Statement to Revise Terms of Overnight Reverse Repurchase Agreements

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Operating Policy

Statement to Revise Terms of Overnight Reverse Repurchase Agreements

March 17, 2021

The Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to conduct overnight reverse repurchase agreement (ON RRP) operations with a per-counterparty limit of $80 billion per day, effective March 18, 2021. The increase in the per-counterparty limit from the current level of $30 billion per day reflects the growth and evolution of U.S. dollar funding markets since the limit was last changed in 2014 and helps ensure that the ON RRP facility supports effective policy implementation.

All other terms of ON RRP operations remain the same.

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