Fed Funds Projected to Open at 0.15% to 0.18%, ICAP Says
Fed funds closed at 0.1 percent yesterday after trading from 0.1 percent to 0.18 percent and averaging 0.17 percent, according to ICAP Plc, the world’s largest inter-dealer broker.
The central bank will acquire $4.5 billion to $5.5 billion of Treasuries maturing from August 2020 to May 2022. The purchases are part of the Fed’s program to replace $267 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to keep borrowing costs low.
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