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Fed Plans More Term Repo Actions to Curb Year-End Turmoil

By Alex Harris
Bloomberg News
Thursday, December 12, 2019

The Federal Reserve Bank of New York announced plans to conduct repurchase-agreement operations within the second half of December that will span January.

It will now conduct term operations totaling $365 billion, the New York Fed said on its website. The Dec. 16 operation is a 32-day offering with a maximum limit of $50 billion, while the other term actions range from 13 to 15 days with a maximum size of $35 billion, tenors it has used previously.

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The central bank also plans to adjust the size of some of its overnight repo operations to provide additional liquidity for year-end. While the offering size will remain mostly unchanged at $120 billion, it plans to conduct a one-day forward settlement operation of $75 billion on Dec. 30 that settles on Dec. 31 and matures Jan. 2.

The New York Fed will also increase the sizes of the overnight actions to $150 billion on Dec. 31 and Jan. 2. ...

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