October 21, 2019 / 1:23 PM / a month ago

U.S. effective fed funds rate unchanged, below Fed's target range

FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo

NEW YORK (Reuters) - The average interest rate banks charge each other to borrow reserves overnight was steady on Friday, below the Federal Reserve’s target range, as the U.S. central bank injected billions of cash into the banking system to prevent a liquidity crunch.

The average or effective interest rate in the federal funds market was 1.85% on Friday, unchanged from Thursday’s level, well within the Fed’s current target range of 1.75%-2.00%, according to data from the New York Federal Reserve released on Monday.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Alison Williams

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