Fed Funds Open at 0.09%, Within Target Range, According to ICAP

Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.09 percent, within the Federal Reserve’s target of zero to 0.25 percent, ICAP Plc said in an e-mail.

Fed funds traded from 0.04 percent to 0.3125 percent on Nov. 10, 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 0.09 percent. Fixed-income markets were closed yesterday for Veterans Day.

The Fed will conduct a test of an overnight fixed-rate reverse-repo facility. The temporary open-market operations will use Treasuries as collateral. The fixed-rate on the reverse repos, for transactions that total at or below the $300 billion aggregate limit, will be at a 0.03 percentage point on daily operations from today through Nov. 14, the New York Fed said in a statement.

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