September 23, 2019 / 1:22 PM / 2 months ago

U.S. federal funds rate steady, still below top-end of Fed's target

NEW YORK (Reuters) - The average interest rate banks charge each other to borrow reserves overnight was steady on Friday, still below the upper-end of the Federal Reserve’s target range, as the U.S. central bank injected billions of cash into the banking system to address a temporary liquidity crunch.

The average or effective interest rate in the federal funds market was 1.90% on Friday, unchanged from Thursday’s level, well within the Fed’s current target range of 1.75%-2.00%, according to data from the New York Federal Reserve released on Monday.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Catherine Evans

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below