Fed adds $6.25 bln in temporary reserves via 3-day repo

NEW YORK, Nov 2 (Reuters) - The U.S. Federal Reserve said on Friday it added $6.25 billion of temporary reserves to the banking system through a 3-day repurchase agreement.

Federal funds were trading steady at 4.56 percent in the market after the operation amount was announced, above the 4.50 percent target rate the Fed sets.

The Fed said collateral accepted in the operation was $4.569 billion in agency debt, $481 million in mortgage-backed securities and $1.2 billion in Treasuries.

A total of $62.85 billion in bids were submitted for the operation.