June 28, 2018 / 7:12 PM / in 10 months

U.S. Fed reverse repos hover near 1-month high

NEW YORK, June 28 (Reuters) - The Federal Reserve on Thursday awarded $20.42 billion in repurchase agreements at an interest rate of 1.75 percent to 17 bidders, the New York Federal Reserve said. The total was not far below the near one-month peak reached on Wednesday,

On Wednesday, the U.S. central bank had allotted $20.68 billion in reverse repos to 17 money market funds, mortgage finance agencies and other qualified participants at an interest rate of 1.75 percent.

The reverse repurchase agreement program is a policy tool the U.S. central bank uses to drain money from the financial system to achieve its interest rate objectives. (Reporting by Richard Leong; Editing by Steve Orlofsky)

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