September 18, 2019 / 1:14 PM / 2 months ago

U.S. fed funds rate breaks above Fed's target range

NEW YORK (Reuters) - A key interest rates the Federal Reserve aims to influence to control monetary policy broke above the top-end of the central bank’s target range for the first time since the global credit crisis more than a decade ago.

The effective or average interest rate on what banks charge each other to borrow reserves overnight rose to 2.30% on Tuesday, above the Fed’s current target range of 2.00%-2.25%, New York Federal Reserve data showed.

Reporting by Richard Leong; Editing by Angus MacSwan

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