Statement Regarding Repurchase Operations - FEDERAL RESERVE BANK of NEW YORK

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Operating Policy

Statement Regarding Repurchase Operations

September 20, 2019

In accordance with the Federal Open Market Committee (FOMC) directive issued September 18, 2019, 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 (repo) operations to help maintain the federal funds rate within the target range.

The Desk will offer three 14-day term repo operations for an aggregate amount of at least $30 billion each, as indicated in the schedule below. The Desk also will offer daily overnight repo operations for an aggregate amount of at least $75 billion each, until Thursday, October 10, 2019. Awarded amounts may be less than the amount offered, depending on the total quantity of eligible propositions submitted. Securities eligible as collateral include Treasury, agency debt, and agency mortgage-backed securities. Additional details about the operations will be released each afternoon for the following day’s operation(s).

After October 10, 2019, the Desk will conduct operations as necessary to help maintain the federal funds rate in the target range, the amounts and timing of which have not yet been determined.

Schedule of Overnight and Term Repurchase Agreement Operations

Operation Date	Overnight	14-day Term	Term Maturity Date
Monday, 9/23/2019	$75 billion	No term operation
Tuesday, 9/24/2019	At least $75 billion	At least $30 billion	Tuesday, 10/08/2019
Wednesday, 9/25/2019	At least $75 billion	No term operation
Thursday, 9/26/2019	At least $75 billion	At least $30 billion	Thursday, 10/10/2019
Friday, 9/27/2019	At least $75 billion	At least $30 billion	Friday, 10/11/2019
Monday, 9/30/2019 – Thursday, 10/10/2019	At least $75 billion	No term operations

For Monday, September 23, 2019, the Desk will conduct an overnight repo operation for an aggregate amount of up to $75 billion. The operation will be conducted from 8:15 AM ET to 8:30 AM ET. Primary Dealers will be permitted to submit up to two propositions per security type. There will be a limit of $10 billion per proposition submitted in this operation. Propositions will be awarded based on their attractiveness relative to a benchmark rate for each collateral type, and are subject to a minimum bid rate of 1.80 percent.

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