October 17, 2019 / 1:12 PM / a month ago

NY Fed accepts all $73.5 bln bids submitted at overnight repo operation

NEW YORK, Oct 17 (Reuters) - The New York Federal Reserve on Thursday accepted $73.5 billion in bids from primary dealers at a repurchase agreement (repo) operation, a move aimed at helping maintain the federal funds rate within the target range.

Thursday’s amount was slightly smaller than the $75 billion in overnight repos the regional central bank awarded on Wednesday, the NY Fed website showed.

The U.S. overnight repo rate slipped after the NY Fed operation, with bids of 1.99%, from as high 2.04% just before. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Toby Chopra)

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