Fed undertaking reverse repo to drain reserves

NEW YORK (Reuters) – The U.S. Federal Reserve on Wednesday was draining temporary reserves from the banking system via a reverse repurchase agreement, according to the New York Fed Web site.

For further details on the operation, see http://www.ny.frb.org/markets/omo/dmm/temp.cfm

(Reporting by Chris Reese)

Fed undertaking reverse repo to drain reserves