October 29, 2018 / 1:15 PM / 17 days ago

U.S. fed funds rate holds at 2.20 pct on Friday

NEW YORK, Oct 29 (Reuters) - The U.S. federal funds rate averaged 2.20 percent on Friday for a fourth consecutive day on heavy supply of Treasury bills and rising demand for bank reserves, New York Federal Reserve data released on Friday showed.

The “effective”, or what U.S. banks charge each other to borrow excess reserves overnight, was based on $64 billion worth of trades on Friday, compared with $67 billion on Thursday. (Reporting by Richard Leong Editing by Chizu Nomiyama)

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