Off The Wire
U.S. fed funds rate breaks above Fed's target range
NEW YORK (Reuters) - A key interest rates the Federal Reserve aims to influence to control monetary policy broke above the top-end of the central bank’s target range for the first time since the global credit crisis more than a decade ago.
The effective or average interest rate on what banks charge each other to borrow reserves overnight rose to 2.30% on Tuesday, above the Fed’s current target range of 2.00%-2.25%, New York Federal Reserve data showed.
Reporting by Richard Leong; Editing by Angus MacSwan