Fed Funds Open at 0.17%, Within Target Range, According to ICAP

Nov. 7 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.17 percent, within the Federal Reserve’s target range of zero to 0.25 percent.

Fed funds closed at 0.1 percent yesterday after trading from 0.07 percent to 0.18 percent and averaging 0.16 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The Fed will conduct two open-market operations today as part of its plan to replace short-term debt in its portfolio with longer-term Treasuries. The central bank will buy $1.75 billion to $2.25 billion of Treasuries due from February 2036 to August 2042 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 May 2014 to April 2015.

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: Dave Liedtka at dliedtka@bloomberg.net