FOMC raises counterparty limit in reverse repos to $160 bln

NEW YORK, Sept 22 (Reuters) - The Federal Open Market Committee on Wednesday raised the counterparty limit in overnight reverse repurchase agreements to $160 billion effective Sept. 23, from the current level of $80 billion, the New York Federal Reserve said in a statement.

Reverse repos are being conducted by the New York Fed's Open Market Trading Desk.

"The increase in the per-counterparty limit from the current level of $80 billion per day helps ensure that the ON RRP (overnight reverse repo) facility continues to support effective policy implementation," the New York Fed said. (Reporting by Gertrude Chavez-Dreyfuss Editing by Chris Reese)

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