FED SETS TWO-DAY SYSTEM REPURCHASES

  The Federal Reserve entered the
  government securities market to arrange two-day repurchase
  agreements for system account, a spokeswoman for the New York
  Fed said.
      Fed funds were trading at 6-1/8 pct at the time of the
  direct injection of temporary reserves, dealers said.
      Most economists had expected a less aggressive injection of
  reserves via customer repurchase agreements.
  

