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FRED Adds Cleveland Fed’s Inflation Expectations

FRED has added 35 series on expected inflation and real and inflation risk premia from the Federal Reserve Bank of Cleveland. The series are estimates of the expected rate of inflation over the next 30 years along with the inflation risk premium, the real risk premium, and the real interest rate, calculated with a model that uses Treasury yields, inflation data, inflation swaps, and survey-based measures of inflation expectations. See the source’s FAQs for more details about the data and methodology for the calculations.

Posted in FRED Announcements

FRED Adds EONIA: Euro Interbank Offered Rate

FRED has added the European Overnight Index Average (EONIA), which is the closing rate for overnight loans denominated in euros. To create this series, the European Central Bank (ECB) collects data on unsecured, overnight lending among a panel of banks in the euro area.

Posted in FRED Announcements

FRED Adds Chicago Fed Advance Retail Trade Summary (CARTS) Indexes

FRED has added four weekly series on retail trade from the Federal Reserve Bank of Chicago. The Chicago Fed Advance Retail Trade Summary (CARTS) is a weekly index designed to track the Census Bureau’s Monthly Retail Trade Survey (MRTS).

Posted in FRED Announcements

FRED Adds SONIA Interest Rate Benchmarks

FRED has 13 new series of overnight interest rate data from the Bank of England. Banks pay the sterling overnight index average (SONIA) on top of any loans made for purchases of sterling (British pounds) in the overnight market. Because SONIA is based on the average of these overnight interest rates without incorporating risk premiums, it is also effectively risk free. This is a departure from the London interbank offered rate (LIBOR),  which is still short-term lending but more forward looking; since LIBOR includes loans up to one year in duration, risk premiums are built into some of its loans. LIBOR historically has been used by the private sector as a benchmark for short-term interest rates; but as the Bank of England phases out LIBOR this year, SONIA will take its place as a more robust and stable benchmark.

Posted in FRED Announcements

FRED Adds the Interest Rate on Reserve Balances

Effective July 29, 2021, the Board of Governors of the Federal Reserve System will replace the interest rate on excess reserves (IOER) and the interest rate on required reserves (IORR) with a single rate, the interest rate on reserve balances (IORB). Therefore, FRED has discontinued the IOER and the IORR rates and added the IORB rate. See the Board’s announcement for more details.

The IORB rate is the rate of interest that the Federal Reserve pays on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks. The interest rate is set by the Board of Governors, and it is an important tool of monetary policy. See Policy Tools and IORB FAQs for more information.

Posted in FRED Announcements

FRED Adds “Redlining” Data from Aaronson, Hartley, and Mazumder

FRED has 20 new series of summary statistics from “The Effects of the 1930s HOLC ‘Redlining’ Maps,” which is a recently updated working paper (August 2020) by Daniel Aaronson, Daniel Hartley, and Bhash Mazumder of the Chicago Fed.

These authors study the effects of the 1930s-era HOLC “redlining” maps on the long-run trajectories of neighborhoods. They calculate summary statistics based on U.S. Census estimates for each area matched to the geocoded HOLC neighborhoods. These neighborhoods are based on the geocoded renderings of the original Home Owners Loan Corporation (HOLC) maps for 149 cities.

Posted in FRED Announcements