Fed Funds Projected to Open at 0.15% to 0.17%, ICAP Says

Fed funds, the U.S. overnight inter-bank lending rate, is projected to open in a range of 0.15 percent to 0.17 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.16 percent on April 6 after trading from 0.08 percent to 0.16 percent and averaging 0.13 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will acquire $1 billion to $1.5 billion of Treasury Inflation Protected Securities due from April 2017 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.

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