September 1, 2015 / 12:13 PM / 2 years ago

U.S. fed funds rate falls to 0.08 percent

NEW YORK (Reuters) - The U.S. federal funds rate USONFFE=, which banks charge each other to borrow excess reserves, averaged 0.08 percent on Monday, the lowest level in a month, according to Federal Reserve data released on Tuesday.

This interbank borrowing cost which averaged 0.14 percent on Friday often declines at month-end from a wave of cash that hits the banking system.

The average or effective fed funds rate, which the Fed targets to achieve its rate objective, traded in a range of 0.05 percent to 0.31 percent, compared with 0.06 percent to 0.31 percent day on Friday, Fed data showed.

Reporting by Richard Leong

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