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Operating Policy
Statement Regarding Treasury Securities Small Value Exercise
February 20, 2018

The New York Fed undertakes certain small value open market transactions from time to time for the purpose of testing operational readiness to implement existing and potential policy directives from the Federal Open Market Committee (FOMC). The FOMC authorizes the New York Fed's Open Market Trading Desk (the Desk) to conduct these exercises to test its operational readiness in the Authorization for Domestic Open Market Operations and Authorization for Foreign Currency Operations.

In connection with these authorizations, the Desk intends to conduct a small value Treasury purchase operation, which will occur on Thursday, February 22nd, 2018, beginning around 10:15 AM ET and ending at 11:00 AM ET. The purchase will not exceed a face value of $100 million and will be limited to TIPS securities maturing between 2 and 30 years from the date of operation.

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

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