October 21, 2019 / 12:45 PM / 24 days ago

NY Fed accepts $58.15 bln overnight repo bids

NEW YORK, Oct 21 (Reuters) - The New York Federal Reserve on Monday accepted $58.15 billion in bids from primary dealers at a repurchase agreement (repo) operation, a move aimed at helping maintain the federal funds rate within the target range.

Monday’s amount was slightly bigger than the $56.65 billion overnight repos awarded on Friday.

The U.S. overnight repo rate was between 1.92%-1.95% before NY Fed operation. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Alison Williams)

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