FOMC Statement Regarding Repurchase Operation

In accordance with the FOMC Directive issued July 31, 2019, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an overnight repurchase agreement (repo) operation from 9:30 AM ET to 9:45 AM ET today, September 17, 2019, in order to help maintain the federal funds rate within the target range of 2 to 2-1/4 percent.

This repo operation will be conducted with Primary Dealers for up to an aggregate amount of $75 billion. Securities eligible as collateral in the repo include Treasury, agency debt, and agency mortgage-backed securities. Primary Dealers will be permitted to submit up to two propositions per security type. There will be a limit of $10 billion per proposition submitted in this operation. Propositions will be awarded based on their attractiveness relative to a benchmark rate for each collateral type, and are subject to a minimum bid rate of 2.10 percent.

Goldman Sachs Q1 2017 Results Miss Expectations

Goldman Sachs reported a rare miss in its first quarter results, the bank said on Tuesday, as its trading desks did not perform as well as its competitors. Net revenue $8.03 billion compared with $6.34 billion in the same period a year earlier. That also missed analysts’ expectations of $8.37 billion. The bank’s stock was down 3% in pre-market trading. Continue reading