Statement Regarding Reverse Repurchase Agreement Small Value Exercise

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Operating Policy

Statement Regarding Reverse Repurchase Agreement Small Value Exercise

October 9, 2024

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York undertakes small value open market transactions 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 Desk to conduct these exercises in the Authorizations and Continuing Directives for Open Market Operations.

In connection with these authorizations, the Desk intends to conduct a small value overnight reverse repo operation using Agency MBS collateral with Primary Dealers and RRP counterparties. The bid submission process will be conducted from 10:30 AM ET to 11:00 AM ET on Wednesday, October 16, 2024. All counterparties will be limited to one $1 million proposition in the Agency MBS tranche during the operation. Results will be posted on the New York Fed’s website following the completion of the operation. The operation details are as follows:

Reverse Repurchase Agreement Operation:

OPERATION TENOR/TYPE	ELIGIBLE COUNTERPARTIES	OPERATION DATE	SETTLEMENT DATE	MATURITY DATE	SECURITY TYPE	OFFERING RATE	MAXIMUM VALUE OF OPERATION
Overnight Reverse Repo	Primary Dealers and RRP counterparties, which include 2a-7 money market funds, banks, and government-sponsored enterprises	Wed, Oct 16, 2024	Wed, Oct 16, 2024	Thu, Oct 17, 2024	Agency MBS	At or Below Oct 16 Offering Rate	$200 million

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