Fed funds, the U.S. overnight inter- bank lending rate, opened at 0.16 percent, within the Federal Reserve’s target of zero to 0.25 percent.

Fed funds closed at 0.15 percent on Feb. 22 after trading from 0.12 percent to 0.17 percent and averaging 0.15 percent, according to ICAP Plc, the world’s largest inter-dealer broker.

The central bank will acquire $2.75 billion to $3.5 billion Treasuries maturing from May 2020 to February 2023. The transactions are part of the Fed’s latest round of debt purchases, known as quantitative easing, aimed to keep long-term rates low and support economic growth.

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: David Liedtka at dliedtka@bloomberg.net