US monetary policy
Current FOMC target range
3.75%–4.00%
Effective from 17 September 2026 — a rise of 0.25 percentage points from 3.50%–3.75%.
The effective rate — what banks actually transacted at — was 3.88% on 23 October 2026.
Data as of · Source: FRED, Federal Reserve Bank of St. Louis · updates automatically when the FOMC changes the range
The federal funds rate is the interest rate at which US banks lend their reserve balances to each other overnight. The Federal Open Market Committee (FOMC) doesn't set it by decree — it sets a target range and then uses its policy tools to keep the actual, market-determined rate inside that band. That's why two numbers appear above: the range the Fed is aiming for, and the effective rate that resulted.
The FOMC meets eight times a year. Unlike the Bank of England, which targets inflation alone, the Fed has a dual mandate: maximum employment and stable prices, with a 2% inflation goal. Those two aims can pull in opposite directions, which is a large part of why Fed decisions are so closely watched — and so hard to anticipate.
The Fed has published a range rather than a single number since December 2008, when rates were cut to near zero during the financial crisis.
This is not only a US number. The federal funds rate is the anchor for the discount rate applied to future cash flows in the world's largest equity market — so it helps price the US shares and ETFs held in portfolios far outside America.
| Date effective | Target range | Change (pp) |
|---|---|---|
| 17 September 2026 | 3.75%–4.00% | +0.25 |
| 11 December 2025 | 3.50%–3.75% | −0.25 |
| 30 October 2025 | 3.75%–4.00% | −0.25 |
| 18 September 2025 | 4.00%–4.25% | −0.25 |
| 19 December 2024 | 4.25%–4.50% | −0.25 |
| 8 November 2024 | 4.50%–4.75% | −0.25 |
| 19 September 2024 | 4.75%–5.00% | −0.50 |
| 27 July 2023 | 5.25%–5.50% | +0.25 |
| 4 May 2023 | 5.00%–5.25% | +0.25 |
| 23 March 2023 | 4.75%–5.00% | +0.25 |
| 2 February 2023 | 4.50%–4.75% | +0.25 |
| 15 December 2022 | 4.25%–4.50% | +0.50 |
| Date effective | Target range | Change (pp) |
|---|---|---|
| 3 November 2022 | 3.75%–4.00% | +0.75 |
| 22 September 2022 | 3.00%–3.25% | +0.75 |
| 28 July 2022 | 2.25%–2.50% | +0.75 |
| 16 June 2022 | 1.50%–1.75% | +0.75 |
| 5 May 2022 | 0.75%–1.00% | +0.50 |
| 17 March 2022 | 0.25%–0.50% | +0.25 |
| 16 March 2020 | 0.00%–0.25% | −1.00 |
| 4 March 2020 | 1.00%–1.25% | −0.50 |
| 31 October 2019 | 1.50%–1.75% | −0.25 |
| 19 September 2019 | 1.75%–2.00% | −0.25 |
| 1 August 2019 | 2.00%–2.25% | −0.25 |
| 20 December 2018 | 2.25%–2.50% | +0.25 |
| 27 September 2018 | 2.00%–2.25% | +0.25 |
| 14 June 2018 | 1.75%–2.00% | +0.25 |
| 22 March 2018 | 1.50%–1.75% | +0.25 |
| 14 December 2017 | 1.25%–1.50% | +0.25 |
| 15 June 2017 | 1.00%–1.25% | +0.25 |
| 16 March 2017 | 0.75%–1.00% | +0.25 |
| 14 December 2016 | 0.50%–0.75% | +0.25 |
| 16 December 2015 | 0.25%–0.50% | +0.25 |
| 16 December 2008 | 0.00%–0.25% | — |
Each month's average effective rate — the same figure as FRED's monthly series (FEDFUNDS) — and the target range in force at month end. A month is added once it ends.
| Month | Average effective rate | Target range at month end |
|---|---|---|
| September 2026 | 3.75% | 3.75%–4.00% |
| August 2026 | 3.63% | 3.50%–3.75% |
| July 2026 | 3.63% | 3.50%–3.75% |
| June 2026 | 3.63% | 3.50%–3.75% |
| May 2026 | 3.63% | 3.50%–3.75% |
| April 2026 | 3.64% | 3.50%–3.75% |
| March 2026 | 3.64% | 3.50%–3.75% |
| February 2026 | 3.64% | 3.50%–3.75% |
| January 2026 | 3.64% | 3.50%–3.75% |
| December 2025 | 3.72% | 3.50%–3.75% |
| November 2025 | 3.88% | 3.75%–4.00% |
| October 2025 | 4.09% | 3.75%–4.00% |
| September 2025 | 4.22% | 4.00%–4.25% |
| August 2025 | 4.33% | 4.25%–4.50% |
| July 2025 | 4.33% | 4.25%–4.50% |
| June 2025 | 4.33% | 4.25%–4.50% |
| May 2025 | 4.33% | 4.25%–4.50% |
| April 2025 | 4.33% | 4.25%–4.50% |
| March 2025 | 4.33% | 4.25%–4.50% |
| February 2025 | 4.33% | 4.25%–4.50% |
| January 2025 | 4.33% | 4.25%–4.50% |
| December 2024 | 4.48% | 4.25%–4.50% |
| November 2024 | 4.64% | 4.50%–4.75% |
| October 2024 | 4.83% | 4.75%–5.00% |
| Month | Average effective rate | Target range at month end |
|---|---|---|
| September 2024 | 5.13% | 4.75%–5.00% |
| August 2024 | 5.33% | 5.25%–5.50% |
| July 2024 | 5.33% | 5.25%–5.50% |
| June 2024 | 5.33% | 5.25%–5.50% |
| May 2024 | 5.33% | 5.25%–5.50% |
| April 2024 | 5.33% | 5.25%–5.50% |
| March 2024 | 5.33% | 5.25%–5.50% |
| February 2024 | 5.33% | 5.25%–5.50% |
| January 2024 | 5.33% | 5.25%–5.50% |
| December 2023 | 5.33% | 5.25%–5.50% |
| November 2023 | 5.33% | 5.25%–5.50% |
| October 2023 | 5.33% | 5.25%–5.50% |
| September 2023 | 5.33% | 5.25%–5.50% |
| August 2023 | 5.33% | 5.25%–5.50% |
| July 2023 | 5.12% | 5.25%–5.50% |
| June 2023 | 5.08% | 5.00%–5.25% |
| May 2023 | 5.06% | 5.00%–5.25% |
| April 2023 | 4.83% | 4.75%–5.00% |
| March 2023 | 4.65% | 4.75%–5.00% |
| February 2023 | 4.57% | 4.50%–4.75% |
| January 2023 | 4.33% | 4.25%–4.50% |
| December 2022 | 4.10% | 4.25%–4.50% |
| November 2022 | 3.78% | 3.75%–4.00% |
| October 2022 | 3.08% | 3.00%–3.25% |
| September 2022 | 2.55% | 3.00%–3.25% |
| August 2022 | 2.33% | 2.25%–2.50% |
| July 2022 | 1.68% | 2.25%–2.50% |
| June 2022 | 1.20% | 1.50%–1.75% |
| May 2022 | 0.77% | 0.75%–1.00% |
| April 2022 | 0.33% | 0.25%–0.50% |
| March 2022 | 0.20% | 0.25%–0.50% |
| February 2022 | 0.08% | 0.00%–0.25% |
| January 2022 | 0.08% | 0.00%–0.25% |
| December 2021 | 0.08% | 0.00%–0.25% |
| November 2021 | 0.08% | 0.00%–0.25% |
| October 2021 | 0.08% | 0.00%–0.25% |
| September 2021 | 0.08% | 0.00%–0.25% |
| August 2021 | 0.09% | 0.00%–0.25% |
| July 2021 | 0.10% | 0.00%–0.25% |
| June 2021 | 0.08% | 0.00%–0.25% |
| May 2021 | 0.06% | 0.00%–0.25% |
| April 2021 | 0.07% | 0.00%–0.25% |
| March 2021 | 0.07% | 0.00%–0.25% |
| February 2021 | 0.08% | 0.00%–0.25% |
| January 2021 | 0.09% | 0.00%–0.25% |
| December 2020 | 0.09% | 0.00%–0.25% |
| November 2020 | 0.09% | 0.00%–0.25% |
| October 2020 | 0.09% | 0.00%–0.25% |
| September 2020 | 0.09% | 0.00%–0.25% |
| August 2020 | 0.10% | 0.00%–0.25% |
| July 2020 | 0.09% | 0.00%–0.25% |
| June 2020 | 0.08% | 0.00%–0.25% |
| May 2020 | 0.05% | 0.00%–0.25% |
| April 2020 | 0.05% | 0.00%–0.25% |
| March 2020 | 0.65% | 0.00%–0.25% |
| February 2020 | 1.58% | 1.50%–1.75% |
| January 2020 | 1.55% | 1.50%–1.75% |
| December 2019 | 1.55% | 1.50%–1.75% |
| November 2019 | 1.55% | 1.50%–1.75% |
| October 2019 | 1.83% | 1.50%–1.75% |
| September 2019 | 2.04% | 1.75%–2.00% |
| August 2019 | 2.13% | 2.00%–2.25% |
| July 2019 | 2.40% | 2.25%–2.50% |
| June 2019 | 2.38% | 2.25%–2.50% |
| May 2019 | 2.39% | 2.25%–2.50% |
| April 2019 | 2.42% | 2.25%–2.50% |
| March 2019 | 2.41% | 2.25%–2.50% |
| February 2019 | 2.40% | 2.25%–2.50% |
| January 2019 | 2.40% | 2.25%–2.50% |
| December 2018 | 2.27% | 2.25%–2.50% |
| November 2018 | 2.20% | 2.00%–2.25% |
| October 2018 | 2.19% | 2.00%–2.25% |
| September 2018 | 1.95% | 2.00%–2.25% |
| August 2018 | 1.91% | 1.75%–2.00% |
| July 2018 | 1.91% | 1.75%–2.00% |
| June 2018 | 1.82% | 1.75%–2.00% |
| May 2018 | 1.70% | 1.50%–1.75% |
| April 2018 | 1.69% | 1.50%–1.75% |
| March 2018 | 1.51% | 1.50%–1.75% |
| February 2018 | 1.42% | 1.25%–1.50% |
| January 2018 | 1.41% | 1.25%–1.50% |
| December 2017 | 1.30% | 1.25%–1.50% |
| November 2017 | 1.16% | 1.00%–1.25% |
| October 2017 | 1.15% | 1.00%–1.25% |
| September 2017 | 1.15% | 1.00%–1.25% |
| August 2017 | 1.16% | 1.00%–1.25% |
| July 2017 | 1.15% | 1.00%–1.25% |
| June 2017 | 1.04% | 1.00%–1.25% |
| May 2017 | 0.91% | 0.75%–1.00% |
| April 2017 | 0.90% | 0.75%–1.00% |
| March 2017 | 0.79% | 0.75%–1.00% |
| February 2017 | 0.66% | 0.50%–0.75% |
| January 2017 | 0.65% | 0.50%–0.75% |
| December 2016 | 0.54% | 0.50%–0.75% |
| November 2016 | 0.41% | 0.25%–0.50% |
| October 2016 | 0.40% | 0.25%–0.50% |
| September 2016 | 0.40% | 0.25%–0.50% |
| August 2016 | 0.40% | 0.25%–0.50% |
| July 2016 | 0.39% | 0.25%–0.50% |
| June 2016 | 0.38% | 0.25%–0.50% |
| May 2016 | 0.37% | 0.25%–0.50% |
| April 2016 | 0.37% | 0.25%–0.50% |
| March 2016 | 0.36% | 0.25%–0.50% |
| February 2016 | 0.38% | 0.25%–0.50% |
| January 2016 | 0.34% | 0.25%–0.50% |
| December 2015 | 0.24% | 0.25%–0.50% |
| November 2015 | 0.12% | 0.00%–0.25% |
| October 2015 | 0.12% | 0.00%–0.25% |
| September 2015 | 0.14% | 0.00%–0.25% |
| August 2015 | 0.14% | 0.00%–0.25% |
| July 2015 | 0.13% | 0.00%–0.25% |
| June 2015 | 0.13% | 0.00%–0.25% |
| May 2015 | 0.12% | 0.00%–0.25% |
| April 2015 | 0.12% | 0.00%–0.25% |
| March 2015 | 0.11% | 0.00%–0.25% |
| February 2015 | 0.11% | 0.00%–0.25% |
| January 2015 | 0.11% | 0.00%–0.25% |
| December 2014 | 0.12% | 0.00%–0.25% |
| November 2014 | 0.09% | 0.00%–0.25% |
| October 2014 | 0.09% | 0.00%–0.25% |
| September 2014 | 0.09% | 0.00%–0.25% |
| August 2014 | 0.09% | 0.00%–0.25% |
| July 2014 | 0.09% | 0.00%–0.25% |
| June 2014 | 0.10% | 0.00%–0.25% |
| May 2014 | 0.09% | 0.00%–0.25% |
| April 2014 | 0.09% | 0.00%–0.25% |
| March 2014 | 0.08% | 0.00%–0.25% |
| February 2014 | 0.07% | 0.00%–0.25% |
| January 2014 | 0.07% | 0.00%–0.25% |
| December 2013 | 0.09% | 0.00%–0.25% |
| November 2013 | 0.08% | 0.00%–0.25% |
| October 2013 | 0.09% | 0.00%–0.25% |
| September 2013 | 0.08% | 0.00%–0.25% |
| August 2013 | 0.08% | 0.00%–0.25% |
| July 2013 | 0.09% | 0.00%–0.25% |
| June 2013 | 0.09% | 0.00%–0.25% |
| May 2013 | 0.11% | 0.00%–0.25% |
| April 2013 | 0.14% | 0.00%–0.25% |
| March 2013 | 0.14% | 0.00%–0.25% |
| February 2013 | 0.15% | 0.00%–0.25% |
| January 2013 | 0.14% | 0.00%–0.25% |
| December 2012 | 0.16% | 0.00%–0.25% |
| November 2012 | 0.16% | 0.00%–0.25% |
| October 2012 | 0.16% | 0.00%–0.25% |
| September 2012 | 0.14% | 0.00%–0.25% |
| August 2012 | 0.13% | 0.00%–0.25% |
| July 2012 | 0.16% | 0.00%–0.25% |
| June 2012 | 0.16% | 0.00%–0.25% |
| May 2012 | 0.16% | 0.00%–0.25% |
| April 2012 | 0.14% | 0.00%–0.25% |
| March 2012 | 0.13% | 0.00%–0.25% |
| February 2012 | 0.10% | 0.00%–0.25% |
| January 2012 | 0.08% | 0.00%–0.25% |
| December 2011 | 0.07% | 0.00%–0.25% |
| November 2011 | 0.08% | 0.00%–0.25% |
| October 2011 | 0.07% | 0.00%–0.25% |
| September 2011 | 0.08% | 0.00%–0.25% |
| August 2011 | 0.10% | 0.00%–0.25% |
| July 2011 | 0.07% | 0.00%–0.25% |
| June 2011 | 0.09% | 0.00%–0.25% |
| May 2011 | 0.09% | 0.00%–0.25% |
| April 2011 | 0.10% | 0.00%–0.25% |
| March 2011 | 0.14% | 0.00%–0.25% |
| February 2011 | 0.16% | 0.00%–0.25% |
| January 2011 | 0.17% | 0.00%–0.25% |
| December 2010 | 0.18% | 0.00%–0.25% |
| November 2010 | 0.19% | 0.00%–0.25% |
| October 2010 | 0.19% | 0.00%–0.25% |
| September 2010 | 0.19% | 0.00%–0.25% |
| August 2010 | 0.19% | 0.00%–0.25% |
| July 2010 | 0.18% | 0.00%–0.25% |
| June 2010 | 0.18% | 0.00%–0.25% |
| May 2010 | 0.20% | 0.00%–0.25% |
| April 2010 | 0.20% | 0.00%–0.25% |
| March 2010 | 0.16% | 0.00%–0.25% |
| February 2010 | 0.13% | 0.00%–0.25% |
| January 2010 | 0.11% | 0.00%–0.25% |
| December 2009 | 0.12% | 0.00%–0.25% |
| November 2009 | 0.12% | 0.00%–0.25% |
| October 2009 | 0.12% | 0.00%–0.25% |
| September 2009 | 0.15% | 0.00%–0.25% |
| August 2009 | 0.16% | 0.00%–0.25% |
| July 2009 | 0.16% | 0.00%–0.25% |
| June 2009 | 0.21% | 0.00%–0.25% |
| May 2009 | 0.18% | 0.00%–0.25% |
| April 2009 | 0.15% | 0.00%–0.25% |
| March 2009 | 0.18% | 0.00%–0.25% |
| February 2009 | 0.22% | 0.00%–0.25% |
| January 2009 | 0.15% | 0.00%–0.25% |
The FOMC's target range is 3.75%–4.00%, in force since 17 September 2026 — a rise of 0.25 percentage points from 3.50%–3.75%. The effective rate banks actually transacted at was 3.88% on 23 October 2026.
The target range is what the FOMC votes on: a band a quarter of a percentage point wide that it wants overnight interbank lending to trade within. The effective federal funds rate is what that lending actually cost — the volume-weighted median of the day's overnight trades, published each business day by the Federal Reserve Bank of New York. The Fed's tools are designed to keep it inside the range.
The FOMC has eight scheduled meetings a year, and a change normally takes effect the day after the decision. It can also act between meetings — it cut twice in March 2020, for example. Many meetings end with the range unchanged; the 33 changes listed below are every move since the range was introduced in December 2008.
The monthly table below gives each month's average effective rate and the target range in force at month end, back to January 2009. The monthly figure is the average of every day in the month — the same method as FRED's published monthly series (FEDFUNDS) — so the numbers match FRED exactly. A month appears once it has ended.
Automatically. The figures come straight from the Federal Reserve Bank of St. Louis's FRED database and refresh several times a day, so when the FOMC moves the target range the page reflects it within hours — no one has to edit it. If FRED can't be reached, the page shows no rate rather than an out-of-date one.
This page reports the rate. These lessons explain the mechanism — why it moves, and how it reaches your portfolio.
The rates shown are the official target range and effective rate published by the Federal Reserve, updated automatically. We report what the rate is — we don't forecast where it's going, and nothing here is financial advice. For decisions about your mortgage, savings or investments, consider professional advice.