Operating Policy
Statement Regarding Small Value Exercises in Treasury Securities and Agency Mortgage-Backed Securities
October 14, 2022

The New York Fed undertakes certain small value open market transactions from time to time for the purpose of testing operational readiness to implement existing and potential policy directives from the Federal Open Market Committee (FOMC). The FOMC authorizes the New York Fed's Open Market Trading Desk (the Desk) to conduct these exercises to test its operational readiness in the Authorization for Domestic Open Market Operations and Authorization for Foreign Currency Operations.

In connection with these authorizations, the Desk intends to conduct additional small value purchases and sales of Treasury securities and agency mortgage-backed securities (MBS) under its normal process for maintaining operational readiness.  The Desk will indicate its plans for such exercises on its Treasury Securities Operational Details and Agency MBS Operational Schedule pages.

Additional information can be found in the Desk’s Frequently Asked Questions:
FAQs: Treasury Outright Operations »
FAQs: Agency MBS Operations »

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