Statement Regarding System Open Market Account Activity - Operating Policy

Markets

Foreign Exchange

Open Market Operations

Temporary

Permanent

Federal Funds Data

System Open Market Account Holdings

Annual Reports

Operating Policies

Securities Lending

Term Securities Lending Facility

Primary Dealer Credit Facility

Primary Dealers

Operating Policy

Statement Regarding System Open Market Account Activity

December 13, 2007

On Thursday, December 20, 2007, the Federal Reserve’s System Open Market Account will redeem the full amount of maturing Treasury bill holdings ($15,163,249,000).

The Federal Reserve Open Market Trading Desk will continue to evaluate the need for the use of other tools, including further Treasury bill redemptions, reverse repurchase agreements and Treasury bill sales.