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Fed Funds Projected to Open at 0.14% to 0.18%, ICAP Says

Sept. 10 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, is projected to open in a range of 0.14 percent to 0.18 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.14 percent on Sept. 7 after trading from 0.06 percent to 0.17 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 Treasury Inflation Protected Securities due from January 2019 to February 2042 today as part of its plan to replace $267 billion of short-term debt in its portfolio with longer-term Treasuries to keep borrowing costs low.

The central bank plans to purchase between $1 billion and $1.5 billion securities today, according to the Federal Reserve Bank of New York’s website.

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: David Liedtka at dliedtka@bloomberg.net

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