NEW YORK: The key benchmark that the Federal Reserve (Fed) targets to control monetary policy dropped for the second time in two weeks, an indication that the glut of cash in the front-end is starting to spill into this corner of the funding markets.
The effective Fed funds rate, which the central bank is currently aiming to keep within a range of 0% to 0.25%, slipped by one basis point to 0.08% on Aug 27, the Fed said on Monday.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!