The Fed Gazette — an independent publication
Est. 2026 Vol. I, No. 2
A civic journal of money and credit
Interest on reserve balances is the interest the Federal Reserve Banks pay on the reserve balances that eligible institutions hold with them. The Board of Governors determines the IORB rate, and it is one of the tools the Fed uses in conducting monetary policy.
Checked against these official pages on Monday, October 5, 2026. Quoted text is copied word for word.
The interest rate on reserve balances (IORB rate) is determined by the Board and is an important tool for the Federal Reserve's conduct of monetary policy.