The U.S. Federal Reserve said on Monday it added $14.75 billion in temporary reserves to the banking system through overnight repurchase agreements.

Federal funds last traded in the market at 4.875 percent, compared with the Fed's target rate of 4.75 percent, where it traded on Friday.

The Fed said collateral accepted in the operation was $118.0 million in Treasuries, $8.448 billion in agency debt and $6.184 billion in mortgage-backed securities.

A total of $77.05 billion worth of bids were submitted. The bids included $20.5 billion in Treasuries, $17.45 billion in agencies and $39.1 billion in mortgage-backed securities.

On Friday, the Fed added $7.5 billion in temporary reserves through three-day repurchase agreements.

For the Fed, Thursday is usually the most active day of the week for repo operations due to the approaching weekend and reserve management issues at commercial banks.

Last Thursday, the Fed pumped generous amounts of cash into the banking system, adding $35.5 billion worth of temporary reserves in three repurchase operations. Last Thursday also coincided with the start of a new two-week reserve maintenance period.