New York Federal Reserve accepts $35 billion out of $58.15 billion in overnight repo bids

The development led to a slight increase in repo rates.

In a move intended to help maintain federal funds within their target range, the New York Federal Reserve has accepted $35 billion of the $52.2 billion in bids from primary dealers at a repurchase agreement operation.

Incidentally the amount was lower than the $58.15 billion overnight repos awarded on the previous day.

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

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