Fed Funds Projected to Open at 0.08% to 0.11%, According to ICAP

Fed funds, the U.S. overnight inter-bank lending rate, is projected to open at 0.08 percent to 0.11 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.03 percent on June 28 after trading from 0.03 percent to 0.25 percent and averaging 0.03 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will acquire Treasuries $2.75 billion to $3.5 billion of Treasuries maturing from August 2020 to May 2023. The purchases are the part of the Fed’s quantitative easing program aimed at keeping long-term rates low.

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