announced three term deposit auctions through its term deposit facility over the next two months on Friday. The small-value auctions are part of the Fed's plan to gradually unwind accommodative policies enacted in response to the financial crisis.
"These auctions are a matter of prudent planning and have no implications for the near-term conduct of monetary policy," the central bank said in its release.
The first auction is scheduled for June 14 and will consist of $1 billion of 14-day term deposits. The second is an auction of 28-day term deposits planned for June 28, and the third offering of 84-day term deposits is slated for July 12. Exact amounts of the second and third term deposit auctions will be announced at a later, undisclosed date.
The Fed said it may schedule up to two more small-value auctions through its term deposit facility later in the summer.
-- Written by Melinda Peer in New York