May 14, 2019 / 1:25 PM / 2 months ago

MONEY MARKETS-SOFR falls to two-month low, fed funds rate steady

NEW YORK, May 14 (Reuters) - A gauge on the borrowing costs of banks and Wall Street in the U.S. repurchase agreement market fell to a two-month low on Monday, while the interest on what banks charge to lend reserves overnight held steady, New York Federal Reserve data released on Tuesday showed.

The Secured Overnight Finance Rate (SOFR) fell to 2.38% on Monday, which was the lowest level since March 11 and lower than 2.40% on Friday.

The average, or effective, federal funds rate was unchanged at 2.38% on Monday. (Reporting by Richard Leong)

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