March 16, 2020 / 6:11 PM / 21 days ago

New York Fed accepts $19.4 billion at overnight repo operation

(Reuters) - The New York Federal Reserve on Monday accepted all of $19.40 billion in bids from primary dealers from $500 billion that was available at an overnight repurchase agreement (repo) operation.

The additional repo operation on Monday was announced to “ensure that the supply of reserves remain ample and to support the smooth functioning of short-term U.S. dollar funding market,” the NY Fed said earlier on Monday.

Reporting By Karen Brettell, Editing by Franklin Paul

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