Fed Funds Projected to Open at 0.11% to 0.15%, ICAP Says
Fed funds closed at 0.13 percent yesterday after trading from 0.08 percent to 0.15 percent and averaging 0.12 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e- mailed statement. ICAP’s monthly average is 0.129 percent.
The central bank will acquire $1.75 billion to $2.25 billion of Treasuries maturing from February 2036 to February 2042. The purchases are part of the Fed’s program to replace $400 billion of short-term debt in its portfolio with longer- term Treasuries in an effort to reduce borrowing costs further.
The Federal Reserve Bank of New York will release its monthly schedule for its Treasury purchases and sales as part of the maturity extension program. The announcement is schedule for 2 p.m. New York time.
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: David Liedtka at firstname.lastname@example.org