Fed Funds Open at 0.08%, Within Target Range, According to ICAP

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

Fed funds closed at 0.27 percent on April 4 after trading from 0.06 percent to 0.27 percent and averaging 0.07 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will acquire $900 million to $1.15 billion Treasuries maturing from February 2036 to February 2044. The purchases, which are permanent open market operations, are the part of the Fed’s quantitative easing program aimed at keeping long-term rates low.

The Fed may also conduct a test of an overnight fixed-rate reverse repo facility. The temporary open-market operations will use Treasuries as collateral.

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