Operating Policy
Statement Regarding Repurchase Operations
June 11, 2020

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released the schedule of large-scale overnight and term repurchase agreement (repo) operations for the monthly period from June 12, 2020 through July 13, 2020. 

The Desk is adjusting the minimum bid rate and timing of repo operations given the substantial improvements in U.S. dollar funding market conditions.  Beginning June 16, 2020, the Desk will set the minimum bid rate on overnight and one-month term repo operations equal to the rate of interest on excess reserves (IOER) on the day of the operation plus an additional spread of five and ten basis points, respectively.  In addition, beginning June 22, 2020, the Desk plans to shift daily overnight repo operations to the afternoon.

Beginning with this month’s release, the Desk will no longer publish daily updates with the next business day’s operational details.  Detailed information on the schedule and parameters of term and overnight repo operations can be found on the Repurchase Agreement Operational Details and Repurchase Agreement Frequently Asked Questions pages.

The Desk will continue to adjust repo operations as appropriate to support effective policy implementation and the smooth functioning of short-term U.S. dollar funding markets, consistent with the FOMC directive to the Desk.