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What does “RRP with terms of up to 65 business days or longer” mean?

April 26, 2017Business days longer mean rrp terms

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What does “RRP with terms of up to 65 business days or longer” mean?

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The New York Fed is currently authorized to conduct RRP transactions for terms up to 65 business days. Specific tenors have not been determined for RRP transactions, but it is expected that RRP transactions will be across a range of terms. A RRP counterparty would not be required to participate in an auction of a particular tenor.