March 9, 2016 / 6:43 PM / a year ago

U.S. Fed awards $47.35 bln reverse repos

NEW YORK, March 9 (Reuters) - The Federal Reserve on Wednesday awarded $47.35 billion of one-day, fixed-rate reverse repurchase agreements to 32 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.

The reverse repurchase agreement program is seen as a critical policy tool for the U.S. central bank to drain money from the financial system in an effort to achieve its interest-rate objectives.

On Tuesday, the Fed allotted $49.33 billion in one-day reverse repos to 33 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. (Reporting by Richard Leong; Editing by Chris Reese)

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