NY Fed trials new reverse repo facility
The Federal Reserve Bank of New York is trialling a new reverse repo facility that could help the Federal Reserve System (Fed) wrestle back control over short-term interest rates in the money market.
The Federal Open Market Committee (FOMC) first broached the possibility of establishing a "fixed-rate, full-allotment overnight reverse repurchase agreement facility" in its July meeting.
William Dudley, president of the New York Fed, says the facility will tighten the Fed's control over and reduce
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