March 12, 2020 / 12:10 PM / 18 days ago

NY Fed accepts $50 bln at oversubscribed 25-day repo operation

March 12 (Reuters) - The New York Federal Reserve on Thursday accepted $50 billion from $82.6 billion in bids from primary dealers at a 25-day repurchase agreement (repo) operation.

The NY Fed on Wednesday said for the second time this week that it would substantially increase the amount of liquidity it provides to overnight lending markets, signaling that it will do what it can to keep money markets running smoothly during the coronavirus outbreak.

The central bank raised the maximum offering of its daily operations and introduced three one-month term repo operations of at least $50 billion each, with the first one offered on Thursday.

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Reporting By Karen Brettell; editing by John Stonestreet

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