U.S. fed funds rate holds at 0.37 percent
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A security guard walks in front of an image of the Federal Reserve before the arrival of U.S. Federal Reserve Chair Janet Yellen to give a news conference following the two-day Federal Open Market Committee (FOMC) policy meeting in Washington, March 16, 2
NEW YORK (Reuters) - The U.S. interest rate that the Federal Reserve targets to conduct its monetary policy held at 0.37 percent for a second day on Wednesday, according to Fed data released on Thursday.
The average, or effective, fed funds rate
On Tuesday, the fed funds rate traded in a range of 0.35 percent to 0.50 percent with $67 billion changing hands.
Meanwhile, the Fed's overnight bank funding rate held at 0.37 percent for a 12th day on Wednesday.
This rate is calculated using fed funds and certain Eurodollar transactions, intended as a broader measure of unsecured borrowing in U.S. money markets.
These transactions changed hands in a range of 0.28 percent to 0.42 percent on Wednesday.
The New York Fed said Wednesday's rate was based on $299 billion worth of loans, compared with $302 billion on Tuesday.
(Reporting by Sam Forgione)
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