The winners will be notified the same day as the deadline for submission at 2:30 p.m. EDT.
The face value of the bonds to be sold in this round has not been disclosed yet. It will not exceed $1.5 billion, said one person familiar with the matter.
There will not be a fixed schedule for the auctions, the person said.
The Fed will list the total amount sold on a quarterly basis and list the buyer's name. The first such report will be released by July 15.
The first auction was held on April 6, when the Fed, through a unit of BlackRock Inc. (BLK), sold $1.3 billion of the $1.5 billion bonds it had offered. That auction was deemed successful by industry participants, who said that most of the bonds sold at prices that met expectations.
The New York Fed sold 42 of 52 bonds on offer this week. The auction was the first of a series conducted to dispose of assets in a large portfolio of residential mortgage-backed bonds the bank acquired in rescuing AIG in 2008.
About 45 dealers had been invited to participate.