Fed Funds Projected to Open at 0.08% to 0.12%, ICAP Says
Fed funds closed at 0.13 percent yesterday after trading from 0.09 percent to 0.16 percent and averaging 0.13 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e- mailed statement.
The central bank will acquire Treasuries maturing from February 2036 to August 2042. 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.
The central bank plans to purchase from $1.5 billion to $2 billion of securities today, according to the New York Fed’s website.
The Federal Reserve Bank of New York will also release its monthly schedule for its Treasury purchases and sales as part of the maturity extension program for October. The announcement is schedule for 2 p.m. New York time.
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