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Line 1 - Interest Rate on Excess Reserves (IOER Rate) (DISCONTINUED)
Line 1
(a) Interest Rate on Excess Reserves (IOER Rate) (DISCONTINUED), Percent, Not Seasonally Adjusted (IOER)
IOER (https://fred.stlouisfed.org/series/IOER)) and the interest rate on required reserves (IORR (https://fred.stlouisfed.org/series/IORR)) were replaced with a single rate, the interest rate on reserve balances (IORB (https://fred.stlouisfed.org/series/IORB)). See the source's announcement (https://www.federalreserve.gov/newsevents/pressreleases/bcreg20210602a.htm) for more details. The interest rate on excess reserves (IOER rate) is determined by the Board of Governors and gives the Federal Reserve an additional tool to conduct monetary policy. See Policy Tools (https://www.federalreserve.gov/monetarypolicy/reqresbalances.htm) for more information. For questions on FRED functionality, please contact us here (https://fred.stlouisfed.org/contactus/).</p>

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    Now create a custom formula to combine or transform the series.

    For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

    Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

    Finally, you can change the units of your new series.

    Select a date that will equal 100 for your custom index:
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    Line 1 - Interest Rate on Excess Reserves (IOER Rate) (DISCONTINUED)
    Line 2
    (a) Effective Federal Funds Rate, Percent, Not Seasonally Adjusted (EFFR)
    For additional historical federal funds rate data, please see Daily Federal Funds Rate from 1928-1954 (https://fred.stlouisfed.org/categories/33951). The federal funds market consists of domestic unsecured borrowings in U.S. dollars by depository institutions from other depository institutions and certain other entities, primarily government-sponsored enterprises. The effective federal funds rate (EFFR) is calculated as a volume-weighted median of overnight federal funds transactions reported in the FR 2420 Report of Selected Money Market Rates. For more information, visit the Federal Reserve Bank of New York (https://www.newyorkfed.org/markets/obfrinfo).

    Select a date that will equal 100 for your custom index:
      Enter date as YYYY-MM-DD
    to

    Write a custom formula to transform one or more series or combine two or more series.

    You can begin by adding a series to combine with your existing series.

    Type keywords to search for data

      Now create a custom formula to combine or transform the series.

      For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

      Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

      Finally, you can change the units of your new series.

      Select a date that will equal 100 for your custom index:
          Enter date as YYYY-MM-DD

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      Line 1
      Interest Rate on Excess Reserves (IOER Rate) (DISCONTINUED)
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      Line 2
      Effective Federal Funds Rate
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      Notes

      Interest Rate on Excess Reserves (IOER Rate) (DISCONTINUED)  (IOER)

      Source: Board of Governors of the Federal Reserve System (US)  

      Release: Interest Rate on Reserve Balances  

      Units:  Percent, Not Seasonally Adjusted

      Frequency:  Daily, 7-Day

      Notes:

      Starting July 29, 2021, the interest rate on excess reserves (IOER) and the interest rate on required reserves (IORR) were replaced with a single rate, the interest rate on reserve balances (IORB). See the source's announcement for more details.

      The interest rate on excess reserves (IOER rate) is determined by the Board of Governors and gives the Federal Reserve an additional tool to conduct monetary policy.

      See Policy Tools for more information.

      For questions on FRED functionality, please contact us here.

      Suggested Citation:

      Board of Governors of the Federal Reserve System (US), Interest Rate on Excess Reserves (IOER Rate) (DISCONTINUED) [IOER], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/IOER, April 5, 2025.

      Effective Federal Funds Rate  (EFFR)

      Source: Federal Reserve Bank of New York  

      Release: Federal Funds Data  

      Units:  Percent, Not Seasonally Adjusted

      Frequency:  Daily

      Notes:

      For additional historical federal funds rate data, please see Daily Federal Funds Rate from 1928-1954.

      The federal funds market consists of domestic unsecured borrowings in U.S. dollars by depository institutions from other depository institutions and certain other entities, primarily government-sponsored enterprises.

      The effective federal funds rate (EFFR) is calculated as a volume-weighted median of overnight federal funds transactions reported in the FR 2420 Report of Selected Money Market Rates.

      For more information, visit the Federal Reserve Bank of New York.

      Suggested Citation:

      Federal Reserve Bank of New York, Effective Federal Funds Rate [EFFR], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/EFFR, April 5, 2025.

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      Interest on Excess Reserves Reserves Discontinued Daily Interest Rate Interest Board of Governors Rate Nation Public Domain: Citation Requested Not Seasonally Adjusted United States of America New York Fed Federal Copyrighted: Citation Required

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