N.Y. Fed awards $30 billion 14-day term repos

[September 24, 2019]  NEW YORK (Reuters) - The New York Federal Reserve on Tuesday accepted $30.0 billion in bids from primary dealers at a 14-day term repurchase agreement (repo) operation "in order to help maintain the federal funds rate within the target range" of 1.75-2.00%.

The award total was the maximum amount for this operation, which was the first such operation the central bank conducted in more than decade.

It will conduct an overnight operation later Tuesday.

The latest move from the N.Y. Fed, which conducts open market operations for the Federal Reserve system, has been injecting temporary cash into the banking system that was roiled last week from a perceived shortage of bank reserves.

(Reporting by Richard Leong; Editing by Andrew Heavens)

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