New York Fed Will Offer $1 Trillion in Daily Repo for the Rest of Month.

From the Fed:

In accordance with the most recent FOMC directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct additional overnight repurchase agreement (repo) operations for same-day settlement each afternoon from 1:30 PM ET to 1:45 PM ET for the remainder of the current monthly operational schedule. These repo operations will be conducted for an aggregate offered amount of $500 billion. Also, the aggregate offered amount for the overnight repo operations conducted each morning will increase to $500 billion for the remainder of the current monthly operational schedule.

In addition, to reduce the frequency of operations while maintaining ample support for funding markets, the maturity dates for the Desk’s next four 14-day term repo operations will be changed to dates when the Desk will offer one-month repo operations. Specifically, the term repo operations scheduled for Tuesday, March 24, 2020 and Thursday, March 26, 2020 will now both mature on Monday, April 6, 2020. The term repo operations scheduled for Tuesday, March 31, 2020 and Thursday, April 2, 2020 will now both mature on Monday, April 13, 2020. Finally, the 14-day term repo operations on Tuesday, April 7, 2020 and Thursday, April 9, 2020 will be removed from the schedule.

All other previously planned repo operations will be conducted as scheduled.

This action is taken to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets. Detailed information on the schedule and parameters of repo operations are provided on the Repurchase Agreement Operational Details page.