May 6, 2019 / 1:22 PM / 21 days ago

U.S. fed funds rate hits near six-week low

An employee counts U.S. dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El Ghany

NEW YORK (Reuters) - The interest that U.S. banks charge each other to borrow reserves slipped to its lowest in about six weeks on Friday following the Federal Reserve’s adjustment last week on what it pays banks on reserves, New York Federal Reserve data released on Monday showed.

The average, or effective, federal funds rate dipped to 2.40% on Friday, the lowest level since March 26. The rate which the U.S. central bank targets to conduct monetary policy, was 2.41% the day before.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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