Fed Funds Projected to Open at 0.14% to 0.18%, ICAP Says
Fed funds closed at 0.28 percent yesterday after trading from 0.07 percent to 0.28 percent and averaging 0.15 percent, according to ICAP Plc, the world’s largest inter-dealer broker.
The central bank will sell Treasuries maturing from February 2013 to February 2014. The sales 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.
The central bank plans to sell from $7 billion to $8 billion of securities today, according to the New York Fed’s website.
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