Statement Regarding Changes to Open Market Operations Due to Hurricane Sandy

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Operating Policy

Statement Regarding Changes to Open Market Operations Due to Hurricane Sandy

October 29, 2012

The Federal Reserve Bank of New York is open today. Due to financial market closures and the market conditions anticipated to accompany Hurricane Sandy, several changes have been made to System Open Market Account operations previously scheduled to take place today and tomorrow.

The sale of Treasury securities that was tentatively scheduled for today, Monday, October 29, will take place as scheduled, with a 10:15 AM open and 11:00 AM close. However, settlement will take place on Wednesday, October 31, not Tuesday, October 30. The purchase of Treasury securities previously scheduled for tomorrow, Tuesday, October 30, has been postponed, and the schedule of Treasury security operations will be updated in the coming days with details of the rescheduled operation. After today's sale, Treasury purchase and sale operations are anticipated to resume on Wednesday, October 31.

Similarly, there will be no agency mortgage-backed securities (MBS) trading on Tuesday, October 30. MBS trading operations are anticipated to resume on Wednesday, October 31.

Due to SIFMA's recommended early market close for fixed income markets today, today's securities lending operation will conclude at 11:45 AM, instead of the typical 12:15 PM. Overnight loans made today will mature on Wednesday, October 31, consistent with the market conventions being adopted. In light of this settlement convention, a securities lending operation will not be held tomorrow, Tuesday, October 30.

We are continuing to evaluate market conditions and will make announcements regarding other Federal Reserve operations as needed.

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