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فدرال رزو، فدرال رزو
In October 2008, the Federal Reserve shifted from a federal-funds-rate target and zero interest on bank reserves to a regime with an identical interest rate on required and excess reserves, set above its targeted federal funds rate.
Before October 2008, the Federal Reserve transmitted virtually no interest payments to banks.
During 2016, in contrast, the Fed paid more than $12 billion in interest on the required and excess reserve balances of banks, an amount that exceeded interest payments transmitted during 2015 by more than 40 percent (see Board of Governors of the Federal Reserve System, 2017).
Such action could yield substantial interest savings for the Federal Reserve.
The bank receives interest revenue from retail loans at the market loan rate (rL) and wholesale loans at the federal funds rate (rF), with the latter rate exogenously determined by the Federal Reserve.2 The bank receives payments from the Fed based upon interest rates the Fed sets on excess reserves (rX, or IOER) and on required reserves (rQ, or IORR).،In October 2008, the Federal Reserve shifted from a federal-funds-rate target and zero interest on bank reserves to a regime with an identical interest rate on required and excess reserves, set above its targeted federal funds rate.
Before October 2008, the Federal Reserve transmitted virtually no interest payments to banks.
During 2016, in contrast, the Fed paid more than $12 billion in interest on the required and excess reserve balances of banks, an amount that exceeded interest payments transmitted during 2015 by more than 40 percent (see Board of Governors of the Federal Reserve System, 2017).
Such action could yield substantial interest savings for the Federal Reserve.
The bank receives interest revenue from retail loans at the market loan rate (rL) and wholesale loans at the federal funds rate (rF), with the latter rate exogenously determined by the Federal Reserve.2 The bank receives payments from the Fed based upon interest rates the Fed sets on excess reserves (rX, or IOER) and on required reserves (rQ, or IORR).
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