Correlation Analysis
Interest Rates: Immediate Rates (< 24 Hours): Central Bank Rates: Total for Canada vs Federal Funds Effective Rate
IRSTCB01CAM156N vs FEDFUNDS
+0.928
Very strong positive
When one moves up, the other tends to follow.
AI Analysis
The strong correlation between Series A (IRSTCB01CAM156N) and Series B (FEDFUNDS) suggests that movements in these two economic indicators are closely related, with approximately 68% of the time they trend in the same direction. This alignment implies that changes in the interest rate set by the Federal Reserve are likely to have a significant impact on the other variable, making it a useful metric for investors and economists monitoring economic conditions. However, while they are in sync, the nuances of timing should be considered, as slight delays in response can affect decision-making; therefore, relying solely on this correlation without context could lead to misguided conclusions.
Timing Offset
in sync
IRSTCB01CAM156N and FEDFUNDS tend to move at the same time.
Correlation at each lag offset (periods). Peak marked with dot.
Peak correlation at offset: +0.919 (13 lags scanned)
R-Squared
84.4%
Share of variance in one series explained by the other.
Trend Agreement
67.7%
How often both series moved in the same direction period-to-period.
Overlap Quality
768
Deep shared window — 768 usable pairs.
Significance
p < 0.001
95% CI: [0.846, 0.958] (approximate)
Time Series
Rebased to 100
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
768 paired observations survived the daily window.
Raw input
768
861
Normalized
768
861
Prepared
768
861
Aligned
768
768
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
93
A: 0 / B: 93
Series A
IRSTCB01CAM156N
Interest Rates: Immediate Rates (< 24 Hours): Central Bank Rates: Total for Canada
FRED · 768 raw → 768 prepared
Series B
FEDFUNDS
Federal Funds Effective Rate
FRED · 861 raw → 861 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
13
Estimated crossover points between normalized spreads.
Slope
0.8669
Linear regression slope.
Intercept
-0.0659
Linear regression intercept.
Saved 13 hours ago · ID: fred-irstcb01cam156n-vs-fred-fedfunds-daily-20260406-i05lbe