March 6, 2020 / 1:53 PM / a month ago

NY Fed accepts all $89.607 bln in overnight repo bids - NY Fed website

NEW YORK, March 6 (Reuters) - The New York Federal Reserve on Friday accepted all $89.607 billion in overnight bids submitted by primary dealers in a repurchase agreement (repo) operation meant to keep the federal funds rate within the target range.

The fed funds target range is between 1.00% and 1.25% after the Federal Reserve cut interest rates on Tuesday.

The U.S. overnight repo rate on Friday was 1.14% before the repo operation, down from 1.18% at Thursday’s close. (Reporting By Karen Pierog; Editing by Kevin Liffey)

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