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

Fed funds, the U.S. overnight interbank lending rate, opened at 0.08 percent, within the Federal Reserve’s target of zero to 0.25 percent, ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

Fed funds traded from 0.06 percent to 0.3125 percent yesterday, according to data posted on the Federal Reserve Bank of New York’s website. The fed effective, or a volume-weighted average of rates on trades arranged by major brokers, was 0.10 percent.

The Fed has no Treasury purchases scheduled for today, which are permanent open market operations.

The Federal Reserve Bank of New York will release its monthly schedule for its Treasury purchases in an announcement scheduled for 3 p.m. New York time.

The Fed will 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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