US primary credit discount window interest rate
US primary credit discount window interest rate stood at 4% on Oct 15, 2026, according to FRED (Federal Reserve Bank of St. Louis). It is one of the indicators in the Market interest rates table (Value · Daily), with a complete series running from Jan 9, 2003 to Oct 15, 2026. The complete series with an interactive chart, free to download.
This indicator in the Market interest rates table
| Indicator | 16-10-2026 | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Discount window interest rate (primary credit) | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | ||
| Discount window interest rate (secondary credit) | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | |
| Aaa corporate bonds yield | 6.05 | 6.15 | 6.17 | 6.22 | 6.25 | 6.26 | 6.26 | 6.3 |
Understanding US primary credit discount window interest rate
This indicator represents the interest rate applied to primary credit loans at the discount window, intended for depository institutions in sound financial condition that require short-term liquidity. This is the price of a collateralized lending facility, not a direct lending rate for households or businesses. Compared to secondary credit in the same table, primary credit targets better-qualified borrowers and generally carries a lower penalty.
This interest rate is policy-driven and therefore typically shifts in discrete steps rather than fluctuating continuously like market trading yields. When reading the chart, attention should be paid to the effective date of a new rate, avoiding the interpretation of flat segments as a lack of change in liquidity demand. The spread against overnight rates or repo rates indicates the relative attractiveness of the borrowing channel, but utilization also depends on collateral, access conditions, and reluctance to signal adverse conditions.
Frequently asked questions
- Is primary credit intended for ordinary businesses?
- No. This is a liquidity provision mechanism for eligible depository institutions.
- Does an increase in this interest rate mean borrowing demand has risen?
- Not necessarily, as the applied rate and borrowing volume are two separate variables.
- Why is it necessary to compare with secondary credit?
- The gap between the two rates reflects a higher pricing tied to different access conditions and risk levels.