{"uid":"cap_G9v3oYSOMNFUoSOavLRhr","slug":"api-lastlookdata-com-5465b6b0","name":"LastLook Data — EFFR vs IORB Policy Spread","description":"LastLook Data — EFFR vs IORB spread. Shows where the effective Fed funds rate trades relative to interest on reserves.","url":"https://api.lastlookdata.com/api/derived/policy-spread","method":"GET","headers":{},"bodySchema":{"type":"object","$schema":"https://json-schema.org/draft/2020-12/schema","required":["input"],"properties":{"input":{"type":"object","required":["type","method"],"properties":{"type":{"type":"string","const":"http"},"method":{"enum":["GET"],"type":"string"},"queryParams":{"type":"object","properties":{}}},"additionalProperties":false},"output":{"type":"object","required":["type"],"properties":{"type":{"type":"string"},"example":{"type":"object"}}}}},"responseSchema":null,"example":{"request":{"input":{"type":"http","method":"GET","queryParams":{}}},"response":{"effr":3.62,"iorb":3.65,"note":"Source: Federal Reserve Bank of St. Louis (FRED)","as_of":"2026-05-27","spread":-0.03,"service":"LastLook Data","interpretation":"EFFR trading below IORB — within normal operating band"}},"exampleRequest":null,"tags":["x402"],"displayCostAmount":"0.02","displayCostAsset":"USDC","priceDynamic":false,"priceHint":null,"priceStatus":"priced","priceSource":"settled","requiresHandshake":false,"reviewCount":0,"rating":{"score":"0.00","successRate":"0.00","reviews":0,"stars":null,"state":"unrated"},"availabilityStatus":"unknown","priceObserved":null,"sessionDeposit":null,"pricing":{"kind":"static","summary":"$0.02/call","primary":{"kind":"static","protocol":"x402","network":"base","amountUsd":"0.02","per":"call","confidence":"exact"},"accepted":[{"kind":"static","protocol":"x402","network":"base","amountUsd":"0.02","per":"call","confidence":"exact"}]},"paymentMethods":[{"uid":"pm_TDX49XSx9UG-qGfCZ_fX5","protocol":"x402","methodType":"crypto","chain":"base","mode":"charge","costAmount":"0.02","costPer":"request","priority":0,"asset":"0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913","unit":"request","depositMicros":null,"planRef":null}],"brandName":null,"brandSlug":null,"brandBaseUrl":null,"brandDocsUrl":null,"whatItDoes":"Returns the current spread between the Effective Federal Funds Rate (EFFR) and Interest on Reserve Balances (IORB), showing where the Fed funds rate trades relative to interest on reserves.","exampleAgentPrompt":"What's the current spread between the effective Fed funds rate and interest on reserve balances — is EFFR trading above or below IORB and by how many basis points?","exampleUseCases":[{"title":"Monitor Fed policy transmission to banks","prompt":"Check the EFFR versus IORB spread right now and let me know if banks are incentivized to lend in the interbank market or if they're parking reserves at the Fed instead."},{"title":"Alert on monetary policy shift signals","prompt":"Track the EFFR to IORB spread throughout the trading session and notify me if it widens or tightens significantly — that could signal changes in bank liquidity behavior."},{"title":"Assess reserve market tightness daily","prompt":"What's the latest spread between the effective Fed funds rate and interest on reserves? I need to understand how constrained the Fed funds market is relative to the reserve rate floor right now."}],"resultDescription":"A derived numeric value representing the spread (difference) between the Effective Federal Funds Rate (EFFR) and Interest on Reserve Balances (IORB), typically expressed in basis points or percentage terms, indicating how far the Fed funds rate trades relative to the reserve rate floor.","failureModes":["FRED data unavailable or delayed — upstream data source outage returns an error","Stale data if FRED has not published the latest rate — may return previous business day value","HTTP 402 Payment Required if x402 payment header is missing or malformed","Network timeout if the derived computation takes too long"],"whenToPreferThis":"Use this endpoint when you need a single pre-computed spread between EFFR and IORB rather than fetching both series separately and computing the difference yourself. Ideal for monetary policy analysis, Fed watching, or any workflow that needs to assess the distance between the policy rate and the reserve rate floor in a single call.","instructions":null,"reviewSummary":null,"reviewSummaryHighlights":null,"reviewSummaryConcerns":null,"reviewSummaryGeneratedAt":null,"activationCount":0,"lastUsedAt":null,"lastSuccessfullyRanAt":null,"lastHealthCheckAt":"2026-09-15T12:53:18.328Z","isFirstParty":false}