The US federal funds rate and the US federal benchmark interest rate are actually the same thing. The federal benchmark interest rate refers to the interest rate in the US interbank lending market and is the most important overnight lending rate. This interest rate change can sensitively reflect the surplus and shortage of inter-bank funds. By targeting and adjusting the interbank lending rate, the Federal Reserve can directly affect the capital cost of commercial banks and transfer the surplus and deficiency of funds in the interbank lending market to industrial and commercial enterprises, thus affecting consumption, investment and the national economy.