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 required reserves (IORR rate) is determined by the Board of Governors and is intended to eliminate effectively the implicit tax that reserve requirements used to impose on depository institutions.
See Policy Tools for more information.
Board of Governors of the Federal Reserve System (US), Interest Rate on Required Reserves (DISCONTINUED) [IORR], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/IORR, October 20, 2021.