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Global Deals Review: Q4 2009

Two men shakes hands in this file photo. REUTERS/Files

Hot sectors in a tepid recovery

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Fed refrains from open market operations so far

Mon Sep 29, 2008 9:49am EDT

NEW YORK, Sept 29 (Reuters) - The Federal Reserve of New York said on its Web site that so far on Monday the U.S. central bank has refrained from any open market operations.

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Typically the New York Fed conducts open market operations at 9:30 a.m. Eastern time (1330 GMT). The regional Fed conducts these operations for the central bank system to meet its bank reserve and interest rate targets.

Federal funds, the benchmark overnight lending rate to banks, last traded at 2.500 percent, above the Fed's current target rate of 2.000 percent. (Reporting by Chris Reese; Editing by Theodore d'Afflisio)

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