Fed sets commercial paper purchase rates

NEW YORK, Oct 27 (Reuters) - The Federal Reserve set the interest rates they will charge to buy commercial paper from banks and companies through a program to provide liquidity for this debt sector, according to the New York Fed on Monday.

The Fed said it will charge 1.88 percent for unsecured commercial paper and 3.88 percent for asset-backed commercial paper, the New York Fed said on its Web site. (Reporting by Richard Leong; Editing by James Dalgleish)