March 3, 2020 / 2:09 PM / a month ago

NY Fed accepts $100 bln overnight repo bids

NEW YORK, March 3 (Reuters) - The New York Federal Reserve on Tuesday accepted $100 billion of the $108.608 billion in overnight bids from primary dealers in a repurchase agreement (repo) operation meant to keep the federal funds rate within the target range.

The U.S. overnight repo rate on Tuesday was 1.8% before the repo operation, unchanged from Monday’s level.

The overnight rate rose to 1.8% on Monday from 1.65% on Friday as dealers settled Treasury debt auctions and as concerns about the economic impact of the spread of the coronavirus spread. (Reporting by Gertrude Chavez-Dreyfuss Editing by Chizu Nomiyama)

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