House Passes Budget to Ease $63 Billion in U.S. Spending Cuts
Fed Funds Projected to Open at 0.16% to 0.18%, ICAP Says
Fed funds closed at 0.1 percent yesterday after trading from 0.07 percent to 0.18 percent and averaging 0.15 percent, according to ICAP Plc, the world’s largest inter-dealer broker.
The central bank will acquire Treasuries maturing from February 2021 to November 2022. The purchases are part of the Fed’s program to replace 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 $4.25 billion to $5.25 billion of securities today, according to the New York Fed’s website.
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