Federal funds rate

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Federal funds rate is the interest rate at which one bank lends funds to another bank overnight.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Federal funds rate. The interest rate at which one bank lends funds to another bank overnight.

According to Macroeconomics by Mankiw (7th edition),

Federal funds rate. The overnight interest rate at which banks lend to one another.

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