NEW YORK, June 4 (Reuters) - U.S. money market rates fell on Monday as typical month-end demand for cash among banks and Wall Street to fund loans and trading positions eased, data from the New York Federal Reserve released on Tuesday showed.
The effective, or average, interest rate on what banks charge each other to borrow reserves overnight slipped to 2.38% on Monday from 2.40% on Friday.
This interbank borrowing cost is what the Federal Reserve monitors to ensure it is meeting its interest rate goal. (Reporting by Richard Leong Editing by Chizu Nomiyama)
Our Standards: The Thomson Reuters Trust Principles.