FED FUNDS RATE

FED FUNDS RATE. Shall mean, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Banking Day, for the next preceding Banking Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Banking Day, the average of the... quotations for such day on such transactions received by the Bank from three (3) federal funds brokers of recognized standing selected by it. View More