Fed keeps interest on reserve balances at 3.90%

The Fed's implementation note said the Board of Governors "voted unanimously to maintain the interest rate paid on reserve balances at 3.90 percent, effective October 29, 2026". The Federal Open Market Committee directs the New York desk to conduct standing overnight repurchase agreement operations at a rate of 4.0 percent. The note accompanies Wednesday's decision to leave the federal funds target range at 3-3/4 to 4 percent.