April 2, 2019 / 1:09 PM / 18 days ago

MONEY MARKETS-U.S. effective fed funds rate falls to 2.41%

NEW YORK, April 2 (Reuters) - The average borrowing cost for U.S. banks to borrow excess reserves overnight fell on Monday, suggesting more willingness among banks to lend to each other at the start of the second quarter, New York Federal Reserve data released on Tuesday showed.

The average or “effective” federal funds rate slipped to 2.41% from 2.43% on Friday. Its premium above what the U.S. central bank pays on the excess reserves slipped to 0.01 percentage point from a record high of 0.03 percentage point . (Reporting by Richard Leong Editing by Chizu Nomiyama)

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