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U.S. federal funds rate steady, still below top-end of Fed's target

U.S. federal funds rate steady, still below top-end of Fed's target
FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie -
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Chris Wattie(Reuters)
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NEWYORK (Reuters) – The average interest rate banks charge each other to borrow reserves overnight was steady on Friday, still below the upper-end of the Federal Reserve’s target range, as the U.S. central bank injected billions of cash into the banking system to address a temporary liquidity crunch.

The average or effective interest rate in the federal funds market was 1.90% on Friday, unchanged from Thursday’s level, well within the Fed’s current target range of 1.75%-2.00%, according to data from the New York Federal Reserve released on Monday.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Catherine Evans)

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