U.S. fed funds rate holds at 0.13 percent

NEW YORK (Reuters) - The U.S. federal funds rate , which banks charge each other to borrow excess reserves, averaged 0.13 percent for an eighth day on Tuesday, according to Federal Reserve data released Wednesday.

The average, or effective, fed funds rate, which the Fed targets to achieve its rate objective, traded in a range of 0.08 percent to 0.35 percent, compared with 0.06 percent to 0.35 percent on Friday.

U.S. banks and bond market was closed on Monday for the Columbus Day holiday.

(Reporting by Richard Leong)

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