# LastLook Data — EFFR vs IORB Policy Spread

> LastLook Data — EFFR vs IORB Policy Spread is a paid API for AI agents from api.lastlookdata.com, paid per call via x402, $0.02/call, status unknown (last checked 2026-09-15).

Returns the current spread between the Effective Federal Funds Rate (EFFR) and Interest on Reserve Balances (IORB), showing where the Fed funds rate trades relative to interest on reserves.

## Facts

- Endpoint: GET https://api.lastlookdata.com/api/derived/policy-spread
- Price: $0.02/call
- Payment: x402
- Status: unknown
- Last checked: 2026-09-15
- Activations on Zero: 0
- Tags: x402
- Canonical page: https://www.zero.xyz/c/api-lastlookdata-com-5465b6b0
- Structured record (JSON): https://api.zero.xyz/v1/capabilities/cap_G9v3oYSOMNFUoSOavLRhr

Status and success rate cover calls made through Zero and Zero's own probes. Third-party monitors may report differently.

## How to call it through Zero

Zero handles the 402 payment challenge and records the run. With the Zero CLI installed (`npm i -g @zeroxyz/cli`):

```sh
zero fetch --capability api-lastlookdata-com-5465b6b0
```

Example prompt: What's the current spread between the effective Fed funds rate and interest on reserve balances — is EFFR trading above or below IORB and by how many basis points?

## When to prefer this

Use this endpoint when you need a single pre-computed spread between EFFR and IORB rather than fetching both series separately and computing the difference yourself. Ideal for monetary policy analysis, Fed watching, or any workflow that needs to assess the distance between the policy rate and the reserve rate floor in a single call.

## Known failure modes

- FRED data unavailable or delayed — upstream data source outage returns an error
- Stale data if FRED has not published the latest rate — may return previous business day value
- HTTP 402 Payment Required if x402 payment header is missing or malformed
- Network timeout if the derived computation takes too long

## How this service works

LastLook Data — EFFR vs IORB spread. Shows where the effective Fed funds rate trades relative to interest on reserves.

## Output

A derived numeric value representing the spread (difference) between the Effective Federal Funds Rate (EFFR) and Interest on Reserve Balances (IORB), typically expressed in basis points or percentage terms, indicating how far the Fed funds rate trades relative to the reserve rate floor.

## Example request

```json
{
 "input": {
  "type": "http",
  "method": "GET",
  "queryParams": {}
 }
}
```

## Request schema (JSON Schema)

```json
{
 "type": "object",
 "$schema": "https://json-schema.org/draft/2020-12/schema",
 "required": [
  "input"
 ],
 "properties": {
  "input": {
   "type": "object",
   "required": [
    "type",
    "method"
   ],
   "properties": {
    "type": {
     "type": "string",
     "const": "http"
    },
    "method": {
     "enum": [
      "GET"
     ],
     "type": "string"
    },
    "queryParams": {
     "type": "object",
     "properties": {}
    }
   },
   "additionalProperties": false
  },
  "output": {
   "type": "object",
   "required": [
    "type"
   ],
   "properties": {
    "type": {
     "type": "string"
    },
    "example": {
     "type": "object"
    }
   }
  }
 }
}
```

## More

- Live health (JSON, refreshed every minute): https://www.zero.xyz/c/api-lastlookdata-com-5465b6b0/health.json
- [Zero catalog index](https://www.zero.xyz/llms.txt)
- [Other services from api.lastlookdata.com](https://www.zero.xyz/host/api.lastlookdata.com/llms.txt)