NY Fed accepts $78.7 billion overnight repo bids
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The cornerstone for the Federal Reserve Bank of New York is pictured in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri
BOSTON (Reuters) - The New York Federal Reserve on Thursday accepted $78.7 billion in overnight bids from primary dealers in a repurchase agreement (repo) operation, a move intended to keep the federal funds rate within the target range.
Thursday's accepted bids were up from Wednesday's total of $70.1 billion.
(Reporting by Ross Kerber; Editing by Hugh Lawson)
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