December 4, 2019 / 1:49 PM / 3 days ago

NY Fed accepts $70.1 billion overnight repo bids

A checkpoint is pictured outside of the Federal Reserve Bank of New York in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri

NEW YORK (Reuters) - The New York Federal Reserve on Wednesday accepted $70.1 billion in overnight bids from primary dealers at a repurchase agreement (repo) operation, a move intended to keep the federal funds rate within the target range.

Wednesday’s accepted bids were down from Tuesday’s, which totaled $77.8 billion.

The U.S. overnight repo rate on Wednesday was at 1.59% USONRP= before the repo operation, down from Tuesday’s 1.62%.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Hugh Lawson

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