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 0.15 percent yesterday after trading from 0.1 percent to 0.16 percent and averaging 0.14 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The Fed has no Treasury purchases scheduled for today, which are permanent open market operations. The Fed has been purchasing Treasuries as part of its latest round of quantitative easing, aimed at keeping long term rates low.

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