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) at least through January of next year to ensure that the supply of reserves remains ample even during periods of sharp increases in non-reserve liabilities, and to mitigate the risk of money market pressures that could adversely affect policy implementation.
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. 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. This is a technical parameter 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 rate.
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 |
|---|---|---|
| Tuesday, 10/15/2019 - Wednesday, 11/13/2019 | The Desk plans to conduct overnight repo operations on each business day as well as a series of term repo operations over the specified period. | Wednesday, 11/13/2019 |
| Overnight operations dates | Aggregate Operation Limit |
|---|---|
| Tuesday, 10/15/2019 - Wednesday, 11/13/2019 | At least $75 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 $35 billion |
| Tuesday, 10/29/2019 | Tuesday, 11/12/2019 | 14-days | At least $35 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 |
| Operation Term | Operation Date | Operation Time (ET) | Settlement Date | Maturity Date | Minimum Bid Rate | Proposition Limit | Aggregate Operation Limit |
|---|---|---|---|---|---|---|---|
| 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 |
