October 05, 2022 21:00 GMT
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Statement from the New York Fed:
- "The U.S. Treasury has announced that it intends to transition its 4-month (17-week) cash management bill to benchmark status, with the first benchmark auction occurring on October 19, 2022. Consistent with past practices, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York is prepared to include the 4-month bill in System Open Market Account (SOMA) operations and treat it in a similar manner to other Treasury bill securities, effective October 19. These SOMA operations include the Desk’s rollovers of maturing Treasury security holdings at auction, securities lending, repurchase agreements, reverse repurchase agreements, and purchases of Treasury securities."