Reverse Repo Operations
A reverse repurchase agreement conducted by the Desk, also called a “reverse repo” or “RRP,” is a transaction in which the Desk sells a security to an eligible counterparty with an agreement to repurchase that same security at a specified price at a specific time in the future. The difference between the sale price and the repurchase price, together with the length of time between the sale and purchase, implies a rate of interest paid by the Federal Reserve on the transaction.
When the Desk conducts RRP open market operations, it sells securities held in the System Open Market Account (SOMA) to eligible RRP counterparties, with an agreement to buy the assets back on the RRP’s specified maturity date. This leaves the SOMA portfolio the same size, as securities sold temporarily under repurchase agreements continue to be shown as assets held by the SOMA in accordance with generally accepted accounting principles, but the transaction shifts some of the liabilities on the Federal Reserve’s balance sheet from deposits held by depository institutions (also known as bank reserves) to reverse repos while the transaction is outstanding. These RRP operations may be for overnight maturity or for a specified term.
Developments
This series is constructed as the aggregated daily amount value of the RRP transactions reported by the New York Fed as part of the Temporary Open Market Operations.
Temporary open market operations involve short-term repurchase and reverse repurchase agreements that are designed to temporarily add or drain reserves available to the banking system and influence day-to-day trading in the federal funds market.
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| Date | Overnight Reverse Repurchase Agreements | ||||
|---|---|---|---|---|---|
| Billions of US Dollars NSA | M/M % | Y/Y % | M/M Billions of US Dollars NSA | Y/Y Billions of US Dollars NSA | |
| 2024-04-01 | 534 | -10.13 | -77.03 | -60 | -1791 |
| 2024-03-01 | 594 | 18.39 | -74.97 | 92 | -1781 |
| 2024-02-01 | 502 | -18.41 | -77.05 | -113 | -1686 |
| 2024-01-01 | 615 | -39.58 | -70.15 | -403 | -1446 |
| 2023-12-01 | 1,018 | 14.72 | -60.12 | 131 | -1535 |
| 2023-11-01 | 888 | -21.96 | -58.04 | -250 | -1228 |
| 2023-10-01 | 1,138 | -26.96 | -50.00 | -420 | -1138 |
| 2023-09-01 | 1,558 | -5.69 | -35.79 | -94 | -868 |
| 2023-08-01 | 1,652 | -9.31 | -26.63 | -170 | -599 |
| 2023-07-01 | 1,821 | -10.48 | -20.83 | -213 | -479 |
| 2023-06-01 | 2,034 | -9.78 | -12.68 | -221 | -295 |
| 2023-05-01 | 2,255 | -3.04 | 13.97 | -71 | 276 |
| 2023-04-01 | 2,325 | -2.09 | 21.96 | -50 | 419 |
| 2023-03-01 | 2,375 | 8.55 | 26.88 | 187 | 503 |
| 2023-02-01 | 2,188 | 6.13 | 37.09 | 126 | 592 |
| 2023-01-01 | 2,062 | -19.27 | 24.58 | -492 | 407 |
| 2022-12-01 | 2,554 | 20.69 | 34.08 | 438 | 649 |
| 2022-11-01 | 2,116 | -7.01 | 39.39 | -160 | 598 |
| 2022-10-01 | 2,275 | -6.20 | 51.47 | -150 | 773 |
| 2022-09-01 | 2,426 | 7.77 | 51.16 | 175 | 821 |
| 2022-08-01 | 2,251 | -2.14 | 89.22 | -49 | 1061 |
| 2022-07-01 | 2,300 | -1.27 | 121.30 | -30 | 1261 |
| 2022-06-01 | 2,330 | 17.75 | 134.87 | 351 | 1338 |
| 2022-05-01 | 1,979 | 3.76 | 312.63 | 72 | 1499 |
| 2022-04-01 | 1,907 | 1.86 | 940.64 | 35 | 1724 |
| 2022-03-01 | 1,872 | 17.29 | 1,293.80 | 276 | 1738 |
| 2022-02-01 | 1,596 | -3.55 | 14,150.46 | -59 | 1585 |
| 2022-01-01 | 1,655 | -13.11 | 23,207.75 | -250 | 1648 |
| 2021-12-01 | 1,905 | 25.47 | 19,634.56 | 387 | 1895 |
| 2021-11-01 | 1,518 | 1.04 | 25,299,166.67 | 16 | 1518 |
| 2021-10-01 | 1,502 | -6.39 | 150,229,500.00 | -103 | 1502 |
| 2021-09-01 | 1,605 | 34.91 | 188,709.53 | 415 | 1604 |
| 2021-08-01 | 1,190 | 14.45 | 10,814,590.91 | 150 | 1190 |
| 2021-07-01 | 1,039 | 4.78 | 692,829.33 | 47 | 1039 |
| 2021-06-01 | 992 | 106.87 | 104,314.63 | 512 | 991 |
| 2021-05-01 | 479 | 161.69 | 36,088.53 | 296 | 478 |
| 2021-04-01 | 183 | 36.43 | 10,223.04 | 49 | 181 |
| 2021-03-01 | 134 | 1,099.17 | -52.86 | 123 | -151 |
| 2021-02-01 | 11 | 57.75 | 412.12 | 4 | 9 |
| 2021-01-01 | 7 | -26.43 | 57.78 | -3 | 3 |