October 22, 2019 / 12:39 PM / 21 days ago

NY Fed accepts $35 billion in overnight repo bids

NEW YORK (Reuters) - The New York Federal Reserve on Tuesday accepted just $35 billion of the $52.2 billion in bids from primary dealers at a repurchase agreement (repo) operation, a move intended to help maintain the federal funds rate within the target range.

Tuesday’s amount was lower than the $58.15 billion overnight repos awarded on Monday.

The U.S. overnight repo rate was slightly higher at 1.93%-1.95% USONRP= after the NY Fed operation.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Angus MacSwan

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