“ Adjustments to the IORB rate help to move the federal funds rate into the target range set by the FOMC. Banks should be unwilling to lend to any private counterparty at a rate lower than the rate they can earn on balances maintained at the Federal Reserve. As a result, an increase in the IORB rate will put upward pressure on a range of short-term interest rates. The opposite holds for a decrease in the IORB rate. Typically, changes in the FOMC's target range are accompanied by commensurate changes in the IORB rate, thus providing incentives for the federal funds rate to adjust to a level consistent with the FOMC's target.”

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