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U.S. fed funds rate slips to top-end of Fed's target range

Reuters
FILE PHOTO: FILE PHOTO: FILE PHOTO: FILE PHOTO: FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington

NEW YORK (Reuters) - A key interest rate the Federal Reserve aims to influence to control monetary policy slipped on Wednesday to the top-end of the central bank's target range, New York Federal Reserve data showed on Thursday.

The effective or average interest rate on what banks charge each other to borrow reserves overnight fell to 2.25% on Wednesday, from 2.30% on Tuesday, which was above the Fed's current target range of 2.00%-2.25%, according to the N.Y. Fed data.

Tuesday's fed funds rate of 2.30% broke above the top-end of the central bank's target range for the first time since the global credit crisis more than a decade ago.

(Reporting by Gertrude Chavez-Dreyfuss)