US Treasury to hold small-value buyback May 22

The US Treasury Department said on Thursday it will conduct a small-value buyback on May 22 to ensure operational readiness of its buyback infrastructure, which should not be seen as a precursor or signal of any pending policy changes.

The buyback operation will be conducted by the New York Federal Reserve, using its FedTrade system. Only primary dealers, or the 24 Wall Street firms that do business directly with the US central bank, may submit offers in this buyback, the Treasury said in a statement.