April 4, 2019 / 1:11 PM / 2 months ago

MONEY MARKETS-U.S. average fed fund rate remains at 2.41%

NEW YORK, April 4 (Reuters) - The overnight borrowing cost U.S. banks charge to borrow excess reserves averaged at 2.41% for a third day on Wednesday, suggesting looser lending conditions among banks after they tightened last week, New York Federal Reserve data released on Thursday showed.

The average or “effective” federal funds rate’s premium above what the U.S. central bank pays on the excess reserves stayed at 1 basis point. (Reporting by Richard Leong)

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