Statement to Revise the Time of Day of the Overnight Reverse Repurchase Agreement Operation for March 31, 2015

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Operating Policy

Statement to Revise the Time of Day of the Overnight Reverse Repurchase Agreement Operation for March 31, 2015

March 26, 2015

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York (New York Fed) has been working internally and with market participants on operational aspects of tri-party reverse repurchase agreements (RRPs) to ensure that this tool will be ready to support the monetary policy objectives of the Federal Open Market Committee (FOMC).

Regarding the overnight reverse repurchase agreement (ON RRP) operation to be conducted on Tuesday, March 31, 2015, the Desk will conduct the operation from 9:30 to 10:00 a.m. Eastern Time, several hours earlier than usual. All other terms of the exercise will remain the same.

This change only applies to the ON RRP operation conducted on March 31, 2015. The ON RRP operations conducted from Friday, March 27, to Monday, March 30, and those conducted on and after Wednesday, April 1, 2015, will be conducted at the usual time of 12:45 to 1:15 p.m. Any future changes to these operations will be announced with at least one business day’s prior notice on the New York Fed’s website.

As an operational readiness exercise, this work is a matter of prudent advance planning by the Federal Reserve. These operations do not represent a change in the stance of monetary policy, and no inference should be drawn about the timing of any change in the stance of monetary policy in the future.