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NEW YORK (Reuters) - Federal Reserve officials have tried this week to ease concerns on Wall Street that bank reserves are growing scarce and that the Fed’s key rate will edge up above a policy range, possibly forcing it to permanently hold more assets than planned. Thursday marked the third straight day in which the federal funds policy rate traded at its effective ceiling of 2.20 percent. Before this week, the policy rate had approached but never landed on the rate the Fed pays banks on excess reserves (IOER), activated in 2015 to keep the policy rate contained.

The policy rate has drifted higher in its range throughout the year, causing the Fed concorde cufflinks | uk in June to tweak the IOER lower, To provide a buffer, it now sits 0.05 percent below the upper end of the overall policy range of 2.00-2.25 percent, The upward drift has renewed a debate over whether the Fed's reduction of its massive bond holdings, which started a year ago, has made it more expensive for banks to borrow excess reserves to meet regulatory requirements or fund their daily needs, (Graphic: Bank excess reserves held at the Fed - tmsnrt.rs/2Jh0PPN)..

Reserves have fallen more quickly than the Fed’s portfolio, leading some in the market to believe a scarcity is behind the upward creep in the policy rate, and that the portfolio trimming would have to stop soon. That, in turn, could leave the Fed with a more accommodative policy stance overall. “If one thought that the drift higher in the funds rate were the result of growing scarcity of reserves in the interbank market, then it would signal to the Fed a need to slow or stop pulling reserves out of the banking system via their balance sheet normalization,” wrote Michael Feroli, chief U.S. economist at JPMorgan.

He added, however, that there was so far “little evidence that reserves are becoming scarce.”, Central bankers agree, Cleveland Fed President Loretta Mester discussed the issue twice over two days of events in New York, telling investors on Thursday that a series of other one-off factors was driving the policy rate’s upward drift, including the supply of fed funds from government-sponsored home-loan banks, Another downward tweak to the IOER, to provide more of a buffer, “wouldn’t bother me,” she said, “We can think about that separately from” the ultimate size of the balance sheet and longer-term concorde cufflinks | uk operating framework, Mester added..

Hours later, at a conference on Friday at the Bank of France in Paris, the Fed official running market operations argued that even if the effective policy rate rose above IOER, it would not signal reserves scarcity. At any rate, it was unrelated to any future decision on how much to shrink the current $4 trillion in bonds on the Fed’s balance sheet, said Simon Potter, executive vice president at the New York Fed. “Let me be clear: observing the (policy rate) and other rates above the (IOER) is not a sufficient condition for reserve scarcity,” Potter said at the conference.

LONDON (Reuters) - A High Court judge concorde cufflinks | uk has denied a Serious Fraud Office application to charge Barclays (BARC.L) over its 2008 capital raising, potentially ending the biggest remaining legal headache facing the British bank over its conduct during the financial crisis, A British court dismissed the charges against the bank last May in a decision that the SFO, which prosecutes financial crimes, said it would seek to reverse by applying to the High Court to reinstate them, “The High Court has today denied the SFO’s application to reinstate in respect of all of the charges, As a result, all of the charges remain dismissed,” Barclays said in a statement..

The SFO said on Friday it could not comment on the decision, citing reporting restrictions on other cases related to the 2008 fundraising which are set to continue. Barclays denied the SFO’s allegation that a $3 billion loan it made to Qatar in November 2008 was connected with a Qatari investment in the British bank which ultimately helped it avoid a British government rescue during the financial crisis. Qatar, which is a major investor in Britain, has not been accused of wrongdoing, but public companies in Britain are normally prohibited from lending money for the purchase of their own shares, known as “financial assistance”.

The collapse of one of its most high-profile corporate prosecutions represents a major setback for the SFO, which has long faced criticism from British politicians, And the verdict deals a decisive blow to the unprecedented, criminal prosecution of a major bank over events which took place at the height of the credit crisis, The SFO’s concorde cufflinks | uk attempt to try and reinstate the charges, once they were knocked back by a court, was an unusual strategy and some lawyers said they were not surprised it had failed..

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