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New York Fed ups value of overnight repo purchases to $120B

The Federal Reserve Bank of New York released a statement saying that it will increase the value of overnight repurchase agreement operations.

The Federal Reserve stated that overnight repurchase operations will increase to at least $120 billion starting Oct. 24. The amount offered for the term repurchase operations that span October month-end scheduled for Oct. 24 and Oct. 29 will increase to at least $45 billion.

The New York Fed release stated that the reason for the increases is to "ensure that the supply of reserves remains ample even during periods of sharp increases in non-reserve liabilities and to mitigate the risk of money market pressures that could adversely affect policy implementation."