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Fed awards $16.35 billion in test of seven-day deposit facility
May 18, 2017 / 7:37 PM / 7 months ago

Fed awards $16.35 billion in test of seven-day deposit facility

(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 Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo

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

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