On June 14, 2017, the Federal Reserve Bank of New York (FRBNY) issued an update on the operation of their reverse repo program (RRP). The update indicates that the offering rate on the RRP will be 1.00% following the Federal Open Market Committee’s (FOMC) meeting on June 13-14, 2017 and their decision to maintain the federal funds rate in a target range of 1% to 1.25%. Each counterparty is subject to a $30 billion per day limit, and the FRBNY estimates the size of available Treasury securities for the RRP to be approximately $2 trillion. If the total value of bids received in an overnight RRP operation exceeds the available supply (which the FRBNY indicates is highly unlikely), the FRBNY’s Open Market Trading Desk will allocate awards via a single-price auction. The auction will be based on the stop-out rate at which the overall size limit is reached; all bids below the stop-out rate will be awarded in full at the stop-out rate, and all bids submitted at the stop-out rate will be awarded on a pro rata basis at the stop-out rate. As of June 14, 2017, the total cash value of reverse repurchase agreements (excluding foreign official and international accounts) held by all Federal Reserve Banks was $163 billion.