Federal Reserve Bank of New York

Rule Changes

Implements the new regime of full‑allotment repos and expanded T‑bill purchases.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December’s third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated Dec 11, 2025