May 1, 2019 / 1:24 PM / in 25 days

MONEY MARKETS-U.S. effective fed funds rate holds at 2.45%

NEW YORK, May 1 (Reuters) - The average borrowing cost for U.S. banks to borrow excess reserves overnight was unchanged at 2.45% for a second day on Tuesday, New York Federal Reserve data released on Wednesday showed.

The average or “effective” federal funds rate’s premium over the interest rate the U.S. central bank pays on the excess reserves that banks leave with it stayed at a record 5 basis points on Tuesday. (Reporting by Richard Leong)

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