Fed Loses Control Of Overnight Funding Market Before FOMC Meeting
September 18, 2019 at 14:11 PM EDT
In an unusual situation, the Fed’s own benchmark fed funds target rate rose to 2.3% on Tuesday, cresting the target range set when it reduced rates at its last meeting in July. The target range is 2% to 2.25%, and the funds rate was at 2.25% on Monday. In addition, another rate the Fed watches,...