In accordance with the FOMC’s authorization and continuing directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an additional overnight Standing Repo Facility (SRF) operation on each business day beginning December 30, 2024, through January 3, 2025, from 8:15 to 8:30 a.m. (ET).
These additional morning operations are intended to be technical exercises for the purpose of increasing the Federal Reserve’s understanding of how SRF operation times can support effective policy implementation and market functioning during periods of expected money market pressures.
The regularly scheduled SRF operations from 1:30 to 1:45 p.m. (ET) will continue to take place on each business day from December 30, 2024, through January 3, 2025. The aggregate operation limit of $500 billion will apply to the combined daily operations. Operational parameters for each of the SRF operations planned on these business days are shown below. Settlement of both SRF operations will occur in the triparty account following the afternoon operation each day.
| Standing Repo Facility Parameters for December 30-31, 2024, and January 2-3, 2025 |
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| Schedule | 8:15 to 8:30 a.m. (ET) unless otherwise stated | 1:30 to 1:45 p.m. (ET) unless otherwise stated |
| Aggregate Operation Limit | $500 billion | $500 billion less the accepted amount from the morning operation |
| Proposition Limit | Two propositions per eligible security type per auction, subject to a $20 billion per proposition limit | |
| Minimum bid rate | The SRF bid rate specified by the FOMC. Also available in the SRF Frequently Asked Questions (FAQs). | |
| Eligible counterparties | Primary dealers and SRF counterparties, which include depository institutions | |
| Eligible securities | U.S. Treasuries, agency debt, and agency mortgage-backed securities | |
This statement does not affect SRF operations on any business days other than December 30, 2024, through January 3, 2025. The Desk will resume the normal schedule of one SRF operation per day between 1:30 and 1:45 p.m. starting on January 6, 2025. Additional information on the SRF can be found on the Repo and Reverse Repo Agreements page or in the SRF FAQs.
