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It is also the second time in six months that the Fed has reacted to disobedient partition markets. The shrinking banking reserves and the influx of new U.S. government bonds make it difficult for the Federal Reserve to anchor the federal funds rate within the policy range.
As expected, the Fed raised overnight lending rates by 25 basis points to 2.25-2.50%. But in this range, the Federal Reserve sets the excess reserve rate (IOER) for the banking sector at 2.40%, which serves as the substantive ceiling for policy interest rates.
As the Federal Reserve began to raise interest rates from near zero in December 2015, IOER became the upper limit of the policy interest rate range.


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