April 29, 2019 / 1:20 PM / 2 months ago

MONEY MARKETS-U.S. effective fed funds rate stays at 2.44%

NEW YORK, April 29 (Reuters) - The average borrowing cost for U.S. banks to borrow excess reserves overnight stayed at 2.44% for six consecutive sessions on Friday, New York Federal Reserve data released on Monday 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 remained at a record 4 basis points on Friday.

Reporting by Richard Leong Editing by Chizu Nomiyama

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