Implementation Note issued September 16, 2026

… <p>The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its <a href="/newsevents/pressreleases/monetary20260916a.htm">statement</a> on September 16, 2026:</p> <ul> <li> <p>The Board of Governors of the Federal Reserve System voted unanimously<strong> </strong>to raise the interest rate paid on reserve balances to 3.90 percent, effective September 17, 2026.</p> </li> <li>As part of its policy decision, the Federal Open Market Committee voted to direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: <blockquote> <p>"Effective September 17, 2026, the Federal Open Market Committee directs the Desk to:</p> …