Fed Funds Open at 0.15%, Within Target Range, According to ICAP

Fed funds, the U.S. overnight inter- bank lending rate, opened at 0.15 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.1 percent on Feb. 8 after trading from 0.05 percent to 0.15 percent and averaging 0.14 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e- mailed statement.

The central bank will acquire $1.25 billion to $1.75 billion of Treasuries maturing from February 2036 to November 2042. The purchases are the part of the Fed’s quantitative easing program aimed at keeping long-term rates low.

To contact the reporter on this story: Liz Capo McCormick in New York at emccormick7@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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