May 26, 2016 / 5:26 PM / a year ago

U.S. Fed awards $58.67 bln in reverse repos

NEW YORK, May 26 (Reuters) - The U.S. Federal Reserve on Thursday awarded $58.67 billion of one-day, fixed-rate reverse repurchase agreements to 38 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.

On Wednesday, the Fed allotted $65.8 billion in one-day reverse repos to 38 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.

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. (Reporting by Richard Leong)

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