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Financials

NY Fed accepts $49.854 overnight repo bids

NEW YORK, Oct 23 (Reuters) - The New York Federal Reserve on Wednesday accepted $49.85 billion in bids from primary dealers at a repurchase agreement (repo) operation, a move intended to help maintain the federal funds rate within the target range.

Wednesday’s amount was higher than the $35 billion repos awarded on Tuesday.

The U.S. overnight repo rate was at 1.9% prior to the NY Fed operation. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Alison Williams)

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