Source: Board of Governors of the Federal Reserve System (US)
Release: Interest Rate on Reserve Balances
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.
Board of Governors of the Federal Reserve System (US), Interest Rate on Excess Reserves (DISCONTINUED) [IOER], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/IOER, March 30, 2023.
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, March 30, 2023.