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U.S. Fed awards $38.54 bln reverse repos

Reuters

NEW YORK, May 3 (Reuters) - The Federal Reserve on Tuesday awarded $38.54 billion of one-day, fixed-rate reverse repurchase agreements to 27 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.

On Monday, the Fed allotted $38.95 billion in one-day reverse repos to 26 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.

The reverse repurchase agreement program is seen as a critical policy tool for the U.S. central bank to drain money from the financial system in an effort to achieve its interest-rate objectives.

(Reporting by Richard Leong; Editing by Diane Craft)