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Finance and Economics Discussion Series: 2010-07 Screen Reader version ♣


The Mechanics of a Graceful Exit:
Interest on Reserves and Segmentation in the Federal Funds Market
Figure Data



Figure 1a: Federal funds rate

DateEffective ratetarget rateprimary credit rateExcess reserves rate
1-Jul-082.1122.250
2-Jul-081.9522.250
3-Jul-081.9222.250
7-Jul-081.9922.250
8-Jul-081.9722.250
9-Jul-081.9922.250
10-Jul-082.0122.250
11-Jul-081.9722.250
14-Jul-082.0622.250
15-Jul-082.1622.250
16-Jul-081.9522.250
17-Jul-082.0322.250
18-Jul-081.9622.250
21-Jul-081.9822.250
22-Jul-081.9722.250
23-Jul-082.0422.250
24-Jul-082.0622.250
25-Jul-082.1322.250
28-Jul-08222.250
29-Jul-082.0522.250
30-Jul-082.0322.250
31-Jul-082.0922.250
1-Aug-082.0422.250
4-Aug-081.9722.250
5-Aug-081.9722.250
6-Aug-082.0122.250
7-Aug-081.9622.250
8-Aug-082.0122.250
11-Aug-081.9922.250
12-Aug-081.9522.250
13-Aug-081.9822.250
14-Aug-082.0922.250
15-Aug-082.0822.250
18-Aug-081.9122.250
19-Aug-081.9422.250
20-Aug-081.9822.250
21-Aug-082.0122.250
22-Aug-082.0222.250
25-Aug-082.0122.250
26-Aug-081.8822.250
27-Aug-081.9822.250
28-Aug-081.9922.250
29-Aug-081.9422.250
2-Sep-081.9622.250
3-Sep-082.0122.250
4-Sep-081.9922.250
5-Sep-081.9722.250
8-Sep-081.9222.250
9-Sep-081.9622.250
10-Sep-082.1222.250
11-Sep-08222.250
12-Sep-082.122.250
15-Sep-082.6422.250
16-Sep-081.9822.250
17-Sep-082.822.250
18-Sep-082.1622.250
19-Sep-081.4822.250
22-Sep-081.5122.250
23-Sep-081.4622.250
24-Sep-081.1922.250
25-Sep-081.2322.250
26-Sep-081.0822.250
29-Sep-081.5622.250
30-Sep-082.0322.250
1-Oct-081.1522.250
2-Oct-080.6722.250
3-Oct-081.122.250
6-Oct-081.9622.250
7-Oct-082.9722.250
8-Oct-082.241.51.750
9-Oct-081.41.51.750.75
10-Oct-080.791.51.750.75
14-Oct-081.11.51.750.75
15-Oct-081.041.51.750.75
16-Oct-080.831.51.750.75
17-Oct-080.61.51.750.75
20-Oct-080.71.51.750.75
21-Oct-080.671.51.750.75
22-Oct-080.811.51.750.75
23-Oct-080.931.51.750.65
24-Oct-080.951.51.750.65
27-Oct-080.921.51.750.65
28-Oct-080.671.51.750.65
29-Oct-080.3611.250.65
30-Oct-080.311.250.65
31-Oct-080.2211.250.65
3-Nov-080.2311.250.65
4-Nov-080.2311.250.65
5-Nov-080.2311.250.65
6-Nov-080.2311.251
7-Nov-080.2711.251
10-Nov-080.2911.251
12-Nov-080.3511.251
13-Nov-080.3511.251
14-Nov-080.3411.251
17-Nov-080.3711.251
18-Nov-080.3811.251
19-Nov-080.3811.251
20-Nov-080.4911.251
21-Nov-080.5711.251
24-Nov-080.6211.251
25-Nov-080.5911.251
26-Nov-080.5311.251
28-Nov-080.5211.251
1-Dec-080.5211.251
2-Dec-080.4711.251
3-Dec-080.3611.251
4-Dec-080.211.250.25
5-Dec-080.1211.250.25
8-Dec-080.1211.250.25
9-Dec-080.1311.250.25
10-Dec-080.1111.250.25
11-Dec-080.1411.250.25
12-Dec-080.1511.250.25
15-Dec-080.1811.250.25
16-Dec-080.170.250.50.25
17-Dec-080.120.250.50.25
18-Dec-080.110.250.50.25
19-Dec-080.110.250.50.25
22-Dec-080.110.250.50.25
23-Dec-080.110.250.50.25
24-Dec-080.110.250.50.25
26-Dec-080.090.250.50.25
29-Dec-080.10.250.50.25
30-Dec-080.090.250.50.25
31-Dec-080.140.250.50.25
2-Jan-090.080.250.50.25
5-Jan-090.110.250.50.25
6-Jan-090.090.250.50.25
7-Jan-090.110.250.50.25
8-Jan-090.10.250.50.25
9-Jan-090.090.250.50.25
12-Jan-090.10.250.50.25
13-Jan-090.10.250.50.25
14-Jan-090.150.250.50.25
15-Jan-090.180.250.50.25
16-Jan-090.190.250.50.25
20-Jan-090.20.250.50.25
21-Jan-090.230.250.50.25
22-Jan-090.210.250.50.25
23-Jan-090.180.250.50.25
26-Jan-090.190.250.50.25
27-Jan-090.180.250.50.25
28-Jan-090.190.250.50.25
29-Jan-090.230.250.50.25
30-Jan-090.230.250.50.25
2-Feb-090.240.250.50.25
3-Feb-090.240.250.50.25
4-Feb-090.240.250.50.25
5-Feb-090.230.250.50.25
6-Feb-090.230.250.50.25
9-Feb-090.220.250.50.25
10-Feb-090.240.250.50.25
11-Feb-090.220.250.50.25
12-Feb-090.230.250.50.25
13-Feb-090.220.250.50.25
17-Feb-090.250.250.50.25
18-Feb-090.230.250.50.25
19-Feb-090.210.250.50.25
20-Feb-090.20.250.50.25
23-Feb-090.190.250.50.25
24-Feb-090.210.250.50.25
25-Feb-090.210.250.50.25
26-Feb-090.220.250.50.25
27-Feb-090.220.250.50.25
2-Mar-090.220.250.50.25
3-Mar-090.20.250.50.25
4-Mar-090.210.250.50.25
5-Mar-090.20.250.50.25
6-Mar-090.20.250.50.25
9-Mar-090.20.250.50.25
10-Mar-090.20.250.50.25
11-Mar-090.190.250.50.25
12-Mar-090.180.250.50.25
13-Mar-090.150.250.50.25
16-Mar-090.20.250.50.25
17-Mar-090.20.250.50.25
18-Mar-090.180.250.50.25
19-Mar-090.170.250.50.25
20-Mar-090.180.250.50.25
23-Mar-090.170.250.50.25
24-Mar-090.170.250.50.25
25-Mar-090.170.250.50.25
26-Mar-090.160.250.50.25
27-Mar-090.150.250.50.25
30-Mar-090.160.250.50.25
31-Mar-090.160.250.50.25
1-Apr-090.160.250.50.25
2-Apr-090.160.250.50.25
3-Apr-090.130.250.50.25
6-Apr-090.140.250.50.25
7-Apr-090.140.250.50.25
8-Apr-090.140.250.50.25
9-Apr-090.140.250.50.25
10-Apr-090.150.250.50.25
13-Apr-090.130.250.50.25
14-Apr-090.160.250.50.25
15-Apr-090.160.250.50.25
16-Apr-090.150.250.50.25
17-Apr-090.130.250.50.25
20-Apr-090.140.250.50.25
21-Apr-090.150.250.50.25
22-Apr-090.150.250.50.25
23-Apr-090.170.250.50.25
24-Apr-090.160.250.50.25
27-Apr-090.170.250.50.25
28-Apr-090.160.250.50.25
29-Apr-090.180.250.50.25
30-Apr-090.20.250.50.25
1-May-090.220.250.50.25
4-May-090.220.250.50.25
5-May-090.20.250.50.25
6-May-090.180.250.50.25
7-May-090.180.250.50.25
8-May-090.170.250.50.25
11-May-090.170.250.50.25
12-May-090.160.250.50.25
13-May-090.160.250.50.25
14-May-090.160.250.50.25
15-May-090.170.250.50.25
18-May-090.160.250.50.25
19-May-090.150.250.50.25
20-May-090.140.250.50.25
21-May-090.170.250.50.25
22-May-090.170.250.50.25
26-May-090.180.250.50.25
27-May-090.170.250.50.25
28-May-090.170.250.50.25
29-May-090.190.250.50.25
1-Jun-090.210.250.50.25
2-Jun-090.20.250.50.25
3-Jun-090.210.250.50.25
4-Jun-090.20.250.50.25
5-Jun-090.210.250.50.25
8-Jun-090.210.250.50.25
9-Jun-090.180.250.50.25
10-Jun-090.180.250.50.25
11-Jun-090.170.250.50.25
12-Jun-090.170.250.50.25
15-Jun-090.220.250.50.25
16-Jun-090.220.250.50.25
17-Jun-090.240.250.50.25
18-Jun-090.250.250.50.25
19-Jun-090.250.250.50.25
22-Jun-090.240.250.50.25
23-Jun-090.240.250.50.25
24-Jun-090.210.250.50.25
25-Jun-090.190.250.50.25
26-Jun-090.180.250.50.25
29-Jun-090.170.250.50.25
30-Jun-090.220.250.50.25
1-Jul-090.20.250.50.25
Return to Figure 1a

Figure 2: Rate paid on excess reserves

DateEffective rateExcess reserves rateSpread of excess rate to target ratePrimary credit rate
9-Oct-081.40.750.751.75
10-Oct-080.790.750.751.75
14-Oct-081.10.750.751.75
15-Oct-081.040.750.751.75
16-Oct-080.830.750.751.75
17-Oct-080.60.750.751.75
20-Oct-080.70.750.751.75
21-Oct-080.670.750.751.75
22-Oct-080.810.750.751.75
23-Oct-080.930.651.151.75
24-Oct-080.950.651.151.75
27-Oct-080.920.651.151.75
28-Oct-080.670.651.151.75
29-Oct-080.360.650.651.25
30-Oct-080.30.650.651.25
31-Oct-080.220.650.651.25
3-Nov-080.230.650.651.25
4-Nov-080.230.650.651.25
5-Nov-080.230.650.651.25
6-Nov-080.23111.25
7-Nov-080.27111.25
10-Nov-080.29111.25
12-Nov-080.35111.25
13-Nov-080.35111.25
14-Nov-080.34111.25
17-Nov-080.37111.25
18-Nov-080.38111.25
19-Nov-080.38111.25
20-Nov-080.49111.25
21-Nov-080.57111.25
24-Nov-080.62111.25
25-Nov-080.59111.25
26-Nov-080.53111.25
28-Nov-080.52111.25
1-Dec-080.52111.25
2-Dec-080.47111.25
3-Dec-080.36111.25
4-Dec-080.20.2511.25
5-Dec-080.120.2511.25
8-Dec-080.120.2511.25
9-Dec-080.130.2511.25
10-Dec-080.110.2511.25
11-Dec-080.140.2511.25
12-Dec-080.150.2511.25
15-Dec-080.180.2511.25
16-Dec-080.170.250.250.5
17-Dec-080.120.250.250.5
18-Dec-080.110.25 0.5
19-Dec-080.110.25 0.5
22-Dec-080.110.25 0.5
23-Dec-080.110.25 0.5
24-Dec-080.110.25 0.5
26-Dec-080.090.25 0.5
29-Dec-080.10.25 0.5
30-Dec-080.090.25 0.5
31-Dec-080.140.25 0.5
Return to Figure 2
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Last update: February 2, 2010