On January 28, 2015, the Federal Reserve Bank of New York announced that its Open Market Trading Desk (the Desk) will conduct a series of term reverse repurchase agreements (RRP) operations in February and March.

The first series of term RRP operations will commence on or around February 12 and mature no later than March 12. The February-March term RRP operations are subject to an overall size limit of $50 billion which is separate from the $300 billion per day limit on overnight reverse repurchase agreements. The first operation is expected to be about $10 billion in size and take place on or around February 12, 2015.

Another term RRP will span the March 2015 quarter-end and mature on several dates in early April. This term RRP operation will be subject to an overall size limit of $200 billion. The Desk will offer the operations via auctions throughout March.

These operations will use Treasury collateral.

The full press release can be found here.

Good Day. DR2