FED SETS TWO-DAY SYSTEM REPURCHASES
  The Federal Reserve entered the
  government securities market to arrange two-day repurchase
  agreements for system account, a spokesman for the New York Fed
  said.
      Federal funds were trading at 6-3/4 pct at the time of the
  direct injection of temporary reserves, in line with Friday's
  6.72 pct average.
  

