March 9, 2020 / 12:39 PM / a month ago

NY Fed accepts $112.93 bln at overnight repo operation

March 9 (Reuters) - The New York Federal Reserve on Monday accepted all of $112.93 billion in bids from primary dealers at an overnight repurchase agreement (repo) operation.

The New York Fed had earlier on Monday said it had increased its daily cash injections to the banking system to ensure an ample supply of bank reserves.

The daily overnight repo operations will increase to $150 billion from $100 billion and the two-week operations on March 10 and 12 will increase to $45 billion from the current level of at least $20 billion.

It comes after several operations last week were oversubscribed.

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Reporting By Karen Brettell; Editing by Alex Richardson

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