Federal funds rate

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The Federal funds rate is the interest rate that banks charge each other on an overnight sale of immediately available funds (balances at the U.S. Federal Reserve) to another depository institution.[1]

Fed funds rates will vary from day to day and from depository institution to depository institution. The Federal Open Market Committee set a target level for the Fed funds rate.

References

  1. ↑ What is the federal funds rate. U.S. Federal Reserve. Retrieved on January 16, 2008.
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