March 28 (Bloomberg) -- 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 0.07 percent yesterday after trading from 0.07 percent to 0.16 percent and averaging 0.11 percent, according to ICAP Plc, the world’s largest inter-dealer broker.
The central bank will acquire $4.25 billion to $5.25 billion of Treasuries maturing from March 2017 to November 2017. The transactions 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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