IORB (Interest on Reserve Balances)
The interest rate the Federal Reserve pays on reserves that commercial banks hold at the Fed. IORB sits at the top of the Fed's policy corridor and acts as a soft ceiling on overnight rates, since banks should not lend below this risk-free rate. Banks comparing IORB to other short-rate alternatives drive the marginal flow of reserves through the system.
What IORB Is
The interest rate the Federal Reserve pays on reserves that commercial banks hold at the Fed. IORB sits at the top of the Fed's policy corridor and acts as a soft ceiling on overnight rates, since banks should not lend below this risk-free rate. Banks comparing IORB to other short-rate alternatives drive the marginal flow of reserves through the system.
Where IORB Appears in TBL Research
IORB is one of the money markets and fed plumbing that TBL tracks. For how it fits the broader framework, see Bitcoin and Global Liquidity.
Related TBL Resources
Bitcoin and Global Liquidity: The TBL Framework
Bitcoin moves as the highest-beta expression of global dollar liquidity. Global liquidity is the joint output of central bank balance sheets, Treasury cash management, the global banking system, and stablecoin issuance, read through the lens of collateral-system stress rather than the M2 aggregate most retail commentators cite.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.