NY Fed statement on overnight reverse repurchase operation
Following the purchases in $24 bln in Treasury coupons, the NY Fed made a statement regarding overnight reverse repurchase operation ( ON RRP) on Tuesday, March 31, 2020 as follows:
The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has changed the start time of the Overnight Reverse Repo (ON RRP) operation scheduled on March 31, 2020 to 12:30 PM ET from 12:45 PM ET.
The end time of the operation for this day will remain 1:15 PM ET. This change has been made to ensure the Desk has sufficient time to obtain all bids from eligible counterparties on quarter end in light of remote working arrangements of eligible counterparties.
About the ON RRP
The overnight reverse repo program (ON RRP) is used to supplement the Federal Reserve's primary monetary policy tool, interest on excess reserves (IOER) for depository institutions, to help control short-term interest rates