What is the difference between a refereed journal and peer reviewed?

The terms "refereed journal" and "peer-reviewed journal" are often used interchangeably. However, there is a subtle difference between the two:

Refereed journal articles have been reviewed by independent researchers (referees) to assess their scientific validity and significance.

Peer-reviewed journals also employ rigorous standards of peer review, but are typically published by commercial organizations. Refereed journals are typically published by academic societies or institutions such as universities or research institutes.