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9/20/2019, 5:32 PM (Source: TeleTrader)
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NY Fed reveals 14-day plan to pump cash into markets

The Federal Reserve Bank of New York announced on Friday plans for a series of overnight and term repurchase agreement (repo) operations that will last until October 10.

The bank said its Open Market Trading Desk will "offer three 14-day term repo operations for an aggregate amount of at least $30 billion each" and it will also offer "daily overnight repo operations for an aggregate amount of at least $75 billion each." After October 10, the bank will make a decision to see if more interventions are needed to keep the federal funds rate within the target range.

The next repo operation will take place on Monday when an additional $75 billion will be pumped into the markets. The Fed already conducted four repo rate interventions this week.

Breaking the News / VP