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New York Fed extends repo operations until mid-February

The Federal Reserve Bank of New York announced Jan. 14 that it will continue with its overnight and 14-day term repo operations until Feb. 13, contrary to initial plans to stop such operations by the end of January.

The maximum size of its overnight operations will continue to be $120 billion, while the cap for its 14-day term repo operations will be lowered to $30 billion from $35 billion between Feb. 4 and Feb. 13.

The limit for its 14-day term repo operations through January was retained at $35 billion.

The repo operations aim 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," according to a statement issued by the Open Market Trading Desk at the New York Fed.