Initially banks will pay zero percent interest, the new main benchmark rate. (nytimes.com)
Currently, the bank's main benchmark interest rate is at a record low of zero. (baltimoresun.com)
The Libor — the rate at which international banks lend to each other — is the other main benchmark interest rate in the global economy, and as the figure shows it (that's the 3 - month Libor) closely tracks the FFR. (jaredbernsteinblog.com)