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MNI BRIEF: Fed Raises IORB, ONRRP 50bp, Keeps 10bp Spread

(MNI) Washington

The Federal Reserve on Wednesday raised the interest on reserve balances rate to 0.9% and the overnight reverse repo rate to 0.8% after hiking the target fed funds rate range by a half-point, keeping the administered rates at the same 10bp spread.

The Fed’s reverse repo facility (ON RRP) was previously set at 30 bps and the rate paid on reserves (IORB) was set at 40 bps. The Fed's discount window was also increased to 1%, and remains at the top of the fed funds range.

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The Federal Reserve on Wednesday raised the interest on reserve balances rate to 0.9% and the overnight reverse repo rate to 0.8% after hiking the target fed funds rate range by a half-point, keeping the administered rates at the same 10bp spread.

The Fed’s reverse repo facility (ON RRP) was previously set at 30 bps and the rate paid on reserves (IORB) was set at 40 bps. The Fed's discount window was also increased to 1%, and remains at the top of the fed funds range.