NEW YORK, March 3 (Reuters) - The U.S. interest rate that the Federal Reserve targets to conduct its monetary policy rose to 0.37 percent on Wednesday from Tuesday's 0.36 percent, according to Fed data released on Thursday.
The average, or effective, fed funds rate, traded in a range of 0.33 percent to 0.45 percent with $75 billion in this type of interbank loans changing hands.
On Tuesday, the fed funds rate traded in a range of 0.34 percent to 0.50 percent with $76 billion changing hands.
Meanwhile, the Fed's overnight bank funding rate held at 0.37 percent for a second day on Wednesday.
This rate, which debuted on Tuesday, is calculated using fed funds and certain Eurodollar transactions, intended as a broader measure of unsecured borrowing in U.S. money markets.
These transactions changed hands in a range of 0.29 percent to 0.42 percent for a second day.
The New York Fed said Wednesday's rate was based on $333 billion worth of loans, compared with $324 billion on Tuesday.
(Reporting by Richard Leong)