The Federal Reserve announced earlier today that it has authorized ongoing small-value offerings of term deposits under the Term Deposit Facility (TDF). Two auctions of 28-day deposits totaling $5 billion will be conducted on October 4 and November 29, 2010, with the corresponding settlements occurring October 7 and December 2, respectively. These small-value offerings are designed to provide eligible institutions with an opportunity to gain familiarity with term deposit procedures, and are not intended to have any implications for the near-term conduct of monetary policy. The Federal Reserve currently expects auctions to be held approximately every other month, but the schedule and terms of auctions to be conducted in 2011 will announced at a later date.