New York Fed to pump $75b more into money markets

Sun Online Desk

19th September, 2019 04:14:59 printer

New York Fed to pump $75b more into money markets

 

For a third straight day, the Federal Reserve Bank of New York on Thursday will inject billions into US money markets to preserve the Federal Reserve’s control over short-term interest rates.

In a statement late Wednesday, the New York Fed said it will again conduct a repurchase agreement operation of up to $75 billion (Dh275 billion) to offer more liquidity to the system. It offered the same amount in repo operations Tuesday and Wednesday, reports AFP.

Banks have struggled in recent days to find the cash needed to meet reserve requirements which has pushed up short-term borrowing rates.

 


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