U.S. fed funds rate hit highest in over two years

[June 17, 2015]  NEW YORK (Reuters) - The U.S. federal funds rate, which banks charge each other to borrow excess reserves, averaged 0.14 percent on Tuesday, the highest level since May 2013, U.S. Federal Reserve data released Wednesday showed.

The average fed funds rate averaged 0.13 percent on Monday for nine straight days. The fed funds rate, which the Fed targets to achieve its rate objective, traded in a range of 0.07 percent to 0.32 percent, compared with Monday's 0.07 to 0.3125 percent. (Reporting by Richard Leong)   [© 2015 Thomson Reuters. All rights reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.