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    Repurchase Agreement Operational Details

    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 PeriodSummaryNext Schedule Release
    1Friday, 12/13/2019 - Tuesday, 1/14/2020The Desk plans to conduct same-day settlement overnight repo operations on each business day, a one-day forward settlement overnight operation, and a series of term repo operations during the specified period.Tuesday, 1/14/2020
    Overnight Operations DatesAggregate Operation Limit
    1Friday, 12/13/2019 – Monday, 12/30/2019At least $120 billion
    2Monday, 12/30/2019 one-day forward settlement repo*At least $75 billion
    3Tuesday, 12/31/2019 – Thursday, 1/2/2020At least $150 billion
    4Friday, 1/3/2020 – Tuesday, 1/14/2020At least $120 billion
    Term operation datematurity datetermaggregate operation limit
    1Monday, 12/16/2019Friday, 1/17/202032-daysAt least $50 billion
    2Tuesday, 12/17/2019Monday, 12/30/201913-daysAt least $35 billion
    3Thursday, 12/19/2019Thursday, 1/2/202014-daysAt least $35 billion
    4Monday, 12/23/2019Tuesday, 1/7/202015-daysAt least $35 billion
    5Thursday, 12/26/2019Thursday, 1/9/202014-daysAt least $35 billion
    6Monday, 12/30/2019Tuesday, 1/14/202015-daysAt least $35 billion
    7Thursday, 1/2/2020Thursday, 1/16/202014-daysAt least $35 billion
    8Tuesday, 1/7/2020Tuesday, 1/21/202014-daysAt least $35 billion
    9Thursday, 1/9/2020Thursday, 1/23/202014-daysAt least $35 billion
    10Tuesday, 1/14/2020Tuesday, 1/28/202014-daysAt least $35 billion
    *This one-day forward settlement operation will be conducted at 10:00 a.m. ET on 12/30/2019. It will settle on 12/31/2019 and mature on 1/2/2020.

 
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