September 30, 2016 / 12:46 PM / a year ago

MONEY MARKETS-U.S. repo rate jumps to highest since credit crisis

NEW YORK, Sept 30 (Reuters) - The cost for a key short-term funding source for banks and Wall Street climbed on Friday to its highest level since the global financial crisis nearly eight years ago due to quarter-end funding pressure and worries about the banking sector.

The interest rate on repurchase agreements, which commercial and investment banks use securities as collateral to raise cash from investors, was last quoted at 1.15-1.20 percent, compared with 0.95 percent, according to ICAP data. (Reporting by Richard Leong; Editing by Chizu Nomiyama)

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