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Fed Funds Opens at 0.07%, Within Fed’s Target Range, ICAP Says

Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.07 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.08 percent yesterday after trading from 0.03 percent to 0.15 percent and averaging 0.07 percent, according to ICAP Plc, the world’s largest inter-dealer broker. ICAP’s monthly average is 0.073 percent.

The central bank will sell Treasuries maturing from May 2013 to October 2013. The purchases are part of the Fed’s program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries to reduce borrowing costs further and counter risks of a recession.

The central bank plans to sell $8 billion to $8.75 billion of securities today, according to the New York Fed’s website.

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