Fed funds closed at 0.12 percent on April 27 after trading from 0.07 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 0.14 percent.
The central bank will acquire $1.5 billion to $2 billion of Treasuries maturing from February 2036 to February 2042. 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.
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