The Federal Reserve Bank of New York issued yet another "Statement to Revise Terms of Overnight Reverse Repurchase Agreement Operational Exercise," Friday, which says, "Beginning with the operation to be conducted on Monday, December 15, the offering rate of ON RRP operations will be decreased from ten basis points to five basis points. All other terms of the exercise will remain the same. As an operational readiness exercise, this work is a matter of prudent planning by the Federal Reserve. These operations do not represent a change in the stance of monetary policy and no inference should be drawn about the timing of any future change in the stance of monetary policy." In other news, the Washington Post writes, "Will the Fed Drop '​Considerable Time' When it Meets This Week?." The piece says, "Two words hang over this week'​s Federal Reserve meeting: "​considerable time". That'​s how long the central bank has said it would wait before nudging up interest rates from the current rock-​bottom zero. But with the economy accelerating, a large number of economists and market analysts are expecting the Fed to drop that formula from its guidance when its monetary policy committee meets Tuesday and Wednesday." (​Watch for more Fed coverage tomorrow.)

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