Operating Policy
Statement Regarding Treasury Securities Small Value Exercise
February 18, 2016

The Federal Reserve Bank of New York’s Open Market Trading Desk (the Desk) will conduct a small value Treasury purchase operation over FedTrade, its proprietary trading platform. This small value exercise is a matter of prudent advance planning by the Federal Reserve and is being conducted under the annual authorization for domestic open market operations for the purpose of testing operational readiness. This operation does not represent a change in the stance of monetary policy, and no inference should be drawn about the timing of any change in the stance of monetary policy in the future.

The Desk will conduct a small scale Treasury purchase operation via FedTrade, which will occur on Tuesday, February 23, 2016, beginning around 10:15 AM ET and ending at 11:00 AM ET. The face value of purchases will not exceed $250 million, and will be limited to Treasury bonds maturing between 10- and 20-years from the date of operation. This purchase will not impact the Desk’s rollovers of maturing Treasury securities at auction.

Results will be posted following the completion of the operation. The results will include the securities, total amounts accepted and submitted, and other details.