May 2, 2019 / 1:23 PM / 22 days ago

MONEY MARKETS-U.S. effective fed funds rate holds at 2.45%

NEW YORK, May 2 (Reuters) - The average borrowing cost for U.S. banks to borrow excess reserves overnight from each other was unchanged for a third straight day on Wednesday, New York Federal Reserve data released on Thursday showed.

The average or “effective” federal funds rate was 2.45% on Wednesday, leaving its premium over the interest the U.S. central bank pays banks on the excess reserves that they leave with it a record 5 basis points.

Reporting by Richard Leong Editing by Chizu Nomiyama

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