NY Federal Reserve sets dates for March repurchase agreements

The bank will offer $50 billion in one-week repurchase agreements on Thursday, March 5. On Thursday, March 19, the bank will offer $75 billion in two-week agreements, and on Thursday, March 30 it will offer $125 billion in one-week agreements.

The operations will be held between 9:30 a.m. EST and 10 a.m.

Reverse repurchase agreements are part of the Fed's strategy for normalizing interest rates at a time when the market for Federal Funds has dwindled. Along with major banks, a broad set of counterparties, including government sponsored enterprises and money market funds, are eligible to bid on the agreements as part of an effort to broaden the Fed's reach when it decides rates need to rise.

(Reporting by Howard Schneider. Editing by Andre Grenon)