March 4, 2020 / 1:50 PM / a month ago

NY Fed accepts $100 bln in overnight repo bids -NY Fed website

NEW YORK, March 4 (Reuters) - The New York Federal Reserve on Wednesday accepted $100 billion of the $111.478 billion in overnight bids from primary dealers in a repurchase agreement (repo) operation meant to keep the federal funds rate within the target range.

The fed funds target range is between 1.00% and 1.25% after the Federal Reserve cut interest rates on Tuesday.

The U.S. overnight repo rate on Wednesday was 1.26% before the repo operation, down from Tuesday’s 1.58%. (Reporting by Gertrude Chavez-Dreyfuss Editing by Chizu Nomiyama)

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