All key policy rates in the United States increased drastically in 2022. The Federal Funds target range was set to 0.25 to 0.5 percent in March, and it increased gradually to 4.25 to 4.5 percent by the end of the year. The interest rate on reserve balances (IORB Rate) increased from 0.4 percent to 4.4 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 2022.
Key policy rates effective in the United States in 2022
Characteristic
Federal Funds target range
Interest rate on reserve balances (IORB Rate)
Overnight Reverse Repo Racility Rate (ON RRP Rate)
Standing Repo Facility Rate (SRF Rate)
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New York Fed. (April 10, 2023). Key policy rates effective in the United States in 2022 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1386531/us-key-policy-rates-2022/
New York Fed. "Key policy rates effective in the United States in 2022." Chart. April 10, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1386531/us-key-policy-rates-2022/
New York Fed. (2023). Key policy rates effective in the United States in 2022. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1386531/us-key-policy-rates-2022/
New York Fed. "Key Policy Rates Effective in The United States in 2022." Statista, Statista Inc., 10 Apr 2023, https://www.statista.com/statistics/1386531/us-key-policy-rates-2022/
New York Fed, Key policy rates effective in the United States in 2022 Statista, https://www.statista.com/statistics/1386531/us-key-policy-rates-2022/ (last visited July 22, 2024)
Key policy rates effective in the United States in 2022 [Graph], New York Fed, April 10, 2023. [Online]. Available: https://www.statista.com/statistics/1386531/us-key-policy-rates-2022/