Fed Funds Open at 0.10%, Within Target Range, According to ICAP

Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.1 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.1 percent on July 19 after trading from 0.05 percent to 0.25 percent and averaging 0.08 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will acquire Treasuries $1.25 billion to $1.75 billion of Treasuries maturing from February 2036 to May 2043. The purchases are the part of the Fed’s quantitative easing program aimed at keeping long-term rates low.

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