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Fed Funds Open at 0.10%, Within Target Range, According to ICAP

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Aug. 7 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.10 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 0.25 percent and averaging 0.08 percent, ICAP Plc., the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will acquire $1.25 billion to $1.75 billion Treasuries maturing from February 2036 to May 2043. The permanent open market operations 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.

The Federal Reserve Bank of New York announced on Aug. 5 that it will this week undertake a series of tri-party reverse repurchase agreements, which are temporary open market operations, with all eligible counterparties. The action, part of a series begun in 2009, doesn’t represent any change in monetary and is in preparation for the Fed’s eventual withdrawal of the central bank’s unprecedented monetary stimulus.

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: Robert Burgess at bburgess@bloomberg.net

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