 | 4/27/2020 | 0.13% | $20 billion | $500 billion |
| Overnight | 3/30/2020 | 8:30 - 8:45 a.m. | 3/30/2020 | 3/31/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/30/2020 | 1:30 - 1:45 p.m. | 3/30/2020 | 3/31/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/27/2020 | 8:00 - 8:15 a.m. | 3/27/2020 | 6/19/2020 | 0.18% | $20 billion | $500 billion |
| Overnight | 3/27/2020 | 8:30 - 8:45 a.m. | 3/27/2020 | 3/30/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/27/2020 | 1:30 - 1:45 p.m. | 3/27/2020 | 3/30/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/26/2020 | 8:00 - 8:15 a.m. | 3/26/2020 | 4/6/2020 | 0.10% | $7 billion | $45 billion |
| Overnight | 3/26/2020 | 8:30 - 8:45 a.m. | 3/26/2020 | 3/27/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/26/2020 | 1:30 - 1:45 p.m. | 3/26/2020 | 3/27/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/25/2020 | 8:15 - 8:30 a.m. | 3/25/2020 | 3/26/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/25/2020 | 1:30 - 1:45 p.m. | 3/25/2020 | 3/26/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/24/2020 | 8:00 - 8:15 a.m. | 3/24/2020 | 4/6/2020 | 0.11% | $7 billion | $45 billion |
| Overnight | 3/24/2020 | 8:30 - 8:45 a.m. | 3/24/2020 | 3/25/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/24/2020 | 1:30 - 1:45 p.m. | 3/24/2020 | 3/25/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/23/2020 | 8:00 - 8:15 a.m. | 3/23/2020 | 4/20/2020 | 0.17% | $20 billion | $500 billion |
| Overnight | 3/23/2020 | 8:30 - 8:45 a.m. | 3/23/2020 | 3/24/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/23/2020 | 1:30 - 1:45 p.m. | 3/23/2020 | 3/24/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/20/2020 | 8:00 - 8:15 a.m. | 3/20/2020 | 6/12/2020 | 0.24% | $20 billion | $500 billion |
| Overnight | 3/20/2020 | 8:30 - 8:45 a.m. | 3/20/2020 | 3/23/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/20/2020 | 1:30 - 1:45 p.m. | 3/20/2020 | 3/23/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/19/2020 | 8:00 - 8:15 a.m. | 3/19/2020 | 4/2/2020 | 0.16% | $7 billion | $45 billion |
| Overnight | 3/19/2020 | 8:30 - 8:45 a.m. | 3/19/2020 | 3/20/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/19/2020 | 1:30 - 1:45 p.m. | 3/19/2020 | 3/20/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/18/2020 | 8:15 - 8:30 a.m. | 3/18/2020 | 3/19/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/18/2020 | 1:30 - 1:45 p.m. | 3/18/2020 | 3/19/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/17/2020 | 8:00 - 8:15 a.m. | 3/17/2020 | 3/31/2020 | 0.19% | $7 billion | $45 billion |
| Overnight | 3/17/2020 | 8:30 - 8:45 a.m. | 3/17/2020 | 3/18/2020 | 0.10% | $20 billion | $500 billion |
| Overnight | 3/17/2020 | 1:30 - 1:45 p.m. | 3/17/2020 | 3/18/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/16/2020 | 8:00 - 8:15 a.m. | 3/16/2020 | 4/13/2020 | 0.15% | $20 billion | $500 billion |
| Overnight | 3/16/2020 | 8:30 - 8:45 a.m. | 3/16/2020 | 3/17/2020 | 0.10% | $15 billion | $175 billion |
| Overnight | 3/16/2020 | 1:30 - 1:45 p.m. | 3/16/2020 | 3/17/2020 | 0.10% | $20 billion | $500 billion |
| Term | 3/13/2020 | 7:45 - 8:00 a.m. | 3/13/2020 | 6/5/2020 | 0.29% | $20 billion | $500 billion |
| Term | 3/13/2020 | 8:15 - 8:30 a.m. | 3/13/2020 | 4/13/2020 | 0.29% | $20 billion | $500 billion |
| Overnight | 3/13/2020 | 8:45 - 9:00 a.m. | 3/13/2020 | 3/16/2020 | 1.10% | $15 billion | $175 billion |
| Term | 3/12/2020 | 7:45 - 8:00 a.m. | 3/12/2020 | 4/6/2020 | 0.24% | $7 billion | $50 billion |
| Term | 3/12/2020 | 8:15 - 8:30 a.m. | 3/12/2020 | 3/26/2020 | 0.23% | $7 billion | $45 billion |
| Overnight | 3/12/2020 | 8:45 - 9:00 a.m. | 3/12/2020 | 3/13/2020 | 1.10% | $15 billion | $175 billion |
| Term | 3/12/2020 | 1:30 - 1:45 p.m. | 3/13/2020 | 6/5/2020 | 0.25% | $20 billion | $500 billion |
| Overnight | 3/11/2020 | 8:15 - 8:30 a.m. | 3/11/2020 | 3/12/2020 | 1.10% | $15 billion | $150 billion |
| Term | 3/10/2020 | 8:00 - 8:15 a.m. | 3/10/2020 | 3/24/2020 | 0.71% | $7 billion | $45 billion |
| Overnight | 3/10/2020 | 8:30 - 8:45 a.m. | 3/10/2020 | 3/11/2020 | 1.10% | $15 billion | $150 billion |
| Overnight | 3/9/2020 | 8:15 - 8:30 a.m. | 3/9/2020 | 3/10/2020 | 1.10% | $15 billion | $150 billion |
| Overnight | 3/6/2020 | 8:15 - 8:30 a.m. | 3/6/2020 | 3/9/2020 | 1.10% | $15 billion | $100 billion |
| Term | 3/5/2020 | 8:00 - 8:15 a.m. | 3/5/2020 | 3/19/2020 | 1.01% | $3 billion | $20 billion |
| Overnight | 3/5/2020 | 8:30 - 8:45 a.m. | 3/5/2020 | 3/6/2020 | 1.10% | $15 billion | $100 billion |
| Overnight | 3/4/2020 | 8:15 - 8:30 a.m. | 3/4/2020 | 3/5/2020 | 1.10% | $15 billion | $100 billion |
| Term | 3/3/2020 | 8:00 - 8:15 a.m. | 3/3/2020 | 3/17/2020 | 1.42% | $3 billion | $20 billion |
| Overnight | 3/3/2020 | 8:30 - 8:45 a.m. | 3/3/2020 | 3/4/2020 | 1.60% | $15 billion | $100 billion |
| Overnight | 3/2/2020 | 8:15 - 8:30 a.m. | 3/2/2020 | 3/3/2020 | 1.60% | $15 billion | $100 billion |
| Overnight | 2/28/2020 | 8:15 - 8:30 a.m. | 2/28/2020 | 3/2/2020 | 1.60% | $15 billion | $100 billion |
| Term | 2/27/2020 | 8:00 - 8:15 a.m. | 2/27/2020 | 3/12/2020 | 1.59% | $4 billion | $25 billion |
| Overnight | 2/27/2020 | 8:30 - 8:45 a.m. | 2/27/2020 | 2/28/2020 | 1.60% | $15 billion | $100 billion |
| Overnight | 2/26/2020 | 8:15 - 8:30 a.m. | 2/26/2020 | 2/27/2020 | 1.60% | $15 billion | $100 billion |
| Term | 2/25/2020 | 8:00 - 8:15 a.m. | 2/25/2020 | 3/10/2020 | 1.58% | $4 billion | $25 billion |
| Overnight | 2/25/2020 | 8:30 - 8:45 a.m. | 2/25/2020 | 2/26/2020 | 1.60% | $15 billion | $100 billion |
| Overnight | 2/24/2020 | 8:15 - 8:30 a.m. | 2/24/2020 | 2/25/2020 | 1.60% | $15 billion | $100 billion |
| Overnight | 2/21/2020 | 8:15 - 8:30 a.m. | 2/21/2020 | 2/24/2020 | 1.60% | $15 billion | $100 billion |
| Term | 2/20/2020 | 8:15 - 8:30 a.m. | 2/20/2020 | 3/5/2020 | 1.58% | $4 billion | $25 billion |
| Overnight | 2/20/2020 | 8:30 - 8:45 a.m. | 2/20/2020 | 2/21/2020 | 1.60% | $15 billion | $100 billion |
| Overnight | 2/19/2020 | 8:15 - 8:30 a.m. | 2/19/2020 | 2/20/2020 | 1.60% | $15 billion | $100 billion |
| Term | 2/18/2020 | 8:00 - 8:15 a.m. | 2/18/2020 | 3/3/2020 | 1.58% | $4 billion | $25 billion |
| Overnight | 2/18/2020 | 8:30 - 8:45 a.m. | 2/18/2020 | 2/19/2020 | 1.60% | $15 billion | $100 billion |
| Overnight | 2/14/2020 | 8:15 - 8:30 a.m. | 2/14/2020 | 2/18/2020 | 1.60% | $15 billion | $100 billion |
| Term | 2/13/2020 | 8:00 - 8:15 a.m. | 2/13/2020 | 2/27/2020 | 1.58% | $5 billion | $30 billion |
| Overnight | 2/13/2020 | 8:30 - 8:45 a.m. | 2/13/2020 | 2/14/2020 | 1.60% | $15 billion | $120 billion |
| Overnight | 2/12/2020 | 8:15 - 8:30 a.m. | 2/12/2020 | 2/13/2020 | 1.60% | $15 billion | $120 billion |
| Term | 2/11/2020 | 8:00 - 8:15 a.m. | 2/11/2020 | 2/25/2020 | 1.58% | $5 billion | $30 billion |
| Overnight | 2/11/2020 | 8:30 - 8:45 a.m. | 2/11/2020 | 2/12/2020 | 1.60% | $15 billion | $120 billion |
| Overnight | 2/10/2020 | 8:15 - 8:30 a.m. | 2/10/2020 | 2/11/2020 | 1.60% | $15 billion | $120 billion |
| Overnight | 2/7/2020 | 8:15 - 8:30 a.m. | 2/7/2020 | 2/10/2020 | 1.60% | $15 billion | $120 billion |
| Term | 2/6/2020 | 8:00 - 8:15 a.m. | 2/6/2020 | 2/20/2020 | 1.59% | $5 billion | $30 billion |
| Overnight | 2/6/2020 | 8:30 - 8:45 a.m. | 2/6/2020 | 2/7/2020 | 1.60% | $15 billion | $120 billion |
| Overnight | 2/5/2020 | 8:15 - 8:30 a.m. | 2/5/2020 | 2/6/2020 | 1.60% | $15 billion | $120 billion |
| Term | 2/4/2020 | 8:00 - 8:15 a.m. | 2/4/2020 | 2/18/2020 | 1.59% | $5 billion | $30 billion |
| Overnight | 2/4/2020 | 8:30 - 8:45 a.m. | 2/4/2020 | 2/5/2020 | 1.60% | $15 billion | $120 billion |
| Overnight | 2/3/2020 | 8:15 - 8:30 a.m. | 2/3/2020 | 2/4/2020 | 1.60% | $15 billion | $120 billion |
| Overnight | 1/31/2020 | 8:15 - 8:30 a.m. | 1/31/2020 | 2/3/2020 | 1.60% | $15 billion | $120 billion |
| Term | 1/30/2020 | 8:00 - 8:15 a.m. | 1/30/2020 | 2/13/2020 | 1.60% | $5 billion | $35 billion |
| Overnight | 1/30/2020 | 8:30 - 8:45 a.m. | 1/30/2020 | 1/31/2020 | 1.60% | $15 billion | $120 billion |
| Overnight | 1/29/2020 | 8:15 - 8:30 a.m. | 1/29/2020 | 1/30/2020 | 1.55% | $15 billion | $120 billion |
| Term | 1/28/2020 | 8:00 - 8:15 a.m. | 1/28/2020 | 2/11/2020 | 1.58% | $5 billion | $35 billion |
| Overnight | 1/28/2020 | 8:30 - 8:45 a.m. | 1/28/2020 | 1/29/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/27/2020 | 8:15 - 8:30 a.m. | 1/27/2020 | 1/28/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/24/2020 | 8:15 - 8:30 a.m. | 1/24/2020 | 1/27/2020 | 1.55% | $15 billion | $120 billion |
| Term | 1/23/2020 | 8:00 - 8:15 a.m. | 1/23/2020 | 2/6/2020 | 1.57% | $5 billion | $35 billion |
| Overnight | 1/23/2020 | 8:30 - 8:45 a.m. | 1/23/2020 | 1/24/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/22/2020 | 8:15 - 8:30 a.m. | 1/22/2020 | 1/23/2020 | 1.55% | $15 billion | $120 billion |
| Term | 1/21/2020 | 8:00 - 8:15 a.m. | 1/21/2020 | 2/4/2020 | 1.56% | $5 billion | $35 billion |
| Overnight | 1/21/2020 | 8:30 - 8:45 a.m. | 1/21/2020 | 1/22/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/17/2020 | 8:15 - 8:30 a.m. | 1/17/2020 | 1/21/2020 | 1.55% | $15 billion | $120 billion |
| Term | 1/16/2020 | 8:00 - 8:15 a.m. | 1/16/2020 | 1/30/2020 | 1.55% | $5 billion | $35 billion |
| Overnight | 1/16/2020 | 8:30 - 8:45 a.m. | 1/16/2020 | 1/17/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/15/2020 | 8:15 - 8:30 a.m. | 1/15/2020 | 1/16/2020 | 1.55% | $15 billion | $120 billion |
| Term | 1/14/2020 | 8:00 - 8:15 a.m. | 1/14/2020 | 1/28/2020 | 1.55% | $5 billion | $35 billion |
| Overnight | 1/14/2020 | 8:30 - 8:45 a.m. | 1/14/2020 | 1/15/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/13/2020 | 8:15 - 8:30 a.m. | 1/13/2020 | 1/14/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/10/2020 | 8:15 - 8:30 a.m. | 1/10/2020 | 1/13/2020 | 1.55% | $15 billion | $120 billion |
| Term | 1/9/2020 | 8:00 - 8:15 a.m. | 1/9/2020 | 1/23/2020 | 1.55% | $5 billion | $35 billion |
| Overnight | 1/9/2020 | 8:30 - 8:45 a.m. | 1/9/2020 | 1/10/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/8/2020 | 8:15 - 8:30 a.m. | 1/8/2020 | 1/9/2020 | 1.55% | $15 billion | $120 billion |
| Term | 1/7/2020 | 8:00 - 8:15 a.m. | 1/7/2020 | 1/21/2020 | 1.55% | $5 billion | $35 billion |
| Overnight | 1/7/2020 | 8:30 - 8:45 a.m. | 1/7/2020 | 1/8/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/6/2020 | 8:15 - 8:30 a.m. | 1/6/2020 | 1/7/2020 | 1.55% | $15 billion | $120 billion |
| Overnight | 1/3/2020 | 8:15 - 8:30 a.m. | 1/3/2020 | 1/6/2020 | 1.55% | $15 billion | $120 billion |
| Term | 1/2/2020 | 8:00 - 8:15 a.m. | 1/2/2020 | 1/16/2020 | 1.55% | $5 billion | $35 billion |
| Overnight | 1/2/2020 | 8:30 - 8:45 a.m. | 1/2/2020 | 1/3/2020 | 1.55% | $15 billion | $150 billion |
| Overnight | 12/31/2019 | 7:45 - 8:00 a.m. | 12/31/2019 | 1/2/2020 | 1.55% | $15 billion | $150 billion |
| Term | 12/30/2019 | 8:00 - 8:15 a.m. | 12/30/2019 | 1/14/2020 | 1.56% | $5 billion | $35 billion |
| Overnight | 12/30/2019 | 8:30 - 8:45 a.m. | 12/30/2019 | 12/31/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 12/30/2019 | 10:00 - 10:15 a.m. | 12/31/2019 | 1/2/2020 | 1.55% | $10 billion | $75 billion |
| Overnight | 12/27/2019 | 8:15- 8:30 a.m. | 12/27/2019 | 12/30/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/26/2019 | 8:00 - 8:15 a.m. | 12/26/2019 | 1/9/2020 | 1.57% | $5 billion | $35 billion |
| Overnight | 12/26/2019 | 8:30 - 8:45 a.m. | 12/26/2019 | 12/27/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 12/24/2019 | 8:15 - 8:30 a.m. | 12/24/2019 | 12/26/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/23/2019 | 8:00 - 8:15 a.m. | 12/23/2019 | 1/7/2020 | 1.56% | $5 billion | $35 billion |
| Overnight | 12/23/2019 | 8:30 - 8:45 a.m. | 12/23/2019 | 12/24/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 12/20/2019 | 8:15 - 8:30 a.m. | 12/20/2019 | 12/23/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/19/2019 | 8:00 - 8:15 a.m. | 12/19/2019 | 1/2/2020 | 1.57% | $5 billion | $35 billion |
| Overnight | 12/19/2019 | 8:30 - 8:45 a.m. | 12/19/2019 | 12/20/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 12/18/2019 | 8:15 - 8:30 a.m. | 12/18/2019 | 12/19/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/17/2019 | 8:00 - 8:15 a.m. | 12/17/2019 | 12/30/2019 | 1.57% | $5 billion | $35 billion |
| Overnight | 12/17/2019 | 8:30 - 8:45 a.m. | 12/17/2019 | 12/18/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/16/2019 | 8:00 - 8:15 a.m. | 12/16/2019 | 1/17/2020 | 1.56% | $7 billion | $50 billion |
| Overnight | 12/16/2019 | 8:30 - 8:45 a.m. | 12/16/2019 | 12/17/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 12/13/2019 | 8:15 - 8:30 a.m. | 12/13/2019 | 12/16/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/12/2019 | 8:00 - 8:15 a.m. | 12/12/2019 | 12/26/2019 | 1.55% | $5 billion | $35 billion |
| Overnight | 12/12/2019 | 8:30 - 8:45 a.m. | 12/12/2019 | 12/13/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 12/11/2019 | 8:15 - 8:30 a.m. | 12/11/2019 | 12/12/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/10/2019 | 8:00 - 8:15 a.m. | 12/10/2019 | 12/23/2019 | 1.54% | $5 billion | $35 billion |
| Overnight | 12/10/2019 | 8:30 - 8:45 a.m. | 12/10/2019 | 12/11/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/9/2019 | 8:00 - 8:15 a.m. | 12/9/2019 | 1/6/2020 | 1.56% | $4 billion | $25 billion |
| Overnight | 12/9/2019 | 8:30 - 8:45 a.m. | 12/9/2019 | 12/10/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 12/6/2019 | 8:15 - 8:30 a.m. | 12/6/2019 | 12/9/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/5/2019 | 8:00 - 8:15 a.m. | 12/5/2019 | 12/19/2019 | 1.55% | $5 billion | $35 billion |
| Overnight | 12/5/2019 | 8:30 - 8:45 a.m. | 12/5/2019 | 12/6/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 12/4/2019 | 8:15 - 8:30 a.m. | 12/4/2019 | 12/5/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/3/2019 | 8:00 - 8:15 a.m. | 12/3/2019 | 12/17/2019 | 1.56% | $5 billion | $35 billion |
| Overnight | 12/3/2019 | 8:30 - 8:45 a.m. | 12/3/2019 | 12/4/2019 | 1.55% | $15 billion | $120 billion |
| Term | 12/2/2019 | 8:00 - 8:15 a.m. | 12/2/2019 | 1/13/2020 | 1.56% | $4 billion | $25 billion |
| Overnight | 12/2/2019 | 8:30 - 8:45 a.m. | 12/2/2019 | 12/3/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/29/2019 | 8:15 - 8:30 a.m. | 11/29/2019 | 12/2/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/27/2019 | 8:00 - 8:15 a.m. | 11/27/2019 | 12/12/2019 | 1.58% | $5 billion | $35 billion |
| Overnight | 11/27/2019 | 8:30 - 8:45 a.m. | 11/27/2019 | 11/29/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/26/2019 | 8:00 - 8:15 a.m. | 11/26/2019 | 12/10/2019 | 1.58% | $5 billion | $35 billion |
| Overnight | 11/26/2019 | 8:30 - 8:45 a.m. | 11/26/2019 | 11/27/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/25/2019 | 8:00 - 8:15 a.m. | 11/25/2019 | 1/6/2020 | 1.57% | $4 billion | $25 billion |
| Overnight | 11/25/2019 | 8:30 - 8:45 a.m. | 11/25/2019 | 11/26/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/22/2019 | 8:15 - 8:30 a.m. | 11/22/2019 | 11/25/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/21/2019 | 8:00 - 8:15 a.m. | 11/21/2019 | 12/5/2019 | 1.56% | $5 billion | $35 billion |
| Overnight | 11/21/2019 | 8:30 - 8:45 a.m. | 11/21/2019 | 11/22/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/20/2019 | 8:15 - 8:30 a.m. | 11/20/2019 | 11/21/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/19/2019 | 8:00 - 8:15 a.m. | 11/19/2019 | 12/3/2019 | 1.57% | $5 billion | $35 billion |
| Overnight | 11/19/2019 | 8:30 - 8:45 a.m. | 11/19/2019 | 11/20/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/18/2019 | 8:15 - 8:30 a.m. | 11/18/2019 | 11/19/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/15/2019 | 8:15 - 8:30 a.m. | 11/15/2019 | 11/18/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/14/2019 | 8:00 - 8:15 a.m. | 11/14/2019 | 11/27/2019 | 1.57% | $5 billion | $35 billion |
| Overnight | 11/14/2019 | 8:30 - 8:45 a.m. | 11/14/2019 | 11/15/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/13/2019 | 8:15 - 8:30 a.m. | 11/13/2019 | 11/14/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/12/2019 | 8:00 - 8:15 a.m. | 11/12/2019 | 11/26/2019 | 1.57% | $5 billion | $35 billion |
| Overnight | 11/12/2019 | 8:30 - 8:45 a.m. | 11/12/2019 | 11/13/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/8/2019 | 8:15 - 8:30 a.m. | 11/8/2019 | 11/12/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/7/2019 | 8:00 - 8:15 a.m. | 11/7/2019 | 11/21/2019 | 1.58% | $5 billion | $35 billion |
| Overnight | 11/7/2019 | 8:30 - 8:45 a.m. | 11/7/2019 | 11/8/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/6/2019 | 8:15 - 8:30 a.m. | 11/6/2019 | 11/7/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/5/2019 | 8:00 - 8:15 a.m. | 11/5/2019 | 11/19/2019 | 1.58% | $5 billion | $35 billion |
| Overnight | 11/5/2019 | 8:30 - 8:45 a.m. | 11/5/2019 | 11/6/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 11/4/2019 | 8:15 - 8:30 a.m. | 11/4/2019 | 11/5/2019 | 1.55% | $15 billion | $120 billion |
| Term | 11/1/2019 | 8:00 - 8:15 a.m. | 11/1/2019 | 11/14/2019 | 1.59% | $5 billion | $35 billion |
| Overnight | 11/1/2019 | 8:30 - 8:45 a.m. | 11/1/2019 | 11/4/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 10/31/2019 | 8:15 - 8:30 a.m. | 10/31/2019 | 11/1/2019 | 1.55% | $15 billion | $120 billion |
| Overnight | 10/30/2019 | 8:15 - 8:30 a.m. | 10/30/2019 | 10/31/2019 | 1.80% | $15 billion | $120 billion |
| Term | 10/29/2019 | 8:00 - 8:15 a.m. | 10/29/2019 | 11/12/2019 | 1.63% | $7 billion | $45 billion |
| Overnight | 10/29/2019 | 8:30 - 8:45 a.m. | 10/29/2019 | 10/30/2019 | 1.80% | $15 billion | $120 billion |
| Overnight | 10/28/2019 | 8:15 - 8:30 a.m. | 10/28/2019 | 10/29/2019 | 1.80% | $15 billion | $120 billion |
| Overnight | 10/25/2019 | 8:15 - 8:30 a.m. | 10/25/2019 | 10/28/2019 | 1.80% | $15 billion | $120 billion |
| Term | 10/24/2019 | 8:00 - 8:15 a.m. | 10/24/2019 | 11/7/2019 | 1.72% | $7 billion | $45 billion |
| Overnight | 10/24/2019 | 8:30 - 8:45 a.m. | 10/24/2019 | 10/25/2019 | 1.80% | $15 billion | $120 billion |
| Overnight | 10/23/2019 | 8:15 - 8:30 a.m. | 10/23/2019 | 10/24/2019 | 1.80% | $10 billion | $75 billion |
| Term | 10/22/2019 | 8:00 - 8:15 a.m. | 10/22/2019 | 11/5/2019 | 1.75% | $5 billion | $35 billion |
| Overnight | 10/22/2019 | 8:30 - 8:45 a.m. | 10/22/2019 | 10/23/2019 | 1.80% | $10 billion | $75 billion |
| Overnight | 10/21/2019 | 8:15 - 8:30 a.m. | 10/21/2019 | 10/22/2019 | 1.80% | $10 billion | $75 billion |
| Overnight | 10/18/2019 | 8:15 - 8:30 a.m. | 10/18/2019 | 10/21/2019 | 1.80% | $10 billion | $75 billion |
| Term | 10/17/2019 | 8:00 - 8:15 a.m. | 10/17/2019 | 11/1/2019 | 1.84% | $5 billion | $35 billion |
| Overnight | 10/17/2019 | 8:30 - 8:45 a.m. | 10/17/2019 | 10/18/2019 | 1.80% | $10 billion | $75 billion |
| Overnight | 10/16/2019 | 8:15 - 8:30 a.m. | 10/16/2019 | 10/17/2019 | 1.80% | $10 billion | $75 billion |
| Term | 10/15/2019 | 8:00 - 8:15 a.m. | 10/15/2019 | 10/29/2019 | 1.83% | $5 billion | $35 billion |
| Overnight | 10/15/2019 | 8:30 - 8:45 a.m. | 10/15/2019 | 10/16/2019 | 1.80 % | $10 billion | $75 billion |
| Term | 10/11/2019 | 8:00 - 8:15 a.m. | 10/11/2019 | 10/17/2019 | 1.85% | $7 billion | $45 billion |
| Overnight | 10/11/2019 | 8:30 - 8:45 a.m. | 10/11/2019 | 10/15/2019 | 1.80 % | $10 billion | $75 billion |
| Term | 10/10/2019 | 8:00 - 8:15 a.m. | 10/10/2019 | 10/24/2019 | 1.84% | $7 billion | $45 billion |
| Overnight | 10/10/2019 | 8:30 - 8:45 a.m. | 10/10/2019 | 10/11/2019 | 1.80 % | $10 billion | $75 billion |
| Overnight | 10/9/2019 | 8:15 - 8:30 a.m. | 10/9/2019 | 10/10/2019 | 1.80 % | $10 billion | $75 billion |
| Term | 10/8/2019 | 8:00 - 8:15 a.m. | 10/8/2019 | 10/22/2019 | 1.84 % | $7 billion | $45 billion |
| Overnight | 10/8/2019 | 8:30 - 8:45 a.m. | 10/8/2019 | 10/9/2019 | 1.80 % | $10 billion | $75 billion |
| Overnight | 10/7/2019 | 8:15 - 8:30 a.m. | 10/7/2019 | 10/8/2019 | 1.80 % | $10 billion | $75 billion |
| Overnight | 10/4/2019 | 8:15 - 8:30 a.m. | 10/4/2019 | 10/7/2019 | 1.80 % | $10 billion | $75 billion |
| Overnight | 10/3/2019 | 8:15 - 8:30 a.m. | 10/3/2019 | 10/4/2019 | 1.80 % | $10 billion | $75 billion |
| Overnight | 10/2/2019 | 8:15 - 8:30 a.m. | 10/2/2019 | 10/3/2019 | 1.80 % | $10 billion | $75 billion |
| Overnight | 10/1/2019 | 8:15 - 8:30 a.m. | 10/1/2019 | 10/2/2019 | 1.80 % | $10 billion | $75 billion |
| Overnight | 9/30/2019 | 7:45 - 8:00 a.m. | 9/30/2019 | 10/1/2019 | 1.80 % | $15 billion | $100 billion |
| Term | 9/27/2019 | 8:00 - 8:15 a.m. | 9/27/2019 | 10/11/2019 | 1.85 % | $10 billion | $60 billion |
| Overnight | 9/27/2019 | 8:30 - 8:45 a.m. | 9/27/2019 | 9/30/2019 | 1.80 % | $15 billion | $100 billion |
| Term | 9/26/2019 | 8:00 - 8:15 a.m. | 9/26/2019 | 10/10/2019 | 1.85 % | $10 billion | $60 billion |
| Overnight | 9/26/2019 | 8:30 - 8:45 a.m. | 9/26/2019 | 9/27/2019 | 1.80 % | $15 billion | $100 billion |
| Overnight | 9/25/2019 | 8:15 - 8:30 a.m. | 9/25/2019 | 9/26/2019 | 1.80 % | $10 billion | $75 billion |
| Term | 9/24/2019 | 8:00 - 8:15 a.m. | 9/24/2019 | 10/8/2019 | 1.85 % | $5 billion | $30 billion |
| Overnight | 9/24/2019 | 8:30 - 8:45 a.m. | 9/24/2019 | 9/25/2019 | 1.80 % | $10 billion | $75 billion |
*Due to the Securities Industry and Financial Markets Association’s recommended market close on Friday, 4/10/2020, the overnight repos on Thursday, 4/9/2020 will mature on Monday, 4/13/2020.
**The minimum bid rate for these longer-maturity term repo operations will be set at the greater of: (1) the prevailing market rate that reflects market expectations for the path of the federal funds rate over a similar tenor plus a spread of 5 basis points for one-month repo operations and 10 basis points for three-month repo operations, or (2) the minimum bid rate for the overnight repo operation on the same day. These are a technical parameters and no inference should be drawn about the Federal Reserve’s views on the current or future stance of monetary policy based on the minimum bid rates for repo operations. These parameters are subject to change.
***This forward settlement operation will be conducted at 1:30 p.m. ET on 3/12/2020. It will settle on 3/13/2020 and mature on 6/5/2020.
Note: This calendar was last updated on 3/16/2020
**The minimum bid rate for these longer-maturity term repo operations will be set at the greater of: (1) the prevailing market rate that reflects market expectations for the path of the federal funds rate over a similar tenor plus a spread of 5 basis points for one-month repo operations and 10 basis points for three-month repo operations, or (2) the minimum bid rate for the overnight repo operation on the same day. These are a technical parameters and no inference should be drawn about the Federal Reserve’s views on the current or future stance of monetary policy based on the minimum bid rates for repo operations. These parameters are subject to change.
***This forward settlement operation will be conducted at 1:30 p.m. ET on 3/12/2020. It will settle on 3/13/2020 and mature on 6/5/2020.
Note: This calendar was last updated on 3/16/2020
previous periods
| Overnight Operations Dates | Aggregate Operation Limit |
|---|---|
| Friday, 2/14/2020 - Friday, 3/6/2020 | At least $100 billion |
| Monday, 3/9/2020 - Wednesday, 3/11/2020 | At least $150 billion |
| Term operation date | maturity date | term | aggregate operation limit |
|---|---|---|---|
| Tuesday, 2/18/2020 | Tuesday, 3/3/2020 | 14-days | At least $25 billion |
| Thursday, 2/20/2020 | Thursday, 3/5/2020 | 14-days | At least $25 billion |
| Tuesday, 2/25/2020 | Tuesday, 3/10/2020 | 14-days | At least $25 billion |
| Thursday, 2/27/2020 | Thursday, 3/12/2020 | 14-days | At least $25 billion |
| Tuesday, 3/3/2020 | Tuesday, 3/17/2020 | 14-days | At least $20 billion |
| Thursday, 3/5/2020 | Thursday, 3/19/2020 | 14-days | At least $20 billion |
| Tuesday, 3/10/2020 | Tuesday, 3/24/2020 | 14-days | At least $45 billion |
| Overnight Operations Dates | Aggregate Operation Limit |
|---|---|
| Wednesday, 1/15/2020 - Thursday, 2/13/2020 | At least $120 billion |
| Term operation date | maturity date | term | aggregate operation limit |
|---|---|---|---|
| Thursday, 1/16/2020 | Thursday, 1/30/2020 | 14-days | At least $35 billion |
| Tuesday, 1/21/2020 | Tuesday, 2/4/2020 | 14-days | At least $35 billion |
| Thursday, 1/23/2020 | Thursday, 2/6/2020 | 14-days | At least $35 billion |
| Tuesday, 1/28/2020 | Tuesday, 2/11/2020 | 14-days | At least $35 billion |
| Thursday, 1/30/2020 | Thursday, 2/13/2020 | 14-days | At least $35 billion |
| Tuesday, 2/4/2020 | Tuesday, 2/18/2020 | 14-days | At least $30 billion |
| Thursday, 2/6/2020 | Thursday, 2/20/2020 | 14-days | At least $30 billion |
| Tuesday, 2/11/2020 | Tuesday, 2/25/2020 | 14-days | At least $30 billion |
| Thursday, 2/13/2020 | Thursday, 2/27/2020 | 14-days | At least $30 billion |
| Overnight Operations Dates | Aggregate Operation Limit |
|---|---|
| Friday, 12/13/2019 – Monday, 12/30/2019 | At least $120 billion |
| Monday, 12/30/2019 one-day forward settlement repo* | At least $75 billion |
| Tuesday, 12/31/2019** – Thursday, 1/2/2020 | At least $150 billion |
| Friday, 1/3/2020 – Tuesday, 1/14/2020 | At least $120 billion |
| Term operation date | maturity date | term | aggregate operation limit |
|---|---|---|---|
| Monday, 12/16/2019 | Friday, 1/17/2020 | 32-days | At least $50 billion |
| Tuesday, 12/17/2019 | Monday, 12/30/2019 | 13-days | At least $35 billion |
| Thursday, 12/19/2019 | Thursday, 1/2/2020 | 14-days | At least $35 billion |
| Monday, 12/23/2019 | Tuesday, 1/7/2020 | 15-days | At least $35 billion |
| Thursday, 12/26/2019 | Thursday, 1/9/2020 | 14-days | At least $35 billion |
| Monday, 12/30/2019 | Tuesday, 1/14/2020 | 15-days | At least $35 billion |
| Thursday, 1/2/2020 | Thursday, 1/16/2020 | 14-days | At least $35 billion |
| Tuesday, 1/7/2020 | Tuesday, 1/21/2020 | 14-days | At least $35 billion |
| Thursday, 1/9/2020 | Thursday, 1/23/2020 | 14-days | At least $35 billion |
| Tuesday, 1/14/2020 | Tuesday, 1/28/2020 | 14-days | At least $35 billion |
*This one-day forward settlement operation will be conducted at 10:00 a.m. ET on 12/30/2019. It will settle on 12/31/2019 and mature on 1/2/2020.
**The overnight repo operation on 12/31/2019 will start at 7:45 a.m. ET and close at 8:00 a.m. ET.
**The overnight repo operation on 12/31/2019 will start at 7:45 a.m. ET and close at 8:00 a.m. ET.
| Overnight operations dates | Aggregate Operation Limit |
|---|---|
| Friday, 11/15/2019 - Thursday, 12/12/2019 | At least $120 billion |
| Term operation date | maturity date | term | aggregate operation limit |
|---|---|---|---|
| Tuesday, 11/19/2019 | Tuesday, 12/3/2019 | 14-days | At least $35 billion |
| Thursday, 11/21/2019 | Thursday, 12/5/2019 | 14-days | At least $35 billion |
| Monday, 11/25/2019 | Monday, 1/6/2020 | 42-days | At least $25 billion |
| Tuesday, 11/26/2019 | Tuesday, 12/10/2019 | 14-days | At least $35 billion |
| Wednesday, 11/27/2019 | Thursday, 12/12/2019 | 15-days | At least $35 billion |
| Monday, 12/2/2019* | Monday, 1/13/2020 | 42-days | At least $25 billion |
| Tuesday, 12/3/2019 | Tuesday, 12/17/2019 | 14-days | At least $35 billion |
| Thursday, 12/5/2019 | Thursday, 12/19/2019 | 14-days | At least $35 billion |
| Monday, 12/9/2019** | Monday, 1/6/2020 | 28-days | At least $25 billion |
| Tuesday, 12/10/2019 | Monday, 12/23/2019 | 13-days | At least $35 billion |
| Thursday, 12/12/2019 | Thursday, 12/26/2019 | 14-days | At least $35 billion |
*This calendar was updated on 11/25/2019 to increase the Aggregate Operation Limit for the 42-day repo operation scheduled for 12/2/2019 from ‘At least $15 billion’ to ‘At least $25 billion’.
**This calendar was updated on 12/2/2019 to increase the Aggregate Operation Limit for the 28-day repo operation scheduled for 12/9/2019 from ‘At least $15 billion’ to ‘At least $25 billion’.
**This calendar was updated on 12/2/2019 to increase the Aggregate Operation Limit for the 28-day repo operation scheduled for 12/9/2019 from ‘At least $15 billion’ to ‘At least $25 billion’.
| Overnight operations dates | Aggregate Operation Limit |
|---|---|
| Tuesday, 10/15/2019 - Wednesday, 10/23/2019 | At least $75 billion |
| Thursday, 10/24/2019 - Thursday, 11/14/2019 | At least $120 billion |
| Term operation date | maturity date | term | aggregate operation limit |
|---|---|---|---|
| Tuesday, 10/15/2019 | Tuesday, 10/29/2019 | 14-days | At least $35 billion |
| Thursday, 10/17/2019 | Friday, 11/1/2019 | 15-days | At least $35 billion |
| Tuesday, 10/22/2019 | Tuesday, 11/5/2019 | 14-days | At least $35 billion |
| Thursday, 10/24/2019 | Thursday, 11/7/2019 | 14-days | At least $45 billion |
| Tuesday, 10/29/2019 | Tuesday, 11/12/2019 | 14-days | At least $45 billion |
| Friday, 11/1/2019 | Thursday, 11/14/2019 | 13-days | At least $35 billion |
| Tuesday, 11/5/2019 | Tuesday, 11/19/2019 | 14-days | At least $35 billion |
| Thursday, 11/7/2019 | Thursday, 11/21/2019 | 14-days | At least $35 billion |
| Tuesday, 11/12/2019 | Tuesday, 11/26/2019 | 14-days | At least $35 billion |
| Thursday, 11/14/2019 | Wednesday, 11/27/2019 | 13-days | At least $35 billion |
