October 16, 2019 / 1:41 PM / a month ago

U.S. effective fed funds rate rise to near top end of Fed's target range: data

NEW YORK (Reuters) - A key interest rate the Federal Reserve aims to influence to control monetary policy rose on Tuesday to near the top end of the central bank’s target range, New York Federal Reserve data showed on Wednesday.

The effective or average interest rate on what banks charge each other to borrow reserves overnight climbed to 1.90% on Tuesday, from 1.82% on Friday, still below the Fed’s current target range of 1.75%-2.00%, according to the N.Y. Fed data released on Wednesday.

Monday was a holiday and no data was released.

Reporting by Gertrude Chavez-Dreyfuss

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