The Federal Reserve Bank of New York confirmed on September 14 that it would reinvest approximately $15.6 billion from maturing securities over the next three weeks, while maintaining a pause on Treasury bill purchases under the Reserve Management Purchases program. These reinvestment operations do not expand the money supply since the Fed’s balance sheet remains stable. Reserves stood at $3.04 trillion as of September 9, compared to $2.85 trillion at the end of 2025. Some strategists expect a resumption of purchases between $10 and $20 billion per month starting in October or November. The federal funds rate target remains unchanged.
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