Money marketsBTMM
The federal funds target range is 3.75% to 4.00%, with interest on reserve balances at 3.90% and the overnight reverse repo award rate at 3.75%. SOFR is 3.92%, 2bp above interest on reserve balances on $3,256bn of transactions. The effective federal funds rate is 3.88%, sitting 52% of the way up the target range. 14 instruments are listed, each with its own observation date and its own primary source.
Target range 3.75% to 4.00%, midpoint 3.875%. Interest on reserve balances 3.90%, overnight reverse repo award rate 3.75%.
| Rate | 1W | 1M | vs IORB | Volume | As of | Source | |||
|---|---|---|---|---|---|---|---|---|---|
| Target upperAdministered | 4.00% | 1D0bp | 1W0bp | 1M0bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
| Target lowerAdministered | 3.75% | 1D0bp | 1W0bp | 1M0bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
| IORBAdministered | 3.90% | 1D0bp | 1W0bp | 1M0bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
| ON RRPAdministered | 3.75% | 1D0bp | 1W0bp | 1M0bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
| DiscountAdministered | 4.00% | 1D0bp | 1W0bp | 1M0bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
| EFFRUnsecured overnight | 3.88% | 1D0bp | 1W0bp | 1M0bp | Pos52% | vs IORB-2bp | Vol$111bn | As of5 Nov 26 | SourceNY Fed |
| OBFRUnsecured overnight | 3.88% | 1D0bp | 1W0bp | 1M0bp | Pos52% | vs IORB-2bp | Vol$232bn | As of5 Nov 26 | SourceNY Fed |
| SOFRSecured overnight | 3.92% | 1D-2bp | 1W-2bp | 1M+2bp | Pos68% | vs IORB+2bp | Vol$3,256bn | As of5 Nov 26 | SourceNY Fed |
| BGCRSecured overnight | 3.90% | 1D-3bp | 1W-2bp | 1M+2bp | Pos60% | vs IORB0bp | Vol$1,279bn | As of5 Nov 26 | SourceNY Fed |
| TGCRSecured overnight | 3.90% | 1D-3bp | 1W-2bp | 1M+2bp | Pos60% | vs IORB0bp | Vol$1,240bn | As of5 Nov 26 | SourceNY Fed |
| 4W billBills, discount basis | 3.89% | 1D+4bp | 1W-2bp | 1M+1bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
| 3M billBills, discount basis | 4.00% | 1D-3bp | 1W0bp | 1M-4bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
| 6M billBills, discount basis | 4.08% | 1D-6bp | 1W-7bp | 1M-7bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
| 1Y billBills, discount basis | 4.09% | 1D-10bp | 1W-13bp | 1M-16bp | Posn/a | vs IORBn/a | Voln/a | As of5 Nov 26 | SourceFRED |
One row is one instrument and carries its own observation date, because the publishers run on different clocks. The bill rows are quoted on a discount basis, which is systematically below the investment-basis yield for the same bill. A blank cell is a value the sources do not state. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. The administered rates are already set through 9 Nov 26.
The corridor, last 12 months
The shaded band is the federal funds target range. The administered rates inside it are drawn as step functions because that is what they are: they hold, then they move on one day. A gap in a market rate breaks its line rather than being bridged.
Bills against the policy midpoint
A PROXY, and nothing more. A bill yield above the policy midpoint is consistent with the market pricing higher policy rates over that tenor, but it also moves with bill supply, collateral scarcity, money-fund demand and term premium. It is not a probability, it is not a forecast, and it is not derived from any futures or options market.
Free account
Open the money-market research desk with a free account
An account turns this page into a research desk. Read every instrument in one table, each with its own observation date, and open any one for its history. Read six spreads, among them SOFR against IORB, against the ON RRP floor and against fed funds, each over a year with its own one-year distribution, so today's reading comes with a percentile rather than a feeling. Open the stress view for the 1st-to-99th percentile width behind each overnight print and the volume behind that, which is the number a median cannot show. Measure what month ends, quarter ends, year ends and corporate tax dates actually do to funding, with the sample size stated and a refusal where the sample is too small. Read every Fed repo and reverse-repo operation with the amount accepted, the counterparty count and the award rate. The table above stays free.
Cite this data
Each rate is the level its publisher printed for the day stated on its own row: the New York Fed's reference rates come from that bank's own publication, which is also where the volume and the percentiles come from, and the administered rates and the bill curve come from FRED. Position inside the corridor is (rate minus the target range floor) divided by the width of the range, unclamped, so a rate outside the band reads as outside the band. Every basis-point figure is a difference between two observations of the SAME day; nothing here is estimated, modelled or forecast. This product uses the FRED API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
Upstream: Federal Reserve Bank of New York reference rates, FRED (Federal Reserve Bank of St. Louis)
Kresmion, "Kresmion US Money Market Rates", data as of 2026-11-05, https://kresmion.com/macro/money-markets. Upstream data: Federal Reserve Bank of New York reference rates; FRED (Federal Reserve Bank of St. Louis).
Link to this data (HTML):
<a href="https://kresmion.com/macro/money-markets">Kresmion US Money Market Rates (Kresmion)</a>
Writing about this? Press contact and ready-to-quote figures