March 13, 2020 / 12:13 PM / 24 days ago

NY Fed accepts $17 bln at three-month repo operation

March 13 (Reuters) - The New York Federal Reserve on Friday accepted all of $17 billion in bids from primary dealers at a three-month repurchase agreement (repo) operation offering $500 billion.

The NY Fed introduced $1.5 trillion in new repo operations this week and said it would start purchasing a range of maturities as part of its monthly Treasury purchases.

The measures come as the U.S. central bank takes drastic steps to inject more liquidity into the banking system as markets begin to show signs of stress.

The central bank offered $500 billion in three-month repo operations on Thursday and Friday. It will offer an additional $500 billion in one-month repo on Friday.

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Reporting by Karen Brettell; Editing by Alison Williams

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