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(Reuters) - The U.S. Federal Reserve on Thursday said it awarded nearly $16.35 billion in 7-day term deposits in a test of its so-called term deposit facility.
The Fed said 33 institutions participated in the TDF test. The deposits pay an interest rate equal to the rate paid on excess reserves plus 1 basis point and mature on May 25.
Reporting By Dan Burns; Editing by Chizu Nomiyama