The Federal Reserve Bank of New York has slimmed down its repo operations following the year-end bulge of cash on offer, signalling its intent to “gradually” taper its interventions in the repo market.  

In not rolling over its term repos, which were designed to bridge year-end funding demands, the central bank has reduced the total amount on offer from $490 billion, as of December 31, to $260 billion today (January 17).

The January 14 schedule for the operations, which spans the period until