New York Fed Completes Test Of Fixed-rate Reverse Repo Facility

New York ‘geniuses’ scoop nine spots as MacArthur Fellows out of 24 nationwide

"Glee First Look" Ryan Murphy posts a first look at the "Glee" goodbye episode to Cory Monteith.

The Fed allotted $9.4 billion in overnight reverse repos through the facility at a fixed-rate of 0.01 percent. The operation was open to the Feds 139 tri-party reverse repo counterparties, which includes 94 money market mutual funds, six government-sponsored entities, 18 banks and the Feds 21 primary dealers. Each eligible counterparty was limited to a maximum bid amount of $500 million. The collateral for the transactions was limited to Treasury debt. This exercise is not intended to materially affect the current level of short-term interest rates , the New York Fed said in a statement on Sept. 20. This work is a matter of prudent advance planning and do not represent a change in the stance of monetary policy, the statement said. The New York Fed said in a separate statement today that it plans to increase the maximum bid amount to $1 billion from $500 million, beginning with tomorrows operation. Fed policy makers, while still buying bonds to support the economy, have also been developing methods to eventually help withdraw record monetary accommodation. Along with raising the overnight bank lending rate, Fed officials have said they may use tools including reverse repos to withdraw or neutralize cash in the banking system. In a reverse repo, the Fed lends securities for a set period, temporarily draining cash from the banking system. At maturity, the securities are returned to the Fed, and the cash to its counterparties. To contact the reporters; on this story: Liz Capo McCormick in New York at To contact the editors responsible for this story: Dave Liedtka at More News:

It strikes me as a bit unusual for a GM to lose his job after the team he put together tallied 54 regular-season wins and netted its first postseason series victory since 2000. Then again, if coaches (i.e. George Karl, Lionel Hollins, Vinny Del Negro) can get the ax after leading their respective franchises to historic seasons, why shouldn’t GMs “enjoy” that same “privilege?” Remember, Grunwald’s the guy who brought Tyson Chandler to New York. He’s been responsible for digging up bargain-bin gems left and right, from Jeremy Lin and Steve Novak to Chris Copeland and Pablo Prigioni. He may not have been the chief architect behind the Carmelo Anthony tradethe credit for that belongs to Donnie Walshbut he certainly had a hand in the matter. This isn’t to suggest that Grunwald was in any way the perfect GM. To bring Chandler on, he had to use the team’s one-time amnesty provision on Chauncey Billups. That left then-coach Mike D’Antoni without an experienced floor general to run his point-guard-heavy system and the Knicks without an easy means of clearing Stoudemire’s onerous contract from their cap sheet. And if we’re going to give Grunwald credit for greasing the wheels on the ‘Melo deal, we’d also have to apportion some blame to him for New York’s decision to give $100 million to a player, in Amar’e, whose knees were uninsurable. Last year, Grunwald neglected to make an actual contract offer to Jeremy Lin before the MSG fan favorite signed off on a “poison pill” pact to take his “Linsanity” act to the Houston Rockets . Chris Chambers/Getty Images This summer wasn’t exactly Glen’s finest hour on the job, either.

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Let’s hear it for New York. Nine of the 24 MacArthur Fellows “geniuses” named Wednesday live in the metro area. Local grant winners include two choreographers, two writers, a photographer, two pianists, an anthropologist and a neuroscientist. Washington Heights resident and novelist Karen Russell, 32, is the youngest 2013 McArthur Fellow. “It was just overwhelming in so many ways,” said winner Kyle Abraham, a dancer and choreographer who lives in Brooklyn and runs the dance company. “I’m still taking it all in. I will for probably a long time.” “I think it is going to alleviate a lot of the stress and pressure and create a process that’s a lot more energized when we’re in the studio together,” said Abraham, 36, who relied on food stamps just three years ago. Novelist and essayist Donald Antrim is also a professor at Columbia. The long list of 2013 winners also includes an Alaska immigration lawyer, a Boston College medieval historian and other luminaries. All will receive a no-strings-attached grant of $625,000 over five years. New York choreographer Alexei Ratmansky is artist-in-residence at American Ballet Theater. Park Slope novelist and The Afterlife essayist Donald Antrim said he has trouble remembering the moments that immediately followed learning about his win. I did go into a kind of shock, said Antrim, 55, who teaches at Columbia and said he has spent a lot of years being broke. Jeremy Denk, a classical pianist and writer, is releasing his latest album ‘The Goldberg Variations’ on Sept.