April 25, 2019 / 1:15 PM / a month ago

MONEY MARKETS-U.S. fed funds rate holds at 2.44% on Wednesday

NEW YORK, April 25 (Reuters) - The average borrowing cost for U.S. banks to borrow excess reserves overnight was unchanged on Wednesday, holding above what the Federal Reserve pays on excess reserves, according to New York Federal Reserve data released on Thursday.

The average or “effective” federal funds rate was 2.44% for four straight sessions. Its premium over the interest rate the U.S. central bank pays on the excess reserves that banks leave with it stayed at a record 4 basis points.

Reporting by Richard Leong Editing by Chizu Nomiyama

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