What is the interest rate that banks charge each other for overnight and short-term lending?(1 point)Responsesprime rateprime ratereserve requirementsreserve requirementsdiscount ratediscount ratefederal funds rate
federal funds rate
The interest rate that banks charge each other for overnight and short-term lending is called the federal funds rate.
The interest rate that banks charge each other for overnight and short-term lending is known as the federal funds rate. To find the current federal funds rate, you can follow these steps:
1. Go to a financial news website or search engine.
2. Type in "current federal funds rate" or "federal funds rate today" in the search bar.
3. Look for reliable sources such as government financial institutions or reputable financial news websites.
4. Click on the relevant search result to find the current federal funds rate.
It's important to note that the federal funds rate is set by the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve. This key interest rate affects the overall lending and borrowing rates within the financial system.