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

Fed funds, the U.S. overnight inter-bank lending rate, opened at 0.10 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 0.32 percent on Dec. 12, according to data posted on the Fed Bank of New York’s website. The fed effective, or a volume-weighted average of rates on trades arranged by major brokers, was 0.12 percent.

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 0.05 percentage point.

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