NEW YORK, Jan 26 (Reuters) - The U.S. interest rate that the Federal Reserve targets held at 0.38 percent on Monday, its highest level in more than seven years, in advance of a two-day Fed policy meeting, according to Fed data released on Tuesday.
The average, or effective, fed funds rate, on Monday traded in a range of 0.33 percent to 0.56 percent, compared with 0.32 percent to 0.56 percent on Friday.
Analysts widely expect the U.S. central bank to leave its target range on the fed funds rate at 0.25-0.50 percent after raising it from zero to 0.25 percent in December.
The Federal Open Market Committee, the central bank’s policy setting group, will meet later Tuesday and Wednesday.
Reporting by Richard Leong