The New York Fed has announced plans to slow the frequency of its buyback operations for the next monthly period. As part of these transactions, the Fed allows brokers to temporarily convert highly rated Treasury bills and guarantees into dollars. Market participants say that the Fed’s injections of liquidity helped keep the cost of borrowing in the pension funding markets down, as the recent takeover of Fed operations fell sharply. The New York Fed has said that as of May 4, it will only hold one overnight repo out of the two currently in effect. And that would reduce the number of long-term repo transactions to once every two weeks, once a week.