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A Technical Change To Certain Temporary Open Market Operations
|September 4, 2003|
The Open Market Desk of the Federal Reserve
Bank of New York is announcing a technical change to the way
it will implement certain temporary open market operations
on behalf of the Federal Reserve System. The Desk plans to
begin the practice of arranging System Repurchase Agreements
with an original maturity of 14 days, instead of 28 days,
at its weekly auctions that typically occur on Thursdays.
The effective date for this modification will be September
18, 2003. The change is purely a technical measure that is
being made to improve the efficiency of operations.
The Desk plans to continue to use operations with an original maturity of up to a maximum of 65 business days (as currently authorized) whenever appropriate to meet reserve needs that are expected to persist for relatively long periods of time.