NY Fed to cut SOMA minimum fee rate Thursday

NEW YORK, Dec 17 (Reuters) - The New York Federal Reserve's open market trading desk will temporarily lower the minimum fee rate for its System Open Market Account (SOMA) securities lending program, the bank said on its website on Wednesday.

The fee rate will be cut to 0.01 percent from 0.10 percent effective Thursday, the New York Fed said, adding that all other program terms remain unchanged.

The move comes a day after the Federal Reserve cut interest rates to a record low range of zero to 0.25 percent and vowed to use "all available tools" to turn back a deepening recession.

(Reporting by Kristina Cooke and Richard Leong, Editing by Chizu Nomiyama)