March 13, 2020 / 12:39 PM / a month ago

NY Fed accepts $24.1 bln at one-month repo operation

March 13 (Reuters) - The New York Federal Reserve on Friday accepted all of $24.1 billion in bids from primary dealers at a one-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.

Demand for the new loans, however, was relatively light. Banks borrowed $17 billion out of $500 billion at a three-month repo operation earlier on Friday. They also took $78.4 billion of $500 billion at a three-month operation on Thursday.

For more details, see:

here (Reporting by Karen Brettell; Editing by Alison Williams)

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