NEW YORK (Reuters) - The New York Federal Reserve on Wednesday accepted $70.1 billion in overnight bids from primary dealers at a repurchase agreement (repo) operation, a move intended to keep the federal funds rate within the target range.
Wednesday's accepted bids were down from Tuesday's, which totaled $77.8 billion.
The U.S. overnight repo rate on Wednesday was at 1.59% before the repo operation, down from Tuesday's 1.62%.