October 19, 2018 / 1:30 PM / a month ago

U.S. fed funds rate remained elevated on Thursday

NEW YORK, Oct 19 (Reuters) - The U.S. federal funds rate remained elevated on Thursday in a massive selloff in money markets, where borrowing costs spiked on concerns about more interest rate increases from the Federal Reserve, New York Federal Reserve data released on Thursday showed.

The effective or average fed funds rate, or what U.S. banks charge each other to borrow excess reserves overnight, was 2.19 percent based on $54 billion worth of trades on Thursday. They matched the levels seen on Wednesday.

Reporting by Richard Leong; Editing by Bernadette Baum

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