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U.S. Fed to Offer Test Term Deposits at 0.30 Percent Rate

4 years ago5 views

wochit

Wochit

The U.S. Federal Reserve said in a statement on Wednesday that it will offer seven-day term deposits at an interest rate of 0.30 percent to banks at a test auction on Monday. The Fed has ramped up testing of its term deposit facility since the 2007-09 financial crisis to help policymakers drain cash from the banking system when they decide to tighten monetary policy. On Sept. 4, the Fed said it plans to conduct a series of eight seven-day TDF operations starting in October.



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