The New York Fed conducts repurchase agreement
operations (repos) to support effective policy implementation and the smooth functioning of short-term U.S. dollar funding markets, as
directed by the Federal Open Market Committee (FOMC).
Repo Operations Parameters (Effective February 12th, 2021)
Overnight Repo |
Schedule: |
Every business day from 1:30 p.m. to 1:45 p.m. (ET), unless otherwise stated |
Aggregate Operation limit: |
$500 billion |
Proposition limit: |
Two propositions per eligible collateral type, subject to a $20 billion maximum per proposition |
Minimum Bid Rate: |
Interest on Excess Reserves (IOER) + 5 basis points |
Eligible Counterparties: |
Primary dealers |
Eligible Collateral: |
Treasuries, agency debt, and agency mortgage-backed securities
(see Repo Collateral Schedule) |
previous periods
Current Period |
Summary |
Next Schedule Release |
Friday, 01/15/2021 - Thursday, 02/11/2021 |
The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. |
Thursday, 02/11/2021* |
Overnight Operations Date(s) |
Time |
Minimum Bid Rate |
Friday, 01/15/2021 - Thursday, 02/11/2021 |
1:30 - 1:45 p.m. |
IOER + 5 basis points |
Term operation date |
maturity date |
term |
Time |
Minimum Bid Rate |
Tuesday, 1/19/2021 |
Tuesday, 2/16/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 1/26/2021 |
Tuesday, 2/23/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 2/2/2021 |
Tuesday, 3/2/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 2/9/2021 |
Tuesday, 3/9/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Current Period |
Summary |
Next Schedule Release |
Monday, 12/14/2020 - Thursday, 01/14/2021 |
The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. |
Thursday, 01/14/2021 |
Overnight Operations Date(s) |
Time |
Minimum Bid Rate |
Monday, 12/14/2020 - Thursday, 01/14/2021 |
1:30 - 1:45 p.m. |
IOER + 5 basis points |
Term operation date |
maturity date |
term |
Time |
Minimum Bid Rate |
Tuesday, 12/15/2020 |
Tuesday, 1/12/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 12/22/2020 |
Tuesday, 1/19/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 12/29/2020 |
Tuesday, 1/26/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 1/5/2021 |
Tuesday, 2/2/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 1/12/2021 |
Tuesday, 2/9/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Current Period |
Summary |
Next Schedule Release |
Monday, 11/16/2020 - Friday, 12/11/2020 |
The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. |
Friday, 12/11/2020 |
Overnight Operations Date(s) |
Time |
Minimum Bid Rate |
Monday, 11/16/2020 - Friday, 12/11/2020 |
1:30 - 1:45 p.m. |
IOER + 5 basis points |
Term operation date |
maturity date |
term |
Time |
Minimum Bid Rate |
Tuesday, 11/17/2020 |
Tuesday, 12/15/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 11/24/2020 |
Tuesday, 12/22/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 12/1/2020 |
Tuesday, 12/29/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 12/8/2020 |
Tuesday, 1/5/2021 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Current Period |
Summary |
Next Schedule Release |
Thursday, 10/15/2020 - Friday, 11/13/2020 |
The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. |
Friday, 11/13/2020 |
Overnight Operations Date(s) |
Time |
Minimum Bid Rate |
Thursday, 10/15/2020 - Friday, 11/13/2020 |
1:30 - 1:45 p.m. |
IOER + 5 basis points |
Term operation date |
maturity date |
term |
Time |
Minimum Bid Rate |
Tuesday, 10/20/2020 |
Tuesday, 11/17/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 10/27/2020 |
Tuesday, 11/24/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 11/3/2020 |
Tuesday, 12/1/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 11/10/2020 |
Tuesday, 12/8/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Current Period |
Summary |
Next Schedule Release |
Tuesday, 9/15/2020 - Wednesday, 10/14/2020 |
The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. |
Wednesday, 10/14/2020 |
Overnight Operations Date(s) |
Time |
Minimum Bid Rate |
Tuesday, 9/15/2020 - Wednesday, 10/14/2020 |
1:30 - 1:45 p.m. |
IOER + 5 basis points |
Term operation date |
maturity date |
term |
Time |
Minimum Bid Rate |
Tuesday, 9/15/2020 |
Tuesday, 10/13/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 9/22/2020 |
Tuesday, 10/20/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 9/29/2020 |
Tuesday, 10/27/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 10/6/2020 |
Tuesday, 11/3/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 10/13/2020 |
Tuesday, 11/10/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Current Period |
Summary |
Next Schedule Release |
Friday, 8/14/2020 - Monday, 9/14/2020 |
The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. |
Monday, 9/14/2020 |
Overnight Operations Date(s) |
Time |
Minimum Bid Rate |
Friday, 8/14/2020 - Monday, 9/14/2020 |
1:30 - 1:45 p.m. |
IOER + 5 basis points |
Term operation date |
maturity date |
term |
Time |
Minimum Bid Rate |
Tuesday, 8/18/2020 |
Tuesday, 9/15/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 8/25/2020 |
Tuesday, 9/22/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 9/1/2020 |
Tuesday, 9/29/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 9/8/2020 |
Tuesday, 10/6/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Current Period |
Summary |
Next Schedule Release |
Tuesday, 7/14/2020 - Thursday, 8/13/2020 |
The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. |
Thursday, 8/13/2020 |
Overnight Operations Date(s) |
Time |
Minimum Bid Rate |
Tuesday, 7/14/2020 - Thursday, 8/13/2020 |
1:30 - 1:45 p.m. |
IOER + 5 basis points |
Term operation date |
maturity date |
term |
Time |
Minimum Bid Rate |
Tuesday, 7/14/2020 |
Tuesday, 8/11/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 7/21/2020 |
Tuesday, 8/18/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 7/28/2020 |
Tuesday, 8/25/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 8/4/2020 |
Tuesday, 9/1/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Tuesday, 8/11/2020 |
Tuesday, 9/8/2020 |
28-days |
8:15 - 8:30 a.m. |
IOER + 10 basis points |
Current Period |
Summary |
Next Schedule Release |
Friday, 6/12/2020 – Monday, 7/13/2020 |
The Desk plans to conduct overnight repo operations on each business day and a series of term repo operations. The aggregate operation limit of each operation is $500 billion and proposition limits are $20 billion per bid. Each operation will settle the same day as the operation date unless otherwise noted. |
Monday, 7/13/2020 |
Overnight Operations Date(s) |
Time |
Minimum Bid Rate |
Friday, 6/12/2020 & Monday, 6/15/2020 |
8:15 - 8:30 a.m. |
IOER + 0 basis points |
Tuesday, 6/16/2020 |
8:30 - 8:45 a.m. |
IOER + 5 basis points |
Wednesday, 6/17/2020 - Friday, 6/19/2020 |
8:15 - 8:30 a.m. |
IOER + 5 basis points |
Monday, 6/22/2020 - Monday, 7/13/2020* |
1:30 - 1:45 p.m. |
IOER + 5 basis points |
Term operation date |
maturity date |
term |
Minimum Bid Rate |
Tuesday, 6/16/2020 |
Tuesday, 7/14/2020 |
28-days |
IOER + 10 basis points |
Tuesday, 6/23/2020 |
Tuesday, 7/21/2020 |
28-days |
IOER + 10 basis points |
Tuesday, 6/30/2020 |
Tuesday, 7/28/2020 |
28-days |
IOER + 10 basis points |
Tuesday, 7/7/2020 |
Tuesday, 8/4/2020 |
28-days |
IOER + 10 basis points |
Current Period |
Summary |
Next Schedule Release |
Thursday, 5/14/2020 – Thursday, 6/11/2020 |
The desk plans to conduct overnight repo operations on each business day and a series of term repo operations. |
Thursday, 6/11/2020 |
Overnight Operations Dates |
Aggregate Operation Limit |
Thursday, 5/14/2020 – Thursday, 6/11/2020 |
$500 billion |
Term operation date |
maturity date |
term |
aggregate operation limit |
Monday, 5/18/2020 |
Tuesday, 6/16/2020 |
29-days |
$500 billion |
Tuesday, 5/26/2020 |
Tuesday, 6/23/2020 |
28-days |
$500 billion |
Monday, 6/1/2020 |
Tuesday, 6/30/2020 |
29-days |
$500 billion |
Monday, 6/8/2020 |
Tuesday, 7/7/2020 |
29-days |
$500 billion |
Overnight Operations Dates |
Aggregate Operation Limit |
Morning: Tuesday, 4/14/2020 - Wednesday, 5/13/2020 |
$500 billion |
Afternoon: Tuesday, 4/14/2020 - Friday, 5/1/2020 |
$500 billion |
Term operation date |
maturity date |
term |
aggregate operation limit |
Monday, 4/20/2020 |
Monday, 5/18/2020 |
28-days |
$500 billion |
Friday, 4/24/2020 |
Friday, 7/17/2020 |
84-days |
$500 billion |
Monday, 4/27/2020 |
Tuesday, 5/26/2020 |
29-days |
$500 billion |
Monday, 5/4/2020 |
Monday, 6/1/2020 |
28-days |
$500 billion |
Friday, 5/8/2020 |
Friday, 7/31/2020 |
84-days |
$500 billion |
Monday, 5/11/2020 |
Monday, 6/8/2020 |
28-days |
$500 billion |
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 |
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 |
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 |
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 |