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) 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