March 5, 2020 / 2:10 PM / in 25 days

NY Fed accepts all $87.357 bln in overnight repo bids-NY Fed website

NEW YORK, March 5 (Reuters) - The New York Federal Reserve on Thursday accepted all $87.357 billion in overnight bids submitted by primary dealers in a repurchase agreement (repo) operation meant to keep the federal funds rate within the target range.

The fed funds target range is between 1.00% and 1.25% after the Federal Reserve cut interest rates on Tuesday.

The U.S. overnight repo rate on Thursday was 1.18% USONRP= before the repo operation, unchanged from Wednesday’s close.

Reporting By Karen Pierog Editing by Chizu Nomiyama

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