The U.S. interest rate that the Federal Reserve targets to conduct its monetary policy held at 0.37 percent for a second day on Wednesday, according to Fed data released on Thursday.

The average, or effective, fed funds rate USONFFE= traded in a range of 0.35 percent to 0.50 percent with $63 billion in this type of interbank loan changing hands.

On Tuesday, the fed funds rate traded in a range of 0.35 percent to 0.50 percent with $67 billion changing hands.

Meanwhile, the Fed’s overnight bank funding rate held at 0.37 percent for a 12th day on Wednesday.

This rate 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 0.28 percent to 0.42 percent on Wednesday.

The New York Fed said Wednesday’s rate was based on $299 billion worth of loans, compared with $302 billion on Tuesday.