The New York Fed said it would conduct an overnight repurchasing operation for the third time this week at 8:15 a.m. Eastern on Thursday. The U.S. central bank will offer up to $75 billion of repos, temporarily buying securities from Wall Street dealers to inject liquidity into the system. Earlier this week, a surge in the repurchasing rate, used by hedge funds and banks to fund their trading operations, pushed the fed funds rate above its target range.