NY Fed Treasury Purchases 6 to 10 yrs

NY Fed Treasury Purchases 6 to 10 yrs is a calendar label, not a standalone publisher index. It means one outright operation in nominal Treasury securities with 6 to 10 years left. The Federal Reserve Bank of New York runs it through its trading desk. It buys for the System Open Market Account to test operational readiness under committee directives.

It is not a price, yield or sentiment gauge. It is not total Fed holdings, which appear in a separate weekly release. It is not Treasury buybacks, which the New York Fed runs only as fiscal agent.

It differs from large buying programs such as quantitative easing. It has no fixed cadence and occurs only when the schedule lists it.

A tentative monthly schedule appears on or around the 9th business day. It covers mid-month to mid-next-month in Eastern Time. It lists dates, times, maturities and caps. Some periods list no operations, and results then show N/A.

On the operation day, an announcement posts at the start of the 10:10 to 10:30 a.m. window. Some issues are excluded at the start for scarcity or short maturity. Results post after the close and stay final with no revisions. Settlement usually follows next business day (T+1) through the Fedwire Securities System.

Price detail follows at mid-month for the prior period. Counterparty detail follows after two years under the Dodd-Frank Act. Each result reads as a level of par offered and accepted. Offer-to-cover, which divides offered by accepted, gauges demand.

The published result reflects six features. The publisher states no thresholds for this event.

• Nominal securities: fixed-rate Treasury notes and bonds qualify here, not bills, inflation-linked or floating-rate notes.
• Maturity sector 6 to 10 years: the intermediate slice of the curve, with each notice fixing the exact range for that date.
• Operation type: a small value purchase adds a tiny amount to holdings as a readiness test, with no policy intent.
• Maximum size: an announced cap on face value; the desk may accept less and never more.
• Eligible issues and exclusions: the tradable set after removing scarce, very short-dated or special issues named at the start.
• Counterparties and auction: primary dealers alone submit offers for themselves and customers through FedTrade Plus in a multiple-price auction.

On 6 January 2025 the desk ran a small value purchase capped at $25 million. Dealers offered $440 million and the desk accepted $25 million across two bonds, an offer-to-cover ratio of 17.6. It took $24 million of the 4.25% bond at 98.43. It took $1 million of the 4.375% bond at 98.063.

The accepted amount was about 0.03% of the $80 billion monthly pace of 2021. That scale proves the small value label and the absence of any policy signal. The pattern repeated on 4 March 2025 with a $50 million cap. Dealers offered $574 million and the desk accepted $50 million.

There is no index formula. The result comes from the auction allocation itself.

1. Schedule: the desk publishes dates, times, maturities and caps on or around the 9th business day.
2. Announcement: at the start it posts the operation ID and the eligible or excluded bond list.
3. Bidding: dealers submit up to 9 price bids per bond in $1 million steps through FedTrade Plus.
4. Evaluation: at the close the desk ranks offers by market-price closeness plus its relative-value model.
5. Award: each accepted bid wins at its own price, within the cap and per-issue limits. Holdings cannot pass 70% of one issue.
6. Results and settlement: totals offered and accepted post after the close, with price detail at mid-month. Offer-to-cover equals par offered divided by par accepted. Settlement is usually next business day, with no seasonal adjustment and no revisions.