Federal Reserve Bank of New York Statement Regarding Repos

Nov 26 07

The Federal Reserve Bank of New York issues "Statement Regarding Repurchase Agreements Covering Year-End". "In response to heightened pressures in money markets for funding through the year-end, the Federal Reserve Bank of New York's Open Market Trading Desk plans to conduct a series of term repurchase agreements that will extend into the new year," says the release. See Bloomberg, Financial Week, and Wall Street Journal stories. WSJ says, "The New York Fed's announcement follows a similar announcement by the European Central Bank Friday that it stood ready to provide funding over the year-end to counter strains in the euro-zone money markets."

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