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 0.15 percent yesterday after trading from 0.09 percent to 0.16 percent and averaging 0.13 percent, according to ICAP Plc, the world’s largest inter-dealer broker.

The central bank will acquire $1.25 billion to $1.75 billion Treasuries maturing from February 2036 to February 2043. The transactions 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 will also release its upcoming monthly schedule for its Treasury purchases. The announcement is scheduled for 2 p.m. New York time.

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