Federal Reserve Bank of New York Repurchase Agreement: Repurchase Agreement Operational Details

3-4 minutes - Federal Reserve Bank of New York

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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 operations (repos) at least through January of next year to ensure that the supply of reserves remains ample even during periods of sharp increases in non-reserve liabilities, and to mitigate the risk of money market pressures that could adversely affect policy implementation.

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 minimum bid rate for term repo operations is based on prevailing market rates that reflect market expectations for the path of the federal funds rate over a similar tenor to that of the repo operation. This is a technical parameter and no inference should be drawn about the Federal Reserve’s views on the current or future stance of monetary policy based on the minimum bid rate.
The operation schedule and parameters are subject to change. The Desk will update the operation schedule and parameters table below daily to reflect the operational details for the following business day’s operations.

Schedule of Overnight and Term Repurchase Agreement Operations

Current Period	Summary	Next Schedule Release
Friday, 11/15/2019- Thursday, 12/12/2019	The Desk plans to conduct overnight repo operations on each business day as well as a series of term repo operations over the specified period.	Thursday, 12/12/2019

Overnight operations dates	Aggregate Operation Limit
Friday, 11/15/2019 - Thursday, 12/12/2019	At least $120 billion

Term operation date	maturity date	term	aggregate operation limit
Tuesday, 11/19/2019	Tuesday, 12/3/2019	14-days	At least $35 billion
Thursday, 11/21/2019	Thursday, 12/5/2019	14-days	At least $35 billion
Monday, 11/25/2019	Monday, 1/6/2020	42-days	At least $25 billion
Tuesday, 11/26/2019	Tuesday, 12/10/2019	14-days	At least $35 billion
Wednesday, 11/27/2019	Thursday, 12/12/2019	15-days	At least $35 billion
Monday, 12/2/2019*	Monday, 1/13/2020	42-days	At least $25 billion
Tuesday, 12/3/2019	Tuesday, 12/17/2019	14-days	At least $35 billion
Thursday, 12/5/2019	Thursday, 12/19/2019	14-days	At least $35 billion
Monday, 12/9/2019**	Monday, 1/6/2020	28-days	At least $25 billion
Tuesday, 12/10/2019	Monday, 12/23/2019	13-days	At least $35 billion
Thursday, 12/12/2019	Thursday, 12/26/2019	14-days	At least $35 billion