Fed Funds Open at 0.16%, Within Target Range, According to ICAP

Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.16 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.28 percent on Feb. 15 after trading from 0.05 percent to 0.28 percent and averaging 0.16 percent, according to ICAP Plc, the world’s largest inter-dealer broker.

The central bank will acquire $1.25 billion to $1.75 billion of Treasuries maturing from February 2036 to February 2043. The purchases 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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