Overnight sensation

¹over·night

adverb \ˌō-vər-ˈnīt\

: for or during the entire night

: very quickly or suddenly

²overnight

adjective

: happening, traveling, or staying during the night

: happening very quickly or suddenly

Full Definition of OVERNIGHT

1

:  of, lasting, or staying the night

2

:  sudden, rapid overnight sensation>

3

:  traveling during the night overnighttrain>

4

a :  accomplished by a mail service within one day's time <overnight delivery>

b :  delivered within one day's time <overnight mail>

In the United States, the federal funds rate is the interest rate at which depository institutions actively trade balances held at the Federal Reserve, called federal funds, with each other, usually overnight, on an uncollateralized basis. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets.

In the United States, federal funds are overnight borrowings between banks and other entities to maintain their bank reserves at the Federal Reserve.

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An overnight sensation;)