The Fed's First Rate Hike Since 2023 Is Worth About $81 Million a Year to Interactive Brokers

Key Points The Federal Reserve lifted its benchmark rate a quarter point on Sept. 16, its first increase since July 2023. Interactive Brokers' most recent quarterly filing states a 0.25% rise in U.S. dollar rates contributes about $81 million a year to net interest income. Second-quarter net interest income increased 23% from a year before, to $1.06 billion, even with lower benchmark rates. 10 stocks we like better than Interactive Brokers Group › The Federal Reserve raised its target range for the federal funds rate by a quarter point on Wednesday, Sept. 16, to 3.75% to 4%. The vote was unanimous, and the new range went into effect Thursday. It is the central bank's first rate increase since July 2023. As late as December, the Fed was still cutting.