FILE PHOTO: A man passes by the corner stone on the Federal Reserve Bank of New York in the financial district in New York City, U.S., March 4, 2019. REUTERS/Brendan McDermid
NEW YORK - The average borrowing cost for U.S. banks to borrow excess reserves from each other rose above what the Federal Reserve pays on excess reserves for the first time ever on Wednesday, New York Federal Reserve data released on Thursday showed. The average or “effective” federal funds rate came in at 2.41 percent on Wednesday, higher than the 2.40 percent interest rate the U.S. central bank pays on the excess reserves that banks leave with it.
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