Fed funds closed at 0.11 percent on Feb. 10 after trading from 0.05 percent to 0.18 percent and averaging 0.12 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e- mailed statement.
The central bank will acquire $1.5 billion to $2 billion of Treasuries maturing from February 2036 to November 2041. The purchases are the first in the Fed’s new program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to reduce borrowing costs further and counter rising risks of a recession.
To contact the reporter on this story: Liz Capo McCormick in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Dave Liedtka at email@example.com