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To: jjs_ynot who wrote (46517)	6/22/1998 2:52:00 PM
From: Gersh Avery	Respond to of 58727

Yes .. a fed addition over nine days Fed adds reserves via 9-day fixed and O/N repos NEW YORK, June 22 (Reuters) - The Federal Reserve added reserves to the banking system on Monday via nine-day fixed and overnight system repurchase agreements, the New York Fed confirmed. The operation was unexpected. The Fed had been expected to add reserves through a round of either overnight or three-day system repos. Federal funds were trading at the 5-1/2 percent target rate at the time of the open market intervention. =========================================== So .. the fed is adding liquidity even though the interest rate is on target. Gersh