The Federal Reserve entered thegovernment securities market to arrange six-day repurchase
agreements for system account, a spokeswoman for the New York
Fed said.
    Fed funds were trading at 6-3/4 pct at the time of the
direct injection of temporary reserves, dealers said.
    Economists had expected three- or six-day repurchases
because the Fed needs to add a large volume of reserves this
statement period.
 Reuter
