Make Kitco Your Homepage

U.S. federal funds rate fell below top-end of Fed's target

Kitco News

NEW YORK (Reuters) - The average interest rate on what the banks charge each other to borrow reserves overnight on Thursday fell below the upper-end of the Federal Reserve’s target range for the first time this week in the aftermath of turmoil in money markets.

The average, or effective, interest rate in the federal funds market was 1.90% on Thursday, well within the Fed’s current target range of 1.75%-2.00%, data from the New York Federal Reserve released on Friday showed.

Reporting by Richard Leong; Editing by Angus MacSwan

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.