Operating Policy

Statement Regarding System Open Market Account Activity

December 27, 2007

On Thursday, January 3, 2008, the Federal Reserve’s System Open Market Account will redeem the full amount of maturing Treasury bill holdings ($12,480,537,000).

The Federal Reserve Open Market Trading Desk will continue to evaluate the need for the use of other tools, including further Treasury bill redemptions, reverse repurchase agreements and Treasury bill sales.