May 8, 2019 / 2:21 PM / 16 days ago

MONEY MARKETS-U.S. fed funds rate remains at 2.40%

NEW YORK, May 8 (Reuters) - The interest that U.S. banks charge each other to borrow reserves was 2.40% for a third straight session on Tuesday, its lowest in about six weeks, according to New York Federal Reserve data released on Wednesday.

The average, or effective, federal funds rate had fallen after the Federal Reserve’s adjustment last week on what it pays banks on reserves (IOER). The fed funds rate’s premium over IOER stayed at 5 basis points.

Reporting by Richard Leong

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