September 17, 2019 / 1:41 PM / a month ago

New York Fed to hold overnight repo operation

NEW YORK (Reuters) - The New York Federal Reserve said on Tuesday it will hold an overnight repurchase agreement operation from 9:30 a.m. to 9:45 a.m. ET (1330 to 1345 GMT) “in order to help maintain the federal funds rate within the target range” of 2.00-2.25%.

The regional central bank, which conducts open market operations for the Fed, said it will accept bids from the 24 primary dealers, Wall Street’s top 24 firms with business with the Fed.

Reporting by Richard Leong; Editing by Catherine Evans

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