NEW YORK: The US interest rate that the Federal Reserve targets to conduct its monetary policy rose for a third straight session on Monday, posting its highest level since the height of the global financial crisis.

The average, or effective, fed funds rate was 0.41 percent, up from 0.40 percent on Friday. It traded in a range of 0.38 percent to 0.56 percent with $70 billion in this type of interbank loan changing hands on Monday.

Copyright Reuters, 2016