What was the bank interest rate in 1929 in the US?

In 1929, the average bank interest rate in the United States was around 5% to 6%. This period was characterized by economic prosperity before the Great Depression, which led to significant changes in monetary policy and interest rates in the following years. The Federal Reserve had adopted a relatively high-interest rate policy in the late 1920s to curb Stock Market speculation. However, the rates would eventually drop dramatically as the economy faced severe downturns in the early 1930s.