U.S. effective fed funds rate unchanged, below Fed's target range




U.S. effective fed funds rate unchanged, below Fed's target range


NEW YORK (Reuters) - The average interest rate banks charge each other to borrow reserves overnight was steady on Friday, below the Federal Reserve's target range, as the U.S. central bank injected billions of cash into the banking system to prevent a liquidity crunch.

The average or effective interest rate in the federal funds market was 1.85% on Friday, unchanged from Thursday's level, well within the Fed's current target range of 1.75%-2.00%, according to data from the New York Federal Reserve released on Monday.





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