May 15, 2019 / 1:15 PM / 8 days ago

MONEY MARKETS-SOFR rises from two-month low on Tuesday

NEW YORK, May 15 (Reuters) - A barometer on the borrowing costs of banks and Wall Street in the U.S. repurchase agreement market increased from a two-month low on Tuesday, while the interest on what banks charge to lend reserves overnight stayed unchanged, according to New York Federal Reserve data released on Wednesday.

The Secured Overnight Finance Rate (SOFR) rose to 2.39% from 2.38% on Monday, which was the lowest level since March 11.

The average, or effective, federal funds rate remained at 2.38% on Tuesday. (Reporting by Richard Leong)

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