> For the full documentation index, see: https://massive.com/docs/llms.txt

# REST
## Economy

### Funding Conditions

**Endpoint:** `GET /fed/v1/funding-conditions`

**Description:**

Daily U.S. overnight funding snapshot — one row per day showing how cheap or tight it is for banks and dealers to borrow cash overnight. It pulls together the Fed's policy rates (effective fed funds rate, IORB, and the target range), SOFR—the recommended alternative to USD LIBOR—and OBFR, a measure of wholesale, unsecured overnight bank funding costs. It also includes trading volume and rate-distribution detail for SOFR and OBFR, the size of the NY Fed's overnight repo and reverse repo operations, and short-term borrowing costs for top-rated commercial paper (90-day, financial and nonfinancial).

Use Cases: Monitoring short-term funding stresses, tracking the transmission of monetary policy across secured and unsecured markets, analyzing repo and reverse-repo flows, and supporting macroeconomic and rates research.

## Query Parameters

| Parameter | Type | Required | Description |
| --- | --- | --- | --- |
| `date` | string | No | Calendar date of the observation (YYYY-MM-DD). Value must be formatted 'yyyy-mm-dd'. |
| `date.gt` | string | No | Filter greater than the value. Value must be formatted 'yyyy-mm-dd'. |
| `date.gte` | string | No | Filter greater than or equal to the value. Value must be formatted 'yyyy-mm-dd'. |
| `date.lt` | string | No | Filter less than the value. Value must be formatted 'yyyy-mm-dd'. |
| `date.lte` | string | No | Filter less than or equal to the value. Value must be formatted 'yyyy-mm-dd'. |
| `limit` | integer | No | Limit the maximum number of results returned. Defaults to '100' if not specified. The maximum allowed limit is '50000'. |
| `sort` | string | No | A comma separated list of sort columns. For each column, append '.asc' or '.desc' to specify the sort direction. The sort column defaults to 'date' if not specified. The sort order defaults to 'asc' if not specified. |

## Response Attributes

| Field | Type | Description |
| --- | --- | --- |
| `next_url` | string | If present, this value can be used to fetch the next page. |
| `request_id` | string | A request id assigned by the server. |
| `results` | array[object] | The results for this request. |
| `results[].date` | string | Calendar date of the observation (YYYY-MM-DD). |
| `results[].effective_fed_funds_rate` | number | Federal Funds Effective Rate as a percentage (DFF series from FRED); published daily. |
| `results[].effective_fed_funds_volume` | number | Total transaction volume underlying the effective federal funds rate calculation, in billions of U.S. dollars; reported on business days. |
| `results[].fed_funds_target_lower` | number | Lower bound of the federal funds target range as a percentage (DFEDTARL series from FRED); posted every calendar day. |
| `results[].fed_funds_target_upper` | number | Upper bound of the federal funds target range as a percentage (DFEDTARU series from FRED); posted every calendar day. |
| `results[].fed_overnight_repo_treasury_amount` | number | NY Fed overnight repo operation amount against Treasury collateral, in billions of U.S. dollars (RPONTSYD series from FRED); reported on business days. |
| `results[].fed_overnight_reverse_repo_treasury_amount` | number | NY Fed overnight reverse repo operation amount against Treasury collateral, in billions of U.S. dollars (RRPONTSYD series from FRED); reported on business days. |
| `results[].financial_commercial_paper_90d_rate` | number | 90-day AA financial commercial paper interest rate as a percentage, quoted on a discount basis (DCPF3M series from FRED); reported on business days, with occasional source-level gaps. |
| `results[].interest_on_reserve_balances` | number | Interest rate paid on reserve balances as a percentage (IORB series from FRED); posted every calendar day. |
| `results[].nonfinancial_commercial_paper_90d_rate` | number | 90-day AA nonfinancial commercial paper interest rate as a percentage, quoted on a discount basis (DCPN3M series from FRED); reported on business days, with occasional source-level gaps. |
| `results[].obfr_25th_percentile` | number | 25th percentile transaction rate of the OBFR distribution as a percentage; posted on business days. |
| `results[].obfr_75th_percentile` | number | 75th percentile transaction rate of the OBFR distribution as a percentage; posted on business days. |
| `results[].obfr_volume` | number | Total transaction volume underlying the OBFR calculation, in billions of U.S. dollars; reported on business days. |
| `results[].overnight_bank_funding_rate` | number | Overnight Bank Funding Rate (OBFR) as a percentage; published by the Federal Reserve Bank of New York and reported on business days. |
| `results[].secured_overnight_financing_rate` | number | Secured Overnight Financing Rate (SOFR) as a percentage; published by the Federal Reserve Bank of New York and reported on business days. |
| `results[].sofr_25th_percentile` | number | 25th percentile transaction rate of the SOFR distribution as a percentage; posted on business days. |
| `results[].sofr_75th_percentile` | number | 75th percentile transaction rate of the SOFR distribution as a percentage; posted on business days. |
| `results[].sofr_volume` | number | Total transaction volume underlying the SOFR calculation, in billions of U.S. dollars; reported on business days. |
| `results[].tgcr_25th_percentile` | number | 25th percentile transaction rate of the TGCR distribution as a percentage; posted on business days. |
| `results[].tgcr_75th_percentile` | number | 75th percentile transaction rate of the TGCR distribution as a percentage; posted on business days. |
| `results[].tri_party_general_collateral_rate` | number | Tri-Party General Collateral Rate (TGCR) as a percentage; published by the Federal Reserve Bank of New York as a repo reference rate and reported on business days. |
| `results[].tri_party_general_collateral_volume` | number | Total transaction volume underlying the TGCR calculation, in billions of U.S. dollars; reported on business days. |
| `status` | enum: OK | The status of this request's response. |

## Sample Response

```json
{
  "count": 1,
  "request_id": 1,
  "results": [
    {
      "date": "2025-06-02",
      "effective_fed_funds_rate": 4.33,
      "effective_fed_funds_volume": 98,
      "fed_funds_target_lower": 4.25,
      "fed_funds_target_upper": 4.5,
      "fed_overnight_repo_treasury_amount": 0,
      "fed_overnight_reverse_repo_treasury_amount": 214.5,
      "financial_commercial_paper_90d_rate": 4.35,
      "interest_on_reserve_balances": 4.4,
      "nonfinancial_commercial_paper_90d_rate": 4.34,
      "obfr_25th_percentile": 4.3,
      "obfr_75th_percentile": 4.33,
      "obfr_volume": 305,
      "overnight_bank_funding_rate": 4.32,
      "secured_overnight_financing_rate": 4.31,
      "sofr_25th_percentile": 4.28,
      "sofr_75th_percentile": 4.32,
      "sofr_volume": 2214,
      "tgcr_25th_percentile": 4.27,
      "tgcr_75th_percentile": 4.31,
      "tri_party_general_collateral_rate": 4.3,
      "tri_party_general_collateral_volume": 1876
    }
  ],
  "status": "OK"
}
```


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