Fed Funds Projected to Open at 0.10% to 0.15%, ICAP Says
Fed funds closed at 0.28 percent yesterday after trading from 0.08 percent to 0.28 percent and averaging 0.14 percent, according to ICAP Plc, the world’s largest inter-dealer broker. ICAP’s monthly average is 0.129 percent.
The central bank will acquire Treasuries maturing from May 2020 to February 2022 today as part of the Fed’s program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries to limit borrowing costs and counter risks of a recession.
The central bank plans to purchase from $4.50 billion to $5.25 billion of securities today, according to the New York Fed’s website.
To contact the reporter on this story: Liz Capo McCormick in New York at email@example.com
To contact the editor responsible for this story: Dave Liedtka at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.