The federal funds rate — often called the fed rate — is the interest rate that U.S. banks pay one another to borrow or loan money overnight. Since banks are legally required to keep a minimum amount of money in reserves, banks with excess reserves often loan money to banks that can’t meet those reserve…
The article What Is the Fed Rate? originally appeared on NerdWallet.
https://www.nerdwallet.com/article/banking/what-is-the-fed-rate
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