Permanent Open Market Operations - FEDERAL RESERVE BANK of NEW YORK

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Permanent Open Market Operations

Purchases or sales of securities on an outright basis that add or drain reserves and change the size or the composition of the System Open Market Account (SOMA) portfolio are among the tools used by the Federal Reserve to implement monetary policy.

Treasury

The New York Fed’s Open Market Trading Desk (the Desk) purchases Treasury securities to sustain the smooth functioning of the Treasury market, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Desk rolls over maturing Treasury security holdings in the SOMA portfolio at auction. Historically, the Desk purchased securities outright in the secondary market as needed to keep pace with the amount of currency in circulation—traditionally the Federal Reserve's largest liability—which increased over time as the economy grew. Between 2008 and 2014, the FOMC directed the Desk to change the size or the composition of the SOMA's Treasury portfolio in order to influence longer-term interest rates and support broader financial conditions through its large-scale asset purchase programs.

Operations »
FAQs: Treasury Purchases »
FAQs: Treasury Rollovers »
Open Market Operations: Transaction Data »

Agency MBS

The New York Fed's Open Market Trading Desk (the Desk) purchases agency MBS to sustain the smooth functioning of the agency MBS market, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Desk will reinvest all principal payments from the Federal Reserve’s holdings of agency debt and agency MBS in agency MBS. MBS purchases are generally concentrated in recently produced coupons in 30-year and 15-year fixed rate agency MBS in the To-Be-Announced (TBA) market. Only agency MBS guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible for purchase.

Operations »
Tentative Outright Agency MBS Operation Schedule »
Agency MBS Historical Operational Results and Planned Purchase Amounts »
FAQs: Agency MBS Purchases »
FAQs: Agency MBS CUSIP Aggregation »

Agency CMBS

The New York Fed's Open Market Trading Desk (the Desk) purchases agency CMBS to sustain the smooth functioning of the agency CMBS market, thereby fostering effective transmission of monetary policy to broader financial conditions. The Desk will purchase in the open market agency CMBS secured primarily by multifamily home mortgages that are guaranteed fully as to principal and interest by Fannie Mae, Freddie Mac, and Ginnie Mae and that the Desk has determined are suitable for purchase.

Operations »
Tentative Outright Agency CMBS Operation Schedule »
FAQs: Agency CMBS »

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