All key policy rates in the United States increased drastically in 2023. The Federal Funds target range was set to 4.5 to 4.75 percent in February, and it increased gradually to 5.25 to 5.5 percent by the end of the year. The interest rate on reserve balances (IORB Rate) increased from 4.65 percent to 5.4 percent, and the same trend could be seen with the Overnight Reverse Repo Facility Rate (ON RRP Rate), and the Standing Repo Facility Rate (SRF Rate). The sharp increase in all key policy rates was triggered by the growing inflation rate throughout 2023.
Key policy rates effective in the United States in 2023
Characteristic
Federal Funds target range
Interest rate on reserve balances (IORB Rate)
Overnight Reverse Repo Racility Rate (ON RRP Rate)
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New York Fed. (April 15, 2024). Key policy rates effective in the United States in 2023 [Graph]. In Statista. Retrieved December 30, 2024, from https://www.statista.com/statistics/1386531/us-key-policy-rates/
New York Fed. "Key policy rates effective in the United States in 2023." Chart. April 15, 2024. Statista. Accessed December 30, 2024. https://www.statista.com/statistics/1386531/us-key-policy-rates/
New York Fed. (2024). Key policy rates effective in the United States in 2023. Statista. Statista Inc.. Accessed: December 30, 2024. https://www.statista.com/statistics/1386531/us-key-policy-rates/
New York Fed. "Key Policy Rates Effective in The United States in 2023." Statista, Statista Inc., 15 Apr 2024, https://www.statista.com/statistics/1386531/us-key-policy-rates/
New York Fed, Key policy rates effective in the United States in 2023 Statista, https://www.statista.com/statistics/1386531/us-key-policy-rates/ (last visited December 30, 2024)
Key policy rates effective in the United States in 2023 [Graph], New York Fed, April 15, 2024. [Online]. Available: https://www.statista.com/statistics/1386531/us-key-policy-rates/
