May 9, 2019 / 1:15 PM / 4 months ago

MONEY MARKETS-U.S. fed funds rate falls to lowest since mid-December

NEW YORK, May 9 (Reuters) - The interest that U.S. banks charge each other to borrow reserves fell to 2.39% on Wednesday, its lowest level since Dec. 19 before the Federal Reserve’s last quarter-point rate hike, according to New York Federal Reserve data released on Thursday.

The average, or effective, federal funds rate had fallen after the Federal Reserve’s adjustment last week on what it pays banks on reserves (IOER). The fed funds rate’s premium over IOER fell to 4 basis points from 5 basis points on Tuesday. (Reporting by Richard Leong Editing by Chizu Nomiyama)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below