Fed Funds Projected to Open at 0.15% to 0.17%, ICAP Says

Fed funds, the U.S. overnight inter-bank lending rate, is projected to open at 0.15 percent to 0.17 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.05 percent yesterday after trading from 0.05 percent to 0.28 percent and averaging 0.14 percent, according to ICAP Plc, the world’s largest inter-dealer broker.

The central bank will acquire $750 million to $1 billion of Treasuries maturing from February 2023 to February 2031. The purchases are part of the Fed’s latest round of debt purchases, known as quantitative easing, aimed to keep long-term rates low and support economic growth.

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