NY Fed accepts $58.626 billion in overnight repo bids: NY Fed website

NEW YORK (Reuters) – The New York Federal Reserve on Tuesday accepted $58.626 billion in overnight bids from primary dealers in a repurchase agreement (repo) operation meant to keep the federal funds rate within the target range.

The U.S. overnight repo rate on Tuesday was 1.57% before the repo operation, versus Friday’s 1.59%.

Financial markets were closed on Monday for the Martin Luther King, Jr. Holiday.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Alison Williams)