More commonly known as the Federal Funds Rate or the Fed Funds Rate, it’s the “overnight” (very short term) rate that the Federal Reserve lends money to big money center banks. It modifies this rate by buying and selling government bonds. This is the rate - reviewed monthly - that also helps set interest rates in the broader market, although the banks have more to do with setting those rates than the Fed. The Effective Federal Funds Rate was 5.33 as of April 01, 2024.
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