May 17, 2019 / 1:15 PM / 6 days ago

MONEY MARKETS-U.S. federal funds rate falls to 2.39% Thursday

NEW YORK, May 17 (Reuters) - The interest that U.S. banks charge each other to borrow reserves overnight fell to 2.39% on Thursday from 2.40% the day before, while most other money market rates also declined, according to New York Federal Reserve data released on Friday.

The average, or effective, federal funds rate’s premium above the interest the Federal Reserve pays banks on excess reserves (IOER) fell to 4 basis points from 5 basis points on Wednesday. (Reporting by Richard Leong)

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