Statement Regarding Agency MBS Purchase Operations - FEDERAL RESERVE BANK of NEW YORK

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Operating Policy

Statement Regarding Agency MBS Purchase Operations

March 19, 2020

In accordance with the most recent FOMC directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has updated the current bi-weekly schedule of agency MBS purchase operations. Specifically, tomorrow the Desk will conduct $32 billion in purchases, across 4 operations for settlement on March 24, 2020 (T+2). These purchases are designed to support the smooth functioning of the agency MBS market.

The Desk stands ready to conduct more purchase operations for March settlement in the coming days should this be appropriate to promote smooth market functioning.

Schedule of operations for Friday, March 20, 2020 (all times ET).

9:15 - 9:45 AM: For settlement on March 24, 2020 (T+2).

UMBS 30-year 3.0 securities for around $5.0 billion
UMBS 30-year 3.5 securities for around $5.0 billion

10:15 - 10:45 AM: For settlement on March 24, 2020 (T+2).

UMBS 30-year 4.0 securities for around $3.0 billion
UMBS 30-year 4.5 securities for around $3.0 billion

11:15 - 11:45 AM: For settlement on March 24, 2020 (T+2).

G2SF 30-year 2.5 securities for around $3.0 billion
G2SF 30-year 3.0 securities for around $3.0 billion
G2SF 30-year 3.5 securities for around $3.0 billion
G2SF 30-year 4.0 securities for around $2.0 billion

12:15 – 12:45 PM: For settlement on March 24, 2020 (T+2).

UMBS 15-year 2.5 securities for around $2.0 billion
UMBS 15-year 3.0 securities for around $2.0 billion
UMBS 15-year 3.5 securities for around $1.0 billion

These purchases are intended to address highly unusual disruptions in the market for agency MBS associated with the coronavirus outbreak. These operations are part of the at least $200 billion of agency MBS the FOMC directed the Desk to purchase in support of the smooth functioning of markets for agency MBS. The Desk intends to adjust terms of future operations as needed to foster smooth agency MBS market functioning and efficient and effective policy implementation. Detailed information on the schedule of MBS purchase operations is provided on the Agency MBS Operational Schedule page.

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