Fed Funds Opened at 0.09%, Within Target, According to ICAP

Sept. 9 (Bloomberg) -- Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.09 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.04 percent on Sept. 6 after trading from 0.04 percent to 0.25 percent and averaging 0.07 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will acquire Treasuries $1.25 billion to $1.75 billion of Treasuries maturing from February 2036 to August 2043. The purchases are the part of the Fed’s quantitative easing program 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: Dave Liedtka at dliedtka@bloomberg.net