FED EXPECTED TO SET THREE-DAY REPURCHASE PACTS The Federal Reserve is expected to enter the U.S. Government securities market to add temporary reserves directly by arranging three-day System repurchase agreements, economists said. They said the Fed may add the reserves indirectly instead via a large round, two billion dlrs or more, of customer repurchase agreements. Federal funds, which averaged a high 6.35 pct on Friday, opened at 6-7/16 pct and traded between there and 6-1/2 pct.