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Fed Funds Open at 0.18%, Within Target Range, According to ICAP

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Dec. 20 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.18 percent, within the Federal Reserve’s target range of zero to 0.25 percent.

Fed funds closed at 0.17 percent yesterday after trading from 0.13 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 hold two separate operations as part of its plan to replace short-term debt in its portfolio with longer-term Treasuries to reduce borrowing costs further and counter rising risks of a recession.

Beginning at 10:15 a.m. New York time, the central bank will buy $1.5 billion to $2.25 billion Treasuries due from February 2023 to February 2031. Starting at 1:15 p.m. and ending at 2 p.m., the Fed will sell $7 billion to $8 billion of Treasuries maturing from December 2015 to January 2016.

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

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