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

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Jan. 24 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, is projected to open in a range of 0.15 percent to 0.17 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.11 percent yesterday after trading from 0.07 percent to 0.15 percent and averaging 0.13 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will acquire $2.75 billion to $3.5 billion of Treasuries maturing from February 2020 to November 2022. The purchases are part of the Fed’s latest round of quantitative easing, which is aimed at keeping long term rates low.

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: David Liedtka at dliedtka@bloomberg.net