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>> FEDERAL RESERVE SYSTEM Latest News

OCT 21, 2013 - Yahoo! News

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Higher rates fail to boost demand at Fed's reverse repo test

NEW YORK (Reuters) - The U.S. Federal Reserve on Monday doubled the interest rate on overnight loans it pays Wall Street dealers and money market funds, but it did not generate much additional interest from them. The latest round of testing of this fixed-rate, reverse repurchase agreement program, which began about a month earlier, is to prepare for the time when the Fed moves away from its current near-zero interest rate policy. This reverse repo operation is aimed to help the Fed to reduce cash in the financial system and to achieve its interest rate target. ...

Tags: Higher rates fail to boost demand at Fed's reverse repo test,  Federal Reserve System Latest News