In accordance with the most recent Federal Open Market Committee (FOMC) directive , the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct a series of overnight and term repurchase agreement operations (repos) to support effective policy implementation and the smooth functioning of short-term U.S. dollar funding markets.

Securities eligible as collateral for both overnight and term operations include Treasury, agency debt, and agency mortgage-backed securities. Primary Dealers will be permitted to submit up to two propositions per security type per operation at rates equal to or greater than the operation minimum bid rate, which is set at the rate of interest on excess reserves (IOER) plus a spread. The operation calendar and parameters are subject to change.