Operating Policy
Statement Regarding Agency Mortgage-Backed Securities Small Value Exercise
December 2, 2021

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 one small value agency MBS sales operation, which will occur on Thursday, December 9, 2021, beginning around 2:00 PM ET and ending at 2:30 PM ET. The total current face value of sales in the operation will not exceed $90 million.

Concurrent with this announcement, the Desk has published an operating schedule, detailing the date, time, operation type, securities, and maximum sale amount for the operation.  Announcements and results will be posted on the New York Fed’s website at the start and following the completion of the operation, respectively.

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