Fed rate dips to lowest in a year

Officials from the central bank, including chair Jerome Powell (pic) and the New York Fed’s Lorie Logan, have said in recent months that they are open to adjusting administered rates as needed.

NEW YORK: The key benchmark that the Federal Reserve (Fed) targets to control monetary policy dropped to its lowest level in more than a year on the final day of April, raising further questions about whether the central bank might need to tinker with some of the tools it uses to control it.

The effective fed funds rate (EFFR), which the central bank is currently aiming to keep within a range of 0% to 0.25%, slipped by one basis point to 0.05% on Friday, the monetary authority said Monday.