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 0.04 percent yesterday after trading from 0.04 percent to 0.16 percent and averaging 0.14 percent, according to ICAP Plc, the world’s largest inter-dealer broker.
The central bank will acquire $750 million to $1 billion Treasuries maturing from August 2023 to February 2031. 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 email@example.com
To contact the editor responsible for this story: David Liedtka at firstname.lastname@example.org