Sept. 17 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, is projected to open between 0.14 percent and 0.18 percent, within the Federal Reserve’s target range of zero to 0.25 percent.
Fed funds closed at 0.12 percent on Sept. 14 after trading from 0.07 percent to 0.23 percent and averaging 0.15 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.
The Fed will conduct two operations as part of its plan to replace short-term debt in its portfolio with longer-term Treasuries. The the central bank will buy $4.5 billion to $5.5 billion of Treasuries due from November 2020 to August 2022 at 10:15 a.m. New York time. At 1:15 p.m., the Fed will sell $7 billion to $8 billion of Treasuries maturing from December 2014 to May 2015.
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