Nov. 5 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.17 percent, within the Federal Reserve’s target of zero to 0.25 percent.
Fed funds closed at 0.17 percent on Nov. 2 after trading from 0.1 percent to 0.28 percent and averaging 0.16 percent, according to ICAP Plc, the world’s largest inter-dealer broker.
The central bank will acquire Treasuries maturing from February 2036 to August 2042. The purchases are part of the Fed’s program to replace short-term debt in its portfolio with longer-term Treasuries in an effort to keep borrowing costs low.
The central bank plans to purchase from $1.75 billion to $2.25 billion of securities today, according to the New York Fed’s website.
To contact the reporter on this story: Liz Capo McCormick in New York at firstname.lastname@example.org
To contact the editor responsible for this story: David Liedtka at email@example.com