The Federal Reserve has adopted a final rule to increase the primary credit rate at the Federal Reserve Banks from 1.75 percent to 2 percent. The secondary credit rate has also been increased from 2.25 to 2.50 percent.
In addition, the Fed adopted a final rule to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (IORR) and the rate of interest paid on excess balances (IOER) maintained at Federal Reserve banks by or on behalf of eligible institutions. Both IORR and IOER increased 0.25 percentage points to 1.5 percent.
