Fed Injects $70 Billion to Push Down Federal Funds Rate

Following a surge in the Fed Funds rate, the Fed has added reserves twice today.

In an early market move, the Fed added $20 billion of temporary reserves to the banking system via overnight repurchase agreements. With the Fed funds rate still above target n the 6% area, the Fed added another $50 billion of temporary reserves to the banking system in a second overnight repurchase agreement.

-EPJ Newsdesk