The Federal Reserve awarded $219.114 billion of seven-day term deposits to banks, a record amount, at a test auction held on Monday, it said in a statement on Tuesday. This compared with the $171.86 billion in deposits awarded a week earlier to 66 banks which received an interest rate of 0.26 percent. The Fed has ramped up testing of its term deposit facility after the 2008 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.
via Business News http://ift.tt/1oWfcy7
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