Fed Funds Projected to Open at 0.16% to 0.18%, ICAP Says
Fed funds closed at 0.1 percent on Nov. 30 after trading from 0.1 percent to 0.24 percent and averaging 0.17 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e- mailed statement.
The central bank will sell Treasuries maturing from December 2015 to January 2016. The sales are the first in the Fed’s new program to replace short-term debt in its portfolio with longer-term Treasuries in an effort to reduce borrowing costs.
The central bank plans to sell from $7 billion to $8 billion of securities today, according to the New York Fed’s website.
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