Fed funds closed at 0.28 percent yesterday after trading from 0.05 percent to 0.28 percent and averaging 0.10 percent, according to ICAP Plc, the world’s largest inter-dealer broker. ICAP’s monthly average is 0.114 percent.
The Fed is scheduled to buy as much as $5 billion of Treasuries due from February 2018 to February 2020 today as part of its plan to hold down borrowing costs by exchanging shorter maturities in its holdings for longer ones.
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