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)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
New York Fed. (April 15, 2024). Key policy rates effective in the United States in 2023 [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/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 November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1386531/us-key-policy-rates/
New York Fed. (2024). Key policy rates effective in the United States in 2023. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/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.ezproxy.canberra.edu.au/statistics/1386531/us-key-policy-rates/
New York Fed, Key policy rates effective in the United States in 2023 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1386531/us-key-policy-rates/ (last visited November 10, 2024)
Key policy rates effective in the United States in 2023 [Graph], New York Fed, April 15, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1386531/us-key-policy-rates/
