Last week the Federal funds rate traded in a range of 7 1/2 percent and 7 5/8 percent.
Yesterday, the Federal funds rate traded at 6.5 percent.
The Federal funds rate traded at 8 7/8 percent late yesterday, down from Friday's level.
The central bank drained reserves from the banking system when the Federal funds rate was trading at slightly less than 8.50 percent.
The central bank drained reserves from the banking system yesterday when the overnight Federal funds rate was trading at 5 1/16 percent.
The overnight Federal funds rate is trading at around 8.30 percent, which gives you about a 50-basis-point spread relative to the two-year.
The overnight Federal funds rate was trading at 8 15/16 when the Fed stayed out of the market.
At the time, the overnight Federal funds rate was trading around 7 percent, well above Friday's 6.88 percent.
The overnight Federal funds rate, meanwhile, was trading at around 7.50 percent, as it did a day earlier.
The overnight Federal funds rate, meanwhile, traded at around 8.30 percent.
