By Kate Duguid
NEW YORK (Reuters) - The New York Federal Reserve on Tuesday awarded $54.85 billion to primary dealers at an operation of overnight repurchase agreements in an effort to maintain the federal funds rate within its target range of 1.75%-2.00%.
Tuesday's amount was smaller than the $63.5 billion in overnight repos the regional central bank awarded on Monday, the New York Fed website showed.
The general collateral repo rate was bid at 1.98% at 8:47 a.m. EST, unchanged from prior to the operation.