Term deposits will be one of several tools that the Federal Reserve could employ to drain reserves.

http://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-91

The Federal Reserve has stated that:

Term deposits will be one of several tools that the Federal Reserve could employ to drain reserves when policymakers judge that it is appropriate to begin moving to a less accommodative stance of monetary policy. The development of the TDF is a matter of prudent planning and has no implication for the near-term conduct of monetary policy.