The Federal Reserve's New Approach to Raising Interest Rates, Accessible Data
PrintAccessible version of figures
Figure 1: Banks' demand for and the Fed's supply of reserve balances before the financial crisis
Figure 1 is a chart of the supply and demand of reserve balances before the financial crisis. The federal funds rate is on the y-axis and the reserves are on the x-axis. There is a dashed line horizontal line located at about two-thirds the way up the y-axis that represents the primary credit rate. The demand for reserves line begins at $0 of reserves and at the primary credit rate on the y-axis. It remains at the primary credit rate until about $10 billion reserves and then decreases until it reaches a federal funds rate of about 0 at about $25 billion reserves. It remains at 0 from there on. The supply for reserves line is a vertical line at $15 billion reserves.
Figure 2: Banks' demand for and the Fed's supply of reserve balances today
Figure 2 is a chart of the the banks’ demand for and the Fed's supply of reserve balances today. The federal funds rate is on the y-axis and the reserves are on the x-axis. There is a dashed line horizontal line located at about two-thirds the way up the y-axis that represents the primary credit rate. There is also a dashed horizontal line located about one-fourth the way up the y-axis that represents the IOER rate. The demand for reserves line begins at $0 of reserves and at the primary credit rate on the y-axis. It remains at the primary credit rate until about $10 billion reserves and then decreases until just below the IOER rate at about $25 billion reserves. It remains just below the IOER rate from there on. The supply for reserves line is a vertical line at $2.6 trillion reserves.
Figure 3: The Fed's new implementation framework
Figure 3 is a bar chart depicting the Fed's administered rates and the federal funds target range. The y-axis is in basis points and the x-axis is divided into 2 sections, "before decision" and "Dec. 17, 2015." In the "before decision" section there is a horizontal line at 5 bp that represents the ON RRP rate. There is also a horizontal line at 25 basis points that represents the IOER rate. There is a bar going from 0 to 25 bp which represents the federal funds target range. In the "Dec. 17, 2015" section there is a horizontal line at 25 bp that represents the ON RRP rate. There is also a horizontal line at 50 basis points that represents the IOER rate. There is a bar going from 25 to 50 bp which represents the federal funds target range.
Figure 4: Overnight market interest rates before and after December 17, 2015
Source: For Repo Rate, BNY Mellon; for Federal Funds, Federal Reserve Bank of New York; for Eurodollar, Bloomberg
| Date | Federal Funds Target Range Upper Bound | Federal Funds Target Range Lower Bound | Repo Rate | Federal Funds | Eurodollar |
|---|---|---|---|---|---|
| 11/2/2015 | 0.25 | 0 | 0.0534 | 0.12 | 0.115 |
| 11/3/2015 | 0.25 | 0 | 0.05884 | 0.12 | 0.115 |
| 11/4/2015 | 0.25 | 0 | 0.05579 | 0.12 | 0.115 |
| 11/5/2015 | 0.25 | 0 | 0.07635 | 0.12 | 0.105 |
| 11/6/2015 | 0.25 | 0 | 0.06486 | 0.12 | 0.11 |
| 11/9/2015 | 0.25 | 0 | 0.05715 | 0.12 | 0.11 |
| 11/10/2015 | 0.25 | 0 | 0.05476 | 0.12 | 0.11 |
| 11/11/2015 | 0.25 | 0 | ND | ND | 0.11 |
| 11/12/2015 | 0.25 | 0 | 0.06582 | 0.12 | 0.115 |
| 11/13/2015 | 0.25 | 0 | 0.06164 | 0.12 | 0.12 |
| 11/16/2015 | 0.25 | 0 | 0.06581 | 0.13 | 0.115 |
| 11/17/2015 | 0.25 | 0 | 0.058 | 0.13 | 0.115 |
| 11/18/2015 | 0.25 | 0 | 0.05259 | 0.12 | 0.12 |
| 11/19/2015 | 0.25 | 0 | 0.05321 | 0.12 | 0.12 |
| 11/20/2015 | 0.25 | 0 | 0.04923 | 0.12 | 0.12 |
| 11/23/2015 | 0.25 | 0 | 0.04925 | 0.12 | 0.105 |
| 11/24/2015 | 0.25 | 0 | 0.05531 | 0.12 | 0.115 |
| 11/25/2015 | 0.25 | 0 | 0.0618 | 0.12 | 0.115 |
| 11/26/2015 | 0.25 | 0 | ND | ND | 0.115 |
| 11/27/2015 | 0.25 | 0 | 0.07832 | 0.12 | 0.12 |
| 11/30/2015 | 0.25 | 0 | 0.08015 | 0.08 | 0.07 |
| 12/1/2015 | 0.25 | 0 | 0.06518 | 0.13 | 0.12 |
| 12/2/2015 | 0.25 | 0 | 0.06547 | 0.13 | 0.115 |
| 12/3/2015 | 0.25 | 0 | 0.07944 | 0.13 | 0.12 |
| 12/4/2015 | 0.25 | 0 | 0.08078 | 0.13 | 0.12 |
| 12/7/2015 | 0.25 | 0 | 0.0878 | 0.13 | 0.13 |
| 12/8/2015 | 0.25 | 0 | 0.09751 | 0.13 | 0.125 |
| 12/9/2015 | 0.25 | 0 | 0.09986 | 0.14 | 0.14 |
| 12/10/2015 | 0.25 | 0 | 0.09644 | 0.14 | 0.135 |
| 12/11/2015 | 0.25 | 0 | 0.07796 | 0.14 | 0.135 |
| 12/14/2015 | 0.25 | 0 | 0.08033 | 0.15 | 0.15 |
| 12/15/2015 | 0.25 | 0 | 0.10439 | 0.15 | 0.15 |
| 12/16/2015 | 0.25 | 0 | 0.12409 | 0.15 | 0.15 |
| 12/17/2015 | 0.25 | 0 | 0.26668 | 0.37 | 0.36 |
| 12/18/2015 | 0.5 | 0.25 | 0.26717 | 0.37 | 0.36 |
| 12/21/2015 | 0.5 | 0.25 | 0.26208 | 0.36 | 0.36 |
| 12/22/2015 | 0.5 | 0.25 | 0.25631 | 0.36 | 0.36 |
| 12/23/2015 | 0.5 | 0.25 | 0.25974 | 0.36 | 0.36 |
| 12/24/2015 | 0.5 | 0.25 | 0.27854 | 0.36 | 0.36 |
| 12/25/2015 | 0.5 | 0.25 | ND | ND | ND |
| 12/28/2015 | 0.5 | 0.25 | 0.28549 | 0.36 | 0.36 |
| 12/29/2015 | 0.5 | 0.25 | 0.279 | 0.36 | 0.36 |
| 12/30/2015 | 0.5 | 0.25 | 0.26968 | 0.35 | 0.36 |
| 12/31/2015 | 0.5 | 0.25 | 0.26564 | 0.2 | 0.185 |
| 1/1/2016 | 0.5 | 0.25 | ND | ND | ND |
| 1/4/2016 | 0.5 | 0.25 | 0.27336 | 0.36 | 0.36 |
| 1/5/2016 | 0.5 | 0.25 | 0.27835 | 0.36 | 0.36 |
| 1/6/2016 | 0.5 | 0.25 | 0.28462 | 0.36 | 0.36 |
| 1/7/2016 | 0.5 | 0.25 | 0.28124 | 0.36 | 0.36 |
| 1/8/2016 | 0.5 | 0.25 | 0.28705 | 0.36 | 0.36 |
| 1/11/2016 | 0.5 | 0.25 | 0.28384 | 0.36 | 0.36 |
| 1/12/2016 | 0.5 | 0.25 | 0.28111 | 0.36 | 0.36 |
| 1/13/2016 | 0.5 | 0.25 | 0.28058 | 0.36 | 0.36 |
| 1/14/2016 | 0.5 | 0.25 | 0.28104 | 0.36 | 0.365 |
| 1/15/2016 | 0.5 | 0.25 | 0.28478 | 0.36 | 0.365 |
| 1/18/2016 | 0.5 | 0.25 | ND | ND | 0.365 |
| 1/19/2016 | 0.5 | 0.25 | 0.28238 | 0.36 | 0.365 |
| 1/20/2016 | 0.5 | 0.25 | 0.28664 | 0.37 | 0.365 |
| 1/21/2016 | 0.5 | 0.25 | 0.29105 | 0.37 | 0.365 |
| 1/22/2016 | 0.5 | 0.25 | 0.32188 | 0.38 | 0.365 |
| 1/25/2016 | 0.5 | 0.25 | 0.29984 | 0.38 | 0.365 |
| 1/26/2016 | 0.5 | 0.25 | 0.29247 | 0.38 | 0.39 |
| 1/27/2016 | 0.5 | 0.25 | 0.28916 | 0.38 | 0.39 |
| 1/28/2016 | 0.5 | 0.25 | 0.30653 | 0.38 | 0.39 |
| 1/29/2016 | 0.5 | 0.25 | 0.30759 | 0.29 | 0.285 |
| 2/1/2016 | 0.5 | 0.25 | 0.29352 | 0.38 | 0.385 |
| 2/2/2016 | 0.5 | 0.25 | 0.29723 | 0.38 | 0.385 |
| 2/3/2016 | 0.5 | 0.25 | 0.30003 | 0.38 | 0.385 |