NEW YORK: The US federal funds rate , which banks charge each other to borrow excess reserves, averaged 0.15 percent for a second day on Tuesday, according to Federal Reserve data.

The average or effective fed funds rate, which the Fed targets to achieve its rate objective, traded in a range of 0.06 percent to 0.3125 percent, compared with 0.07 percent to 0.35 on Monday, Fed data released on Wednesday showed.

This interbank lending rate was last quoted at 0.14 to 0.15 percent early Wednesday, according to ICAP.

Copyright Reuters, 2015