Bloomberg News

Fed Funds Projected to Open at 0.14% to 0.18%, ICAP Says

October 24, 2012

Fed funds, the U.S. overnight inter- bank lending rate, is projected to open between 0.14 percent and 0.18 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.28 percent yesterday after trading from 0.10 percent to 0.28 percent and averaging 0.15 percent, according to ICAP Plc, the world’s largest inter-dealer broker.

There aren’t any open-market operations scheduled today by the central bank. The Fed is replacing short-term debt in its portfolio with longer-term Treasuries in an effort to keep borrowing costs low.

Policy makers will conclude a two-day meeting in Washington today.

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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