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NY Fed Eases Criteria For Standing Repo Facility

FED

Re headlines that the Fed is cutting the level of assets required to access the Standing Repo Facility: this is not a surprise.

  • This move had been flagged in the March FOMC Minutes, which noted "The Desk planned to adjust the counterparty eligibility requirements in early April to make the SRF accessible to a broader range of banks, in line with the Committee's intention to expand eligibility over time and with efforts to ensure that Desk counterparty policies promote a fair and competitive marketplace."
  • Overall, the Fed is trying to reduce the stigma associated with using the SRF amid weak takeup so far. If the industry isn't participating in the SRF, it could create problems in the event of a crisis.
  • The full release is on the NY Fed webpage.
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