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Reminder: NY FED will........>

US TSYS/OVERNIGHT REPO
US TSYS/OVERNIGHT REPO: Reminder: NY FED will conduct third repo operation in as
many days (0815-0830ET) "in order to help maintain the federal funds rate within
the target range of 1-3/4 to 2 percent. This repo operation will be conducted
with Primary Dealers for up to an aggregate amount of $75 billion." 
* Sources point out item: "Primary Dealers will be permitted to submit up to two
propositions per security type. There will be a limit of $10 billion per
proposition submitted in this operation. Propositions will be awarded based on
their attractiveness relative to a benchmark rate for each collateral type, and
are subject to a minimum bid rate of 1.80 percent." 
* Like Wed's operation, Thursday's likely to be oversubscribed (and more
aggressively).

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