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 |
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