The Federal Reserve Bank of New York received no bids in either of its overnight repo operations Tuesday, Oct. 20, showing those facilities supplied no short-term funding even as the bank conducted other transactions.
The bank’s results recorded $0 submitted and $0 accepted in each operation. Repos temporarily add reserves to the banking system, so neither of the two overnight auctions provided that form of funding.
The New York Fed accepted $227 million in a separate overnight reverse repo on Oct. 20. Reverse repos temporarily absorb reserves, the opposite of a repo’s effect.
From Oct. 15 through Nov. 13, the New York Fed plans Treasury reinvestment purchases totaling about $14.6 billion. The purchases use payments from existing holdings and are separate from overnight repo lending. Its schedule lists no reserve management purchases for that period.
In another distinct operation, a small-value term repo exercise conducted Oct. 20 accepted $67 million. The New York Fed said the exercise was designed to test its operational readiness. It was scheduled to settle Oct. 21 and mature Oct. 23.
