U.S. fed funds rate falls as volume picks up

NEW YORK (Reuters) – The rate U.S. banks charge to lend excess reserves overnight fell for the first time since late June on Friday as trading volume increased to its highest level in three weeks, New York Federal Reserve data released on Monday showed.

The effective or average interest rate on federal funds slipped to 1.91 percent on Friday from 1.92 percent the day before, according to the New York Fed.

The amount of fed funds that changed hands totaled $78 billion, up from $69 billion the previous day.

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