New York Fed to tighten repo operations

New York skyscrapers and flag

The Federal Reserve Bank of New York will slightly tighten some repo market operations after seeing “substantial improvements” in dollar funding markets, it announced on June 11.

From June 16, the lowest rate offered on the overnight and one-month repo operations will be raised to 5 basis points and 10bp above the interest on excess reserves (IOER) respectively. Currently, the minimum rates are equal to IOER, which is 0.1%.

Lorie Logan, vice-president of the New York Fed’s markets group

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