Operating Policy
Statement Regarding Treasury Securities Small Value Exercise
June 4, 2019

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 rollover at auction of $5 million Treasury bill securities held in the Federal Reserve's System Open Market Account. The Desk plans to place non-competitive bids at the 4- and 8-week Treasury bill auctions on Thursday, June 6, 2019, to exchange bills maturing on Tuesday, June 11, 2019 for the 4- and 8-week Treasury bills issued on that same day.

As announced previously, this test is one of three small value exercises to test operational readiness for transacting in the Treasury bill market.