The Overnight Bank Funding Rate, which, in the United States, is indicative of wholesale, unsecured, overnight bank funding costs. It is calculated using federal funds transactions, certain Eurodollar transactions and certain US deposit transactions. The Eurodollar transactions are unsecured borrowings of US dollars booked at international banking facilities and at offshore branches that are managed or controlled by a US branching office. The OBFR is calculated as a volume-weighted median of overnight federal funds transactions, Eurodollar transactions and domestic deposits. The OBFR is published by the New York Fed daily for the prior business day on its website at approximately 9:00am Eastern Standard Time.

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