One of the mysteries of the English language finally explained.
1In plural Money held or disbursed by the U.S. federal government.
2A fund created or used by the U.S. federal government, especially for a specified purpose.
3In plural Finance. Reserve deposits which are held in the Federal Reserve system by member banks (as legally required under the Federal Reserve Act of 1913), surpluses of which may be traded between banks.
Late 18th century. From federal + fund.
federal fund/ˈfɛd(ə)r(ə)l fʌnd/
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