Operating Policy
Statement Regarding Treasury Securities Small Value Exercise
May 8, 2017

As referenced in the February 22 operating policy statement, the Federal Reserve Bank of New York (FRBNY) is permitted to undertake certain open market and foreign currency transactions for the purpose of testing operational readiness.  These small value exercises are a matter of prudent advance planning.  The conduct of such exercises 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 from them.

In connection with this authorization, the FRBNY's Open Market Trading Desk intends to conduct a small value Treasury sale operation, which will occur on Thursday, May 11, 2017, beginning around 10:15 AM ET and ending at 11:00 AM ET. The sale will not exceed a face value of $200 million and will be limited to Treasury securities maturing between 4 and 6 years from the date of operation.

Results will be posted on the FRBNY's website following the completion of the operation. The results will include the securities and total amounts accepted and submitted.