Statement Regarding Repurchase Agreement Small Value Exercise - FEDERAL RESERVE BANK of NEW YORK

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Operating Policy

Statement Regarding Repurchase Agreement Small Value Exercise

February 28, 2023

The Open Market Trading Desk (the Desk) at the New York Fed 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 directs the Desk to conduct these exercises to test its operational readiness in the Authorizations and Continuing Directives for Open Market Operations.

In connection with these directives, the Desk intends to conduct a small value forward start term repo operation with Primary Dealers. The bid submission process will be conducted from 10:30 AM ET to 10:45 AM ET on Wednesday, March 8, 2023. All counterparties will be limited to one 1ドル million proposition per 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 below:

Repurchase Agreement Operation:

OPERATION TENOR/TYPE ELIGIBLE COUNTERPARTIES OPERATION DATE SETTLEMENT DATE MATURITY DATE SECURITY TYPE OFFERING RATE MAXIMUM VALUE OF OPERATION

Forward Start Term Repo Primary Dealers Wed, March 8, 2023 Thu, March 9, 2023 Mon, March 13, 2023 Multi-tranche: Treasury, Agency, Agency MBS At or Above March 8, 2023 SRF Minimum Bid Rate 75ドル million

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