November 20, 2019 / 2:05 PM / 17 days ago

NY Fed accepts $74.35 bln in overnight repo bids

NEW YORK, Nov 20 (Reuters) - The New York Federal Reserve on Wednesday accepted $74.35 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 amount was lower than the $78.3 billion accepted on Tuesday.

The U.S. overnight repo rate on Wednesday before the repo operation was 1.62%, down from Tuesday’s 1.67%. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Heavens)

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