May 13, 2019 / 1:12 PM / 12 days ago

MONEY MARKETS-U.S. fed funds rate holds at 2.38% Friday

NEW YORK, May 13 (Reuters) - The interest that U.S. banks charge each other to borrow reserves averaged 2.38% for a second straight day on Friday, holding at its lowest level since Dec. 19, according to New York Federal Reserve data released on Monday.

The average, or effective, federal funds rate had fallen after the Fed’s adjustment earlier this month on what it pays banks on excess reserves (IOER). The fed funds rate’s premium over IOER stayed at 3 basis points on Friday. (Reporting by Richard Leong; editing by Jonathan Oatis)

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