In December 2025, the Federal Open Market Committee (FOMC) determined that reserves had declined to ample levels and, consistent with its May 2022 plans, instructed the New York Fed’s Open Market Trading Desk (the Desk) to begin reserve management purchases (RMPs) to maintain reserves within an ample range. These RMPs—which increase the size of the Fed’s balance sheet and the amount of reserves in the banking system—would consist of Treasury bills and, if needed, other Treasury securities with remaining maturities of three years or less.
