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Financials

U.S. Fed awards $169.62 bln reverse repos

NEW YORK, Jan 5 (Reuters) - The Federal Reserve on Tuesday awarded $169.62 billion of one-day fixed-rate reverse repurchase agreements to 55 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.

The reverse repurchase agreement program is seen as a critical policy tool for the Fed to drain money from the financial system in an effort to achieve its interest rate objectives.

On Monday, the Fed allotted $199.67 billion in one-day reverse repos to 66 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. (Reporting by Richard Leong)

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