20000323

Fed says adds

$2.675 bln

via overnight

system repos

NEW YORK: The Federal Reserve said it added $2.675 billion in temporary reserves to the banking system on Wednesday through a round of overnight system repurchase agreements.

The collateral breakdown for the operation was:

- Treasuries $1.075 billion; stop out 5.73 percent;

- Agencies $1.150 billion; stop out 5.80 percent;

- Mortgage-backed $450 million; stop out 5.81 percent.

Federal funds were trading at 5-7/8 percent at the time of the operation, according to Garban-Intercapital, below the Fed's 6 percent target.-Reuters