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Policy Rates - last released Monday, May 16, 2022

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IORB Rate Replaces IORR and IOER Rates

As announced on June 2, 2021, effective July 29, 2021, the Federal Reserve Board amended Regulation D to eliminate references to an interest on required reserves (IORR) rate and to an interest on excess reserves (IOER) rate and replaced them with a single interest on reserve balances (IORB) rate. The Board will publish on each business day at 4:30 p.m., Eastern Time, the IORB rate applicable for the next business day on the Interest on Reserve Balances page on the Federal Reserve Board's public website. Data for the IORB rate, as well as historical data for the IORR and IOER rates, are available in the Policy Rates Data Download Program.

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