*** Repo operation trifecta: * N.Y. FED.....>

US TSYS: *** Repo operation trifecta:

* N.Y. FED TO CONDUCT REPO OPERATIONS FROM 8:15-8:30AM THURSDAY -- "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 today's operation, Thursday's likely to be oversubscribed (and more

aggressively).