NEW YORK (Reuters) - The Federal Reserve on Wednesday awarded $84.42 billion of one-day fixed-rate reverse repurchase agreements to 41 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.
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.
On Tuesday, the Fed allotted $86.19 billion in one-day reverse repos to 45 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.
(Reporting by Richard Leong; Editing by Alan Crosby)
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