March 12, 2020 / 6:01 PM / 22 days ago

NY Fed accepts $78.4 bln at three-month repo operation

March 12 (Reuters) - The New York Federal Reserve on Thursday accepted all of $78.40 billion in bids from primary dealers at a three-month repurchase agreement (repo) operation.

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 said it would offer $500 billion in Thursday’s three-month repo operation and an additional $500 billion in one-month repo and $500 billion in three-month repo loans on Friday.

Two term repo operations offered earlier on Thursday were oversubscribed.

For more details, see:

here (Reporting By Karen Brettell Editing by Chizu Nomiyama)

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