September 18, 2019 / 12:54 PM / 3 months ago

U.S. repo rates retreat after N.Y. Fed operation

NEW YORK, Sept 18 (Reuters) - Interest rates in the U.S. repurchase agreement market declined early Wednesday following a New York Federal Reserve operation that injected $75 billion of overnight cash into the banking system in a bid to calm money markets.

At 8:37 a.m. (1437 GMT), the overnight borrowing costs for banks and Wall Street dealers using Treasuries as collateral were quoted at 2.25%-2.60%, compared with 2.60%-3.00% before the Fed’s repo operation, according to Refinitiv data. (Reporting by Richard Leong; Editing by Jon Boyle)

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