Operating Policy
Statement Regarding Repurchase Operations
September 23, 2019

In accordance with the most recent Federal Open Market Committee (FOMC) directive, 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.

On days when only overnight operations are offered, the Desk will conduct the operation between 8:15 AM – 8:30 AM ET. On days when both overnight and term operations are offered, the Desk will conduct a term repo operation between 8:00 AM – 8:15 AM ET, and an overnight repo operation between 8:30 AM – 8:45 AM ET. Securities eligible as collateral for both overnight and term operations include Treasury, agency debt, and agency mortgage-backed securities. Primary Dealers will be permitted to submit up to two propositions per security type.

The Desk will update the table below to reflect the operational details for the following day’s operations each afternoon.

Operation Schedule and Parameters
Operation Term Operation Date Operation Time (ET) Settlement Date Maturity Date Minimum Bid Rate Proposition Limit Aggregate Operation Limit
Term 9/24/2019 8:00 - 8:15 a.m. 9/24/2019 10/8/2019 1.85 % $5 billion $30 billion
Overnight 9/24/2019 8:30 - 8:45 a.m. 9/24/2019 9/25/2019 1.80 % $10 billion $75 billion

Repo operation schedule and parameters will be posted to this page going forward.

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