Fed Funds Open at 0.17%, Within Target Range, According to ICAPLiz Capo McCormick
Fed funds, the U.S. overnight inter-bank lending rate, opened 0.17 percent, within the Federal Reserve’s target of zero to 0.25 percent.
Fed funds closed at 0.28 percent on March 8 after trading from 0.04 percent to 0.28 percent and averaging 0.14 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.
The central bank will acquire $1.25 billion to $1.75 billion Treasuries maturing from February 2036 to February 2043. The purchases are the part of the Fed’s quantitative easing program aimed at keeping long-term rates low.