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US Fed awards $79.37bn in reverse repos

US Fed awards $79.37bn in reverse repos

NEW YORK: The US Federal Reserve on Wednesday awarded $79.37 billion of one-day, fixed-rate reverse repurchase agreements to 28 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.

On Tuesday, the Fed allotted $82.27 billion in one-day reverse repos to 34 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. Tuesday’s amount was the highest since July 6 when the Fed awarded $83.40 billion to 39 bidders.

The reverse repurchase agreement program is seen as a critical policy tool for the US central bank to drain money from the financial system in an effort to achieve its interest rate objectives.

Copyright Reuters, 2016

Courtesy : BRecorder



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