Repurchase Agreement Operational Details

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
Overnight 4/1/2020 8:15 - 8:30 a.m. 4/1/2020 4/2/2020 0.10% $20 billion $500 billion
Overnight 4/1/2020 1:30 - 1:45 p.m. 4/1/2020 4/2/2020 0.10% $20 billion $500 billion
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

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.

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’.

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