Bloomberg News

Fed Funds Open at 0.18%, Within Target Range, According to ICAP

July 06, 2012

Fed funds, the U.S. overnight inter- bank lending rate, opened at 0.18 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.17 percent yesterday after trading from 0.16 percent to 0.2 percent and averaging 0.18 percent, according to ICAP Plc, the world’s largest inter-dealer broker.

The central bank will sell $7 billion to $8 billion of Treasuries maturing from January 2013 to June 2013. The sales are part of the Fed’s program, which lasts through the end of the year, to replace $267 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to reduce borrowing costs.

To contact the reporter on this story: Liz Capo McCormick in New York at emccormick7@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net


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