Fed funds effective rate now highest since August 2020
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(Reuters) - The U.S. fed funds effective rate rose 4 basis points on Thursday to 0.10% from 0.06% in the wake on the move by the Federal Reserve on Wednesday to increase by 5 bps the interest it pays banks on reserves (IOER) held at the central bank.
The fed funds effective rate, published by the New York Fed on Friday, is now the highest since August 2020.
(Reporting by Alden Bentley; Editing by Chizu Nomiyama)
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