Coupon Pass

The purchase of treasury notes or bonds from dealers, by the Federal Reserve.

Investopedia Says:
The "coupon" refers to the coupons which are the main difference between T-notes and T-bills. The "pass" comes from when the Federal Reserve buys T-bills from dealers thus passing the bill.

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Canvassing by the Desk of the Federal Reserve's Open-Market Committee of Primary Dealers to determine the inventory and maturities of their Treasury securities. Desk then decides whether to buy or sell specific issues (coupons) to add or withdraw reserves. See also Bill Pass; Fed Pass.