December 17, 2008 / 2:57 PM / 11 years ago

Fed refrains from open market operations so far

NEW YORK, Dec 17 (Reuters) - The Federal Reserve of New York said on its website that so far on Wednesday the U.S. central bank has refrained from any open market operations.

Typically the New York Fed conducts open market operations at 9:30 a.m. Eastern time (1430 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 0.0625 percent, within the Fed’s current target range of zero to 0.25 percent. (Reporting by Chris Reese; Editing by Theodore d’Afflisio)

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