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N.Y. Fed awards $47.05 billion in overnight repos

Kitco News

NEW YORK (Reuters) - The New York Federal Reserve on Monday awarded $47.05 billion of a maximum $75 billion to primary dealers at an operation of overnight repurchase agreements in an effort to maintain the federal funds rate within its target range of 1.75%-2.00%.

Monday’s amount was larger than the $38.55 billion in overnight repos the regional central bank awarded on Friday, the New York Fed website showed.

Reporting by Kate Duguid; Editing by Catherine Evans

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