Federal Reserve
Fed funds target range, 3.875% since 17 September 2026.
as of 30 Oct 2026 · own history · 350 decisions since 1914
United States·USD·all central banksLast
4.00%
17 September 2026
Previous
3.75%
11 December 2025
High since 1914
14.00%
5 May 1981
Low since 1914
0.25%
16 December 2008
Meetings a year
8
scheduled next year
Next decision
9 December 2026
in 37 days
Every decision
Newest first; a shaded row marks a change of instrument.
| Date | Level | Change | Instrument |
|---|---|---|---|
| 2026-09-17 | 3.75%–4.00% | +0.25% | Fed funds target range |
| 2025-12-11 | 3.50%–3.75% | −0.25% | Fed funds target range |
| 2025-10-30 | 3.75%–4.00% | −0.25% | Fed funds target range |
| 2025-09-18 | 4.00%–4.25% | −0.25% | Fed funds target range |
| 2024-12-19 | 4.25%–4.50% | −0.25% | Fed funds target range |
| 2024-11-08 | 4.50%–4.75% | −0.25% | Fed funds target range |
| 2024-09-19 | 4.75%–5.00% | −0.50% | Fed funds target range |
| 2023-07-27 | 5.25%–5.50% | +0.25% | Fed funds target range |
| 2023-05-04 | 5.00%–5.25% | +0.25% | Fed funds target range |
| 2023-03-23 | 4.75%–5.00% | +0.25% | Fed funds target range |
| 2023-02-02 | 4.50%–4.75% | +0.25% | Fed funds target range |
| 2022-12-15 | 4.25%–4.50% | +0.50% | Fed funds target range |
| 2022-11-03 | 3.75%–4.00% | +0.75% | Fed funds target range |
| 2022-09-22 | 3.00%–3.25% | +0.75% | Fed funds target range |
| 2022-07-28 | 2.25%–2.50% | +0.75% | Fed funds target range |
| 2022-06-16 | 1.50%–1.75% | +0.75% | Fed funds target range |
| 2022-05-05 | 0.75%–1.00% | +0.50% | Fed funds target range |
| 2022-03-17 | 0.25%–0.50% | +0.25% | Fed funds target range |
| 2020-03-16 | 0.00%–0.25% | −1.00% | Fed funds target range |
| 2020-03-04 | 1.00%–1.25% | −0.50% | Fed funds target range |
| 2019-10-31 | 1.50%–1.75% | −0.25% | Fed funds target range |
| 2019-09-19 | 1.75%–2.00% | −0.25% | Fed funds target range |
| 2019-08-01 | 2.00%–2.25% | −0.25% | Fed funds target range |
| 2018-12-20 | 2.25%–2.50% | +0.25% | Fed funds target range |
| 2018-09-27 | 2.00%–2.25% | +0.25% | Fed funds target range |
| 2018-06-14 | 1.75%–2.00% | +0.25% | Fed funds target range |
| 2018-03-22 | 1.50%–1.75% | +0.25% | Fed funds target range |
| 2017-12-14 | 1.25%–1.50% | +0.25% | Fed funds target range |
| 2017-06-15 | 1.00%–1.25% | +0.25% | Fed funds target range |
| 2017-03-16 | 0.75%–1.00% | +0.25% | Fed funds target range |
| 2016-12-14 | 0.50%–0.75% | +0.25% | Fed funds target range |
| 2015-12-16 | 0.25%–0.50% | +0.25% | Fed funds target range |
| 2008-12-16 | 0.00%–0.25% | — | Fed funds target range |
| 2008-12-16: Instrument switched from a single federal funds target rate to a target range; level from here on is the range midpoint, with the bounds in lower/upper. | |||
| 2008-10-29 | 1.00% | −0.50% | Fed funds target rate |
| 2008-10-08 | 1.50% | −0.50% | Fed funds target rate |
| 2008-04-30 | 2.00% | −0.25% | Fed funds target rate |
| 2008-03-18 | 2.25% | −0.75% | Fed funds target rate |
| 2008-01-30 | 3.00% | −0.50% | Fed funds target rate |
| 2008-01-22 | 3.50% | −0.75% | Fed funds target rate |
| 2007-12-11 | 4.25% | −0.25% | Fed funds target rate |
| 2007-10-31 | 4.50% | −0.25% | Fed funds target rate |
| 2007-09-18 | 4.75% | −0.50% | Fed funds target rate |
| 2006-06-29 | 5.25% | +0.25% | Fed funds target rate |
| 2006-05-10 | 5.00% | +0.25% | Fed funds target rate |
| 2006-03-28 | 4.75% | +0.25% | Fed funds target rate |
| 2006-01-31 | 4.50% | +0.25% | Fed funds target rate |
| 2005-12-13 | 4.25% | +0.25% | Fed funds target rate |
| 2005-11-01 | 4.00% | +0.25% | Fed funds target rate |
| 2005-09-20 | 3.75% | +0.25% | Fed funds target rate |
| 2005-08-09 | 3.50% | +0.25% | Fed funds target rate |
| 2005-06-30 | 3.25% | +0.25% | Fed funds target rate |
| 2005-05-03 | 3.00% | +0.25% | Fed funds target rate |
| 2005-03-22 | 2.75% | +0.25% | Fed funds target rate |
| 2005-02-02 | 2.50% | +0.25% | Fed funds target rate |
| 2004-12-14 | 2.25% | +0.25% | Fed funds target rate |
| 2004-11-10 | 2.00% | +0.25% | Fed funds target rate |
| 2004-09-21 | 1.75% | +0.25% | Fed funds target rate |
| 2004-08-10 | 1.50% | +0.25% | Fed funds target rate |
| 2004-06-30 | 1.25% | +0.25% | Fed funds target rate |
| 2003-06-25 | 1.00% | −0.25% | Fed funds target rate |
| 2002-11-06 | 1.25% | −0.50% | Fed funds target rate |
| 2001-12-11 | 1.75% | −0.25% | Fed funds target rate |
| 2001-11-06 | 2.00% | −0.50% | Fed funds target rate |
| 2001-10-02 | 2.50% | −0.50% | Fed funds target rate |
| 2001-09-17 | 3.00% | −0.50% | Fed funds target rate |
| 2001-08-21 | 3.50% | −0.25% | Fed funds target rate |
| 2001-06-27 | 3.75% | −0.25% | Fed funds target rate |
| 2001-05-15 | 4.00% | −0.50% | Fed funds target rate |
| 2001-04-18 | 4.50% | −0.50% | Fed funds target rate |
| 2001-03-20 | 5.00% | −0.50% | Fed funds target rate |
| 2001-01-31 | 5.50% | −0.50% | Fed funds target rate |
| 2001-01-03 | 6.00% | −0.50% | Fed funds target rate |
| 2000-05-16 | 6.50% | +0.50% | Fed funds target rate |
| 2000-03-21 | 6.00% | +0.25% | Fed funds target rate |
| 2000-02-02 | 5.75% | +0.25% | Fed funds target rate |
| 1999-11-16 | 5.50% | +0.25% | Fed funds target rate |
| 1999-08-24 | 5.25% | +0.25% | Fed funds target rate |
| 1999-06-30 | 5.00% | +0.25% | Fed funds target rate |
| 1998-11-17 | 4.75% | −0.25% | Fed funds target rate |
| 1998-10-15 | 5.00% | −0.25% | Fed funds target rate |
| 1998-09-29 | 5.25% | −0.25% | Fed funds target rate |
| 1997-03-25 | 5.50% | +0.25% | Fed funds target rate |
| 1996-01-31 | 5.25% | −0.25% | Fed funds target rate |
| 1995-12-19 | 5.50% | −0.25% | Fed funds target rate |
| 1995-07-06 | 5.75% | −0.25% | Fed funds target rate |
| 1995-02-01 | 6.00% | +0.50% | Fed funds target rate |
| 1994-11-15 | 5.50% | +0.75% | Fed funds target rate |
| 1994-08-16 | 4.75% | +0.50% | Fed funds target rate |
| 1994-05-17 | 4.25% | +0.50% | Fed funds target rate |
| 1994-04-18 | 3.75% | +0.25% | Fed funds target rate |
| 1994-03-22 | 3.50% | +0.25% | Fed funds target rate |
| 1994-02-04 | 3.25% | +0.25% | Fed funds target rate |
| 1992-09-04 | 3.00% | −0.25% | Fed funds target rate |
| 1992-07-02 | 3.25% | −0.50% | Fed funds target rate |
| 1992-04-09 | 3.75% | −0.25% | Fed funds target rate |
| 1991-12-20 | 4.00% | −0.50% | Fed funds target rate |
| 1991-12-06 | 4.50% | −0.25% | Fed funds target rate |
| 1991-11-06 | 4.75% | −0.25% | Fed funds target rate |
| 1991-10-31 | 5.00% | −0.25% | Fed funds target rate |
2026-09-173.75%–4.00%
Fed funds target range+0.25%
2025-12-113.50%–3.75%
Fed funds target range−0.25%
2025-10-303.75%–4.00%
Fed funds target range−0.25%
2025-09-184.00%–4.25%
Fed funds target range−0.25%
2024-12-194.25%–4.50%
Fed funds target range−0.25%
2024-11-084.50%–4.75%
Fed funds target range−0.25%
2024-09-194.75%–5.00%
Fed funds target range−0.50%
2023-07-275.25%–5.50%
Fed funds target range+0.25%
2023-05-045.00%–5.25%
Fed funds target range+0.25%
2023-03-234.75%–5.00%
Fed funds target range+0.25%
2023-02-024.50%–4.75%
Fed funds target range+0.25%
2022-12-154.25%–4.50%
Fed funds target range+0.50%
Where these numbers come from
Discount rate is the decision instrument from 1914-11-16 (Reserve Banks opening) to 1982-09-26: monthly averages (FRED M13009USM156NNBR, NBER) from 1914-11 to 1934-01, exact dated changes (FRED DISCOUNT) from 1934-02-02; the 1914-1934 span is month granularity only, not exact decision dates. FOMC federal funds target rate (FRED DFEDTAR) from 1982-09-27, target range midpoint with lower/upper bounds (FRED DFEDTARU/DFEDTARL) from 2008-12-16. The effective funds rate is never published as the decision instrument for 1954-1982; BIS United States daily is a market rate, not this spine, before 1985-12-19, so the cross-check runs only from there: 148 of 148 overlapping change dates agree (0.0% disagreement).
- FRED, Discount Rate Changes: Historical Dates of Changes and Rates (DISCOUNT)
- FRED, Discount Rates, Federal Reserve Bank of New York (M13009USM156NNBR, NBER monthly)
- FRED, Federal Funds Target Rate (DFEDTAR)
- FRED, Federal Funds Target Range - Upper/Lower Limit (DFEDTARU / DFEDTARL)
- BIS central bank policy rates (CBPOL), United States