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 3.89%, 1bp below interest on reserve balances on $3,007bn 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.
As of . Sources: Federal Reserve Bank of New York reference rates, FRED (Federal Reserve Bank of St. Louis). Method and limitations.
Money marketsBTMM
Every US overnight rate, where it sits inside the Fed's target range, and what the rate last did.
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% | 0bp | 0bp | +25bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
| Target lowerAdministered | 3.75% | 0bp | 0bp | +25bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
| IORBAdministered | 3.90% | 0bp | 0bp | +25bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
| ON RRPAdministered | 3.75% | 0bp | 0bp | +25bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
| DiscountAdministered | 4.00% | 0bp | 0bp | +25bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
| EFFRUnsecured overnight | 3.88% | 0bp | 0bp | +25bp | 52% | -2bp | $121bn | 5 Oct 26 | NY Fed |
| OBFRUnsecured overnight | 3.88% | 0bp | 0bp | +25bp | 52% | -2bp | $243bn | 5 Oct 26 | NY Fed |
| SOFRSecured overnight | 3.89% | +1bp | -1bp | +24bp | 56% | -1bp | $3,007bn | 5 Oct 26 | NY Fed |
| BGCRSecured overnight | 3.87% | +1bp | -2bp | +23bp | 48% | -3bp | $1,209bn | 5 Oct 26 | NY Fed |
| TGCRSecured overnight | 3.87% | +1bp | -2bp | +23bp | 48% | -3bp | $1,168bn | 5 Oct 26 | NY Fed |
| 4W billBills, discount basis | 3.88% | 0bp | -1bp | +22bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
| 3M billBills, discount basis | 4.05% | +4bp | -5bp | +28bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
| 6M billBills, discount basis | 4.16% | +2bp | -11bp | +28bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
| 1Y billBills, discount basis | 4.26% | 0bp | -8bp | +31bp | n/a | n/a | n/a | 5 Oct 26 | FRED |
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 7 Oct 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.
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Open the money-market research desk with a free account
An account turns this page into a research desk. Draw any six instruments on one chart back to 2018, or to 1954 where the bill series reach. Read SOFR against IORB, against the ON RRP floor and against fed funds as a spread series with its own two-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. Export what you filtered as CSV. 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 2026-10-05, https://kresmion.com/macro/money-markets. Upstream data: Federal Reserve Bank of New York reference rates; FRED (Federal Reserve Bank of St. Louis).
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<a href="https://kresmion.com/macro/money-markets">Kresmion US Money Market Rates (Kresmion)</a>