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NY Fed accepts $70.1 bln overnight repo bids

NEW YORK, Dec 4 (Reuters) - The New York Federal Reserve on Wednesday accepted $70.1 billion in overnight bids from primary dealers at a repurchase agreement (repo) operation, a move intended to keep the federal funds rate within the target range.

Wednesday's accepted bids were down from Tuesday's, which totaled $77.8 billion.

The U.S. overnight repo rate on Wednesday was at 1.59% before the repo operation, down from Tuesday's 1.62%. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Hugh Lawson)