The interest rate on excess reserves (IOER rate) is determined by the Board of Governors and gives the Federal Reserve an additional tool for the conduct of monetary policy.
For more information please visit the Board of Governors.
Board of Governors of the Federal Reserve System (US), Interest Rate on Excess Reserves [IOER], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/IOER, June 19, 2021.
Source: Federal Reserve Bank of New York
Release: Federal Funds Data
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.
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, June 19, 2021.