Federal brief
Implementation note: IORB to 3.90 percent, primary credit to 4.0
The Board’s September 16, 2026 implementation note is the operating sheet that sits under the FOMC statement. It sets interest on reserve balances and the primary credit rate effective September 17.
When the FOMC announces a target range, the Board publishes an implementation note the same afternoon. The September 16, 2026 note is that sheet.
The Board of Governors voted unanimously to raise the interest rate paid on reserve balances to 3.90 percent, effective September 17, 2026. The FOMC directed the New York Fed’s Open Market Desk to run open market operations as needed to keep the federal funds rate inside a 3-3/4 to 4 percent target range.
In a related action, the Board approved a 1/4 percentage point increase in the primary credit rate to 4.0 percent, effective September 17, 2026, on requests from the Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas Reserve Banks.
This note does not replace the policy statement. It is how the System turns the statement into administered rates and Desk instructions.
Source: https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm
What to read next: /executive/agency/federal-reserve and /federal/fed-fomc-target-range-2026-09-16.
This is a Notice Nearby publisher-desk Federal brief — a short in-house summary of a public federal filing or agency press release. It is not official agency minutes, not a newspaper story, and not Legal Publication. It does not satisfy a statutory notice requirement.
Source: the official public federal record official record · Federal Reserve · Implementation Note Sep 16, 2026.
This is a Notice Nearby publisher-desk Federal brief — a short in-house summary of a public federal filing. It is not official agency minutes, not a newspaper story, and not Legal Publication. It does not satisfy a statutory notice requirement.