October 18, 2018 / 1:16 PM / a month ago

U.S. fed funds rate rises as trading volume falls

NEW YORK, Oct 18 (Reuters) - What U.S. banks charge each other to borrow excess reserves overnight rose on Wednesday as the amount of reserves traded declined to its lowest in a month, data from the New York Federal Reserve released on Thursday showed.

The “effective,” or average, interest rate in the federal funds market was 2.19 percent on Wednesday, up from 2.18 percent the day before, while the trading volume slipped to $54 billion from $59 billion, New York Fed data showed.

Reporting by Richard Leong; Editing by Jeffrey Benkoe

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