On December 10, 2025, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to increase System Open Market Account (SOMA) securities holdings to maintain an ample level of reserves through purchases in the secondary market of Treasury bills (or, if needed, of Treasury securities with remaining maturities of 3 years or less). These reserve management purchases (RMPs) will be sized to accommodate projected trend growth in the demand for Federal Reserve liabilities as well as seasonal fluctuations, such as those driven by tax payment dates.
Monthly amounts of RMPs will be announced on or around the ninth business day of each month alongside a tentative schedule of purchase operations for the subsequent approximately thirty days. The Desk plans to release the first schedule on December 11, 2025, with a total amount of RMPs of approximately $40 billion in Treasury bills; purchases will start on December 12, 2025. The Desk anticipates that the pace of RMPs will remain elevated for a few months to offset expected large increases in non-reserve liabilities in April. After that, the pace of total purchases will likely be significantly reduced in line with expected seasonal patterns in Federal Reserve liabilities. Purchase amounts will be adjusted as appropriate based on the outlook for reserve supply and market conditions.
The Desk was also directed in October to reinvest all principal payments from the Federal Reserve's holdings of agency securities into Treasury bills via secondary market purchases. The monthly schedule of planned purchases will include RMPs as well as these purchases.
The Desk plans to distribute the monthly secondary market purchases across two Treasury bill sectors. Purchase amounts in each sector will be determined by sector weights. These sector weights will be based on the 12-month average of the par amount of Treasury bills outstanding in each sector relative to the total amount outstanding across the two sectors as initially measured at the end of September 2025.
Additional information on RMPs and reinvestment operations can be found in the following locations:
FAQs: Reserve Management Purchases and Reinvestment Purchases
FAQs: Treasury Reinvestments - Rollovers
