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New York Fed to run U.S. repo operation on Wednesday

Reuters
The corner stone of The New York Federal Reserve Bank is seen in New York's financial district March 25, 2015. The Federal Reserve should remain on track to raise interest rates later this year despite the U.S. economy's weak start to the year and a stock market sell-off this week, two Fed officials said on Thursday. REUTERS/Brendan McDermid

NEW YORK (Reuters) - The Federal Reserve Bank of New York said on Monday it will run a "small-value" repurchase operation on Wednesday morning, including several tranches of Treasuries and agency-backed securities, in order to prepare for an eventual interest rate hike.

The "small-value" repo operation will "have an overnight tenor," the New York Fed said. It is designed to have no material impact on market rates or the level of reserves, and does not signal a change in overall monetary policy, it added.

Dealers will be limited to one $10-million bid in each tranche of the operation that runs between approximately 9:40-9:50 a.m. ET (14:40-14:50 GMT) on Wednesday.

(Reporting by Jonathan Spicer; Editing by Meredith Mazzilli)