Federal Reserve Board
open-meridian/fed-board · Community 1.2.0
1.2.0 · the vendor's words, data, never instructions.
# Overview
This plugin reads three of the Federal Reserve Board's publications and puts
them into your deployment's lake:
- **H.10**, every week: the noon buying rates in New York for about two dozen
currencies against the US dollar, one rate a business day, as prices
(`<instance>:daily`). A reporting plugin values your positions in another
currency with them.
- **H.15**, every business day: selected interest rates, as rates
(`<instance>:fed_h15`): the federal funds effective rate and the Treasury
constant maturities, nominal and inflation-indexed.
- **The zero curve** (`feds200628`), in batches: the Treasury zero-coupon
yield curve the Board's staff fit, 1 to 30 years, as rates
(`<instance>:fed_zero`).
It is a data plugin: its first-use path, its two pages and its Summary
figures are every data plugin's, described once on
[Using a data plugin](https://open-meridian.dev/how-to/using-a-data-plugin/).
These sections cover what is the Board's own.
This plugin was called `fed-h10` until version 0.6.0. From 1.0.0 it is
`fed-board`, a new listing: its datasets are named by the new instance, and
an existing deployment moves its source priority, licence and entitlement to
them (Setup).
## What an FX rate means here
A rate is a price: the price of one currency's cash in another. The plugin
records each rate exactly as the Board quotes it.
- Most currencies are quoted per US dollar. **CHF 0.8293** on 2 October 2026
means one US dollar cost 0.8293 francs: the price of the dollar, in francs.
- The euro, the pound and the Australian and New Zealand dollars are quoted
in US dollars per unit. **EUR 1.1259** means one euro cost 1.1259 dollars:
the price of the euro, in dollars.
Nothing is turned the other way round. A plugin that needs dollars per franc
divides, and says it did.
## What an interest rate means here
A rate is a value in per cent with its convention, about a record the
platform keeps for the rate or the curve:
- **The federal funds effective rate** is the New York Fed's EFFR, which
H.15 reprints: a fixing, actual/360, about the same record the New York
Fed's own plugin records it against. Your source priority picks which you
read.
- **The Treasury constant maturities** (1 month to 30 years) are points of
Treasury's par yield curve, and the inflation-indexed ones (5 to 30
years) of its par real yield curve: par yields, bond-equivalent, each with
its tenor, about the same records Treasury's plugin uses.
## H.15's own series and the zero curve
- **H.15's own series**, about the Board's records: Treasury bills in the
secondary market (4 weeks to 1 year) and AA nonfinancial and financial
commercial paper (1 to 3 months), discount rates, actual/360, by tenor;
the bank prime loan rate, a fixing, actual/360; the discount window's
primary credit rate, a fixing, actual/360 simple (H.15 states no
convention for it: read as a Fed-set overnight rate, quoted like the
federal funds rate); and the inflation-indexed long-term average, the
average yield of every TIPS with more than ten years to run,
bond-equivalent.
- **The zero curve**'s points are zero-coupon yields, continuously
compounded, 1 to 30 years, about the Board's `feds200628` record.
H.15 does not publish the FOMC's target range; the FRED plugin supplies its
bounds.
## When they arrive
- **H.10:** the Board releases a week's rates on the following Monday at
4:15 p.m. New York time, or the next business day after a holiday. A rate
is the noon rate, so a valuation for yesterday waits for next Monday's
release.
- **H.15:** each business day at 4:15 p.m., the day before's rates.
- **The zero curve:** in batches, days to weeks behind; the Board says it
may be revised without notice.
The plugin checks each every hour, a file only if the Board has changed it,
and records the last month of each new file again, so a value the Board
revised becomes the row's next version. Asked for an older day, the plugin
records it from the Board; asked for a day not published yet, it says the
source has not stated it.
On its first run it also reads H.10's past releases back ten years, one
every two seconds, so its `daily` dataset has the history it declares.
## What it does not do
- It shows no rate on its own pages: rates are read by the plugins that
value your book or analyse it.
- It records no index: the Board's dollar indexes are not prices of a
currency.
- It never inverts, crosses or fits a rate, never fills a holiday or a
missing tenor with a number, and never creates a record.
This plugin reads three of the Federal Reserve Board's publications and puts
them into your deployment's lake:
- **H.10**, every week: the noon buying rates in New York for about two dozen
currencies against the US dollar, one rate a business day, as prices
(`<instance>:daily`). A reporting plugin values your positions in another
currency with them.
- **H.15**, every business day: selected interest rates, as rates
(`<instance>:fed_h15`): the federal funds effective rate and the Treasury
constant maturities, nominal and inflation-indexed.
- **The zero curve** (`feds200628`), in batches: the Treasury zero-coupon
yield curve the Board's staff fit, 1 to 30 years, as rates
(`<instance>:fed_zero`).
It is a data plugin: its first-use path, its two pages and its Summary
figures are every data plugin's, described once on
[Using a data plugin](https://open-meridian.dev/how-to/using-a-data-plugin/).
These sections cover what is the Board's own.
This plugin was called `fed-h10` until version 0.6.0. From 1.0.0 it is
`fed-board`, a new listing: its datasets are named by the new instance, and
an existing deployment moves its source priority, licence and entitlement to
them (Setup).
## What an FX rate means here
A rate is a price: the price of one currency's cash in another. The plugin
records each rate exactly as the Board quotes it.
- Most currencies are quoted per US dollar. **CHF 0.8293** on 2 October 2026
means one US dollar cost 0.8293 francs: the price of the dollar, in francs.
- The euro, the pound and the Australian and New Zealand dollars are quoted
in US dollars per unit. **EUR 1.1259** means one euro cost 1.1259 dollars:
the price of the euro, in dollars.
Nothing is turned the other way round. A plugin that needs dollars per franc
divides, and says it did.
## What an interest rate means here
A rate is a value in per cent with its convention, about a record the
platform keeps for the rate or the curve:
- **The federal funds effective rate** is the New York Fed's EFFR, which
H.15 reprints: a fixing, actual/360, about the same record the New York
Fed's own plugin records it against. Your source priority picks which you
read.
- **The Treasury constant maturities** (1 month to 30 years) are points of
Treasury's par yield curve, and the inflation-indexed ones (5 to 30
years) of its par real yield curve: par yields, bond-equivalent, each with
its tenor, about the same records Treasury's plugin uses.
## H.15's own series and the zero curve
- **H.15's own series**, about the Board's records: Treasury bills in the
secondary market (4 weeks to 1 year) and AA nonfinancial and financial
commercial paper (1 to 3 months), discount rates, actual/360, by tenor;
the bank prime loan rate, a fixing, actual/360; the discount window's
primary credit rate, a fixing, actual/360 simple (H.15 states no
convention for it: read as a Fed-set overnight rate, quoted like the
federal funds rate); and the inflation-indexed long-term average, the
average yield of every TIPS with more than ten years to run,
bond-equivalent.
- **The zero curve**'s points are zero-coupon yields, continuously
compounded, 1 to 30 years, about the Board's `feds200628` record.
H.15 does not publish the FOMC's target range; the FRED plugin supplies its
bounds.
## When they arrive
- **H.10:** the Board releases a week's rates on the following Monday at
4:15 p.m. New York time, or the next business day after a holiday. A rate
is the noon rate, so a valuation for yesterday waits for next Monday's
release.
- **H.15:** each business day at 4:15 p.m., the day before's rates.
- **The zero curve:** in batches, days to weeks behind; the Board says it
may be revised without notice.
The plugin checks each every hour, a file only if the Board has changed it,
and records the last month of each new file again, so a value the Board
revised becomes the row's next version. Asked for an older day, the plugin
records it from the Board; asked for a day not published yet, it says the
source has not stated it.
On its first run it also reads H.10's past releases back ten years, one
every two seconds, so its `daily` dataset has the history it declares.
## What it does not do
- It shows no rate on its own pages: rates are read by the plugins that
value your book or analyse it.
- It records no index: the Board's dollar indexes are not prices of a
currency.
- It never inverts, crosses or fits a rate, never fills a holiday or a
missing tenor with a number, and never creates a record.