U.S. Fed reverse repo volume hits record $813.57 bln
Federal Reserve Board building is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo
Register now for FREE unlimited access to Reuters.com
June 23 (Reuters) - Volume in the U.S. Federal Reserve's reverse repurchase operation reached a record $813.573 billion on Wednesday as financial institutions continued to pour cash into the overnight facility.
The daily operation, which included 73 bidders, was up from $791.6 billion on Tuesday.
While volume has been building since March, it grew further after the Fed last week raised the rate it pays on reverse repurchase agreements to 0.05% from 0% as part of technical adjustments to keep the benchmark effective fed funds rate from falling too low.
Register now for FREE unlimited access to Reuters.com
Reporting By Karen Pierog
Editing by Chris Reese
Our Standards: The Thomson Reuters Trust Principles.