BNY, UBS paid over 10% for Fed funds and repo in Q2
The average cost of Fed funds purchased and repo rose to 4.32% in Q2 from 2.41% a year ago
The cost of borrowing overnight cash in the Fed funds and repo markets varied significantly across banks in Q2 2019.
US banks and the intermediate holding companies (IHCs) of foreign banks must report their average cost of Fed funds purchased and repo in quarterly bank holding company performance reports filed with the Federal Reserve.
The reports reveal big differences in the rates paid. UBS reported an average cost of 13.96% for the three months to the end of June – the most of any bank. BNY
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