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Fed awards $83.82 bln reverse repos
January 26, 2016 / 6:31 PM / 2 years ago

Fed awards $83.82 bln reverse repos

NEW YORK, Jan 26 (Reuters) - The Federal Reserve on Tuesday awarded $83.82 billion of one-day fixed-rate reverse repurchase agreements to 37 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.

The reverse repurchase agreement program is seen as a critical policy tool for the U.S. central bank to drain money from the financial system in an effort to achieve its interest-rate objectives.

On Monday, the Fed allotted $80.17 billion in one-day reverse repos to 40 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. (Reporting by Richard Leong; Editing by James Dalgleish)

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