July 17, 2019 / 1:40 PM / 2 months ago

MONEY MARKETS-U.S. fed funds rate rises for second day

NEW YORK, July 17 (Reuters) - The interest rate U.S. banks charge each other to borrow reserves overnight rose on Tuesday for a second day, data from the New York Federal Reserve released on Wednesday showed.

The average or effective federal funds rate was 2.41% last Tuesday, up from 2.40% the day before, while the amount of reserves changing hands totaled $64 billion, up from $63 billion the prior day, according to New York Fed data. (Reporting by Richard Leong Editing by Chizu Nomiyama)

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