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June 7 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, is projected to open at 0.13 percent to 0.17 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.17 percent yesterday after trading from 0.14 percent to 0.25 percent and averaging 0.16 percent, according to ICAP Plc, the world’s largest inter-dealer broker. ICAP’s monthly average is 0.164 percent.

The central bank will sell $8 billion to $8.75 billion of Treasuries maturing from December 2013 to February 2014. The sales are part of the Fed’s program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to reduce borrowing costs further and counter rising risks of a recession.

To contact the reporter on this story: Liz Capo McCormick in New York at

To contact the editor responsible for this story: Dave Liedtka at

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