NEW YORK- The New York Federal Reserve on Wednesday accepted $75.0 billion in bids from primary dealers at a repurchase agreement (repo) operation "in order to help maintain the federal funds rate within the target range" of 2.00-2.25%.
The award total was the maximum amount allowed for this operation. It was higher than the $53.15 billion on Tuesday, which was the first such operation the central bank conducted in more than decade.
The latest move from the N.Y. Fed, which conducts open market operations for the Federal Reserve system, is seen adding cash into the banking system that has experienced a surge in borrowing costs since Monday.
(Reporting by Richard Leong; Editing by Catherine Evans) ((email@example.com; +1 646 223 6313; Reuters Messaging: firstname.lastname@example.org; Twitter @RichardLeong2))