The latest "Minutes of the Federal Open Market Committee, December 12-​13, 2017," say, "Take-​up at the System'​s overnight reverse repurchase (​ON RRP) agreement facility dropped to relatively low levels over the period. In part, the decline appeared to reflect an increase in yields on alternative investments; Treasury bill yields, for example, had moved higher over recent weeks as the Treasury boosted net issuance of Treasury bills. The Open Market Desk continued to execute reinvestment operations for Treasury and agency securities in the SOMA in accordance with the procedure specified in the Committee'​s directive to the Desk. The deputy manager also provided an update on plans for the Federal Reserve Bank of New York, in conjunction with the Treasury'​s Office of Financial Research, to begin publishing reference interest rates for repurchase agreements involving Treasury securities by the middle of next year." The Minutes add, "Based on their current assessments, almost all participants expressed the view that it would be appropriate for the Committee to raise the target range for the federal funds rate 25 basis points at this meeting. These participants agreed that, even after an increase in the target range at this meeting, the stance of monetary policy would remain accommodative, supporting strong labor market conditions and a sustained return to 2 percent inflation.... Regarding the determination of the appropriate timing and size of future adjustments to the target range for the federal funds rate, participants reaffirmed the need to continue to assess realized and expected economic conditions. Most participants reiterated their support for continuing a gradual approach to raising the target range, noting that this approach helped to balance risks to the outlook for economic activity and inflation."

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