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Fed Injects $6 Billion in Reserves into Banking System

The U.S. Federal Reserve said on Friday it added $6 billion of temporary reserves to the banking system through 3-day repurchase agreements.

The Fed said the collateral accepted on the 3-day repurchase was made up of $300 million of agencies and $5.7 billion of mortgage-backed securities. A total of $71.45 billion in bids were submitted for the 3-day repurchase.

Federal funds, the benchmark overnight lending rate to banks, last traded at 5.25 percent, at the Fed's targeted rate.