The Federal Reserve said Wednesday it will buy about $10 billion of Treasury bills this period, a further slowdown of a program meant to ease short-term funding costs by rebuilding reserves in the financial system.
The New York Fed’s open markets desk plans to conduct the reserve management purchases over the monthly period ending June 11, according to its website. It also plans to conduct about $16.3 billion in reinvestment purchases over the same time.
The latest reduction marks a 75% pullback over a two-month span, signaling the Fed is confident in the smooth functioning funding markets. That’s borne ...