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Fed Funds Open at 0.07%, Within Target Range, According to ICAP

Feb. 5 (Bloomberg) --Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.07 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.27 percent yesterday after trading from 0.04 percent to 0.27 percent and averaging 0.06 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will hold two operations as part of its purchases of government debt. It will acquire $850 million to $1.15 billion of Treasury Inflation Protected Securities maturing from April 2018 to February 2043. At about 1:30 p.m., it will purchase $2.5 billion to $3 billion Treasuries maturing from November 2019 to January 2021. The purchases, which are permanent open market operations, are the part of the Fed’s quantitative easing program aimed at keeping long-term rates low.

The Fed may also conduct a test of an overnight fixed-rate reverse repo facility. The temporary open-market operations will use Treasuries as collateral.

To contact the reporter on this story: Liz Capo McCormick in New York at

To contact the editor responsible for this story: Dave Liedtka at

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