Federal Reserve
Fed funds target range, 3.625% since 11 December 2025.
as of 2026-09-08 · own history · 349 decisions since 1914
United States·USD·all central banks2026-09-08 · 3.625%
Every decision
Newest first; a shaded row marks a change of instrument.
| Date | Level | Change | Instrument |
|---|---|---|---|
| 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 |
| 1991-09-13 | 5.25% | −0.25% | Fed funds target rate |
| 1991-08-06 | 5.50% | −0.25% | Fed funds target rate |
| 1991-04-30 | 5.75% | −0.25% | Fed funds target rate |
| 1991-03-08 | 6.00% | −0.25% | Fed funds target rate |
| 1991-02-01 | 6.25% | −0.50% | Fed funds target rate |
| 1991-01-09 | 6.75% | −0.25% | Fed funds target rate |
| 1990-12-19 | 7.00% | −0.25% | Fed funds target rate |
| 1990-12-07 | 7.25% | −0.25% | Fed funds target rate |
| 1990-11-14 | 7.50% | −0.25% | Fed funds target rate |
| 1990-10-29 | 7.75% | −0.25% | Fed funds target rate |
| 1990-07-13 | 8.00% | −0.25% | Fed funds target rate |
| 1989-12-20 | 8.25% | −0.25% | Fed funds target rate |
| 1989-11-06 | 8.50% | −0.25% | Fed funds target rate |
| 1989-10-19 | 8.75% | −0.31% | Fed funds target rate |
| 1989-07-27 | 9.063% | −0.25% | Fed funds target rate |
| 1989-07-07 | 9.313% | −0.25% | Fed funds target rate |
| 1989-06-06 | 9.563% | −0.25% | Fed funds target rate |
| 1989-05-17 | 9.813% | +0.06% | Fed funds target rate |
| 1989-02-24 | 9.75% | +0.44% | Fed funds target rate |
| 1989-02-14 | 9.313% | +0.19% | Fed funds target rate |
| 1989-02-09 | 9.125% | +0.13% | Fed funds target rate |
| 1989-01-05 | 9.00% | +0.31% | Fed funds target rate |
| 1988-12-15 | 8.688% | +0.31% | Fed funds target rate |
| 1988-11-22 | 8.375% | +0.06% | Fed funds target rate |
| 1988-11-17 | 8.313% | +0.19% | Fed funds target rate |
| 1988-08-09 | 8.125% | +0.38% | Fed funds target rate |
| 1988-08-08 | 7.75% | +0.06% | Fed funds target rate |
| 1988-07-19 | 7.688% | +0.19% | Fed funds target rate |
| 1988-07-01 | 7.50% | +0.06% | Fed funds target rate |
| 1988-06-22 | 7.438% | +0.19% | Fed funds target rate |
| 1988-05-25 | 7.25% | +0.25% | Fed funds target rate |
| 1988-05-09 | 7.00% | +0.25% | Fed funds target rate |
| 1988-03-30 | 6.75% | +0.25% | Fed funds target rate |
| 1988-02-11 | 6.50% | −0.13% | Fed funds target rate |
| 1988-01-28 | 6.625% | −0.19% | Fed funds target rate |
| 1987-11-04 | 6.813% | −0.50% | Fed funds target rate |
| 1987-09-24 | 7.313% | +0.06% | Fed funds target rate |
| 1987-09-04 | 7.25% | +0.38% | Fed funds target rate |
| 1987-09-03 | 6.875% | +0.13% | Fed funds target rate |
| 1987-08-27 | 6.75% | +0.13% | Fed funds target rate |
| 1987-07-02 | 6.625% | −0.13% | Fed funds target rate |
| 1987-05-22 | 6.75% | +0.25% | Fed funds target rate |
| 1987-04-30 | 6.50% | +0.50% | Fed funds target rate |
| 1987-01-05 | 6.00% | +0.13% | Fed funds target rate |
| 1986-08-21 | 5.875% | −0.50% | Fed funds target rate |
| 1986-07-11 | 6.375% | −0.50% | Fed funds target rate |
| 1986-06-05 | 6.875% | +0.06% | Fed funds target rate |
| 1986-05-22 | 6.813% | +0.06% | Fed funds target rate |
| 1986-04-21 | 6.75% | −0.56% | Fed funds target rate |
| 1986-04-02 | 7.313% | +0.06% | Fed funds target rate |
| 1986-03-07 | 7.25% | −0.50% | Fed funds target rate |
| 1985-12-18 | 7.75% | −0.25% | Fed funds target rate |
| 1985-09-06 | 8.00% | +0.19% | Fed funds target rate |
| 1985-08-21 | 7.813% | +0.06% | Fed funds target rate |
| 1985-07-25 | 7.75% | +0.06% | Fed funds target rate |
| 1985-07-11 | 7.688% | −0.06% | Fed funds target rate |
| 1985-05-20 | 7.75% | −0.50% | Fed funds target rate |
| 1985-04-25 | 8.25% | −0.25% | Fed funds target rate |
| 1985-03-28 | 8.50% | +0.13% | Fed funds target rate |
| 1985-02-14 | 8.375% | +0.13% | Fed funds target rate |
| 1985-01-24 | 8.25% | +0.13% | Fed funds target rate |
| 1984-12-24 | 8.125% | −0.38% | Fed funds target rate |
| 1984-12-19 | 8.50% | −0.25% | Fed funds target rate |
| 1984-12-06 | 8.75% | −0.25% | Fed funds target rate |
| 1984-11-23 | 9.00% | −0.50% | Fed funds target rate |
| 1984-11-08 | 9.50% | −0.50% | Fed funds target rate |
| 1984-10-18 | 10.00% | −0.50% | Fed funds target rate |
| 1984-10-11 | 10.50% | −0.50% | Fed funds target rate |
| 1984-09-27 | 11.00% | −0.25% | Fed funds target rate |
| 1984-09-20 | 11.25% | −0.25% | Fed funds target rate |
| 1984-08-09 | 11.50% | +0.25% | Fed funds target rate |
| 1984-07-19 | 11.25% | +0.25% | Fed funds target rate |
| 1984-07-05 | 11.00% | +0.50% | Fed funds target rate |
| 1984-03-29 | 10.50% | +1.13% | Fed funds target rate |
| 1983-09-15 | 9.375% | −0.13% | Fed funds target rate |
| 1983-08-17 | 9.50% | −0.06% | Fed funds target rate |
| 1983-08-11 | 9.563% | +0.13% | Fed funds target rate |
| 1983-07-20 | 9.438% | +0.19% | Fed funds target rate |
| 1983-07-14 | 9.25% | +0.25% | Fed funds target rate |
| 1983-06-24 | 9.00% | +0.25% | Fed funds target rate |
| 1983-05-25 | 8.75% | +0.13% | Fed funds target rate |
| 1983-03-31 | 8.625% | +0.13% | Fed funds target rate |
| 1982-12-14 | 8.50% | −0.50% | Fed funds target rate |
| 1982-11-19 | 9.00% | −0.50% | Fed funds target rate |
| 1982-10-07 | 9.50% | −0.50% | Fed funds target rate |
| 1982-10-01 | 10.00% | −0.25% | Fed funds target rate |
| 1982-09-27 | 10.25% | — | Fed funds target rate |
| 1982-09-27: Instrument switched from the discount rate to an FOMC federal funds target rate; the discount rate continued to be set but stopped being the Federal Reserve's decision instrument. | |||
| 1982-08-27 | 10.00% | −0.50% | Discount rate |
| 1982-08-16 | 10.50% | −0.50% | Discount rate |
| 1982-08-02 | 11.00% | −0.50% | Discount rate |
| 1982-07-20 | 11.50% | −0.50% | Discount rate |
| 1981-12-04 | 12.00% | −1.00% | Discount rate |
| 1981-11-02 | 13.00% | −1.00% | Discount rate |
| 1981-05-05 | 14.00% | +1.00% | Discount rate |
| 1980-12-05 | 13.00% | +1.00% | Discount rate |
| 1980-11-17 | 12.00% | +1.00% | Discount rate |
| 1980-09-26 | 11.00% | +1.00% | Discount rate |
| 1980-07-28 | 10.00% | −1.00% | Discount rate |
| 1980-06-13 | 11.00% | −1.00% | Discount rate |
| 1980-05-29 | 12.00% | −1.00% | Discount rate |
| 1980-02-15 | 13.00% | +1.00% | Discount rate |
| 1979-10-08 | 12.00% | +1.00% | Discount rate |
| 1979-09-19 | 11.00% | +0.50% | Discount rate |
| 1979-08-17 | 10.50% | +0.50% | Discount rate |
| 1979-07-20 | 10.00% | +0.50% | Discount rate |
| 1978-11-01 | 9.50% | +1.00% | Discount rate |
| 1978-10-16 | 8.50% | +0.50% | Discount rate |
| 1978-09-22 | 8.00% | +0.25% | Discount rate |
| 1978-08-21 | 7.75% | +0.50% | Discount rate |
| 1978-07-03 | 7.25% | +0.25% | Discount rate |
| 1978-05-11 | 7.00% | +0.50% | Discount rate |
| 1978-01-09 | 6.50% | +0.50% | Discount rate |
| 1977-10-26 | 6.00% | +0.25% | Discount rate |
| 1977-08-30 | 5.75% | +0.50% | Discount rate |
| 1976-11-22 | 5.25% | −0.25% | Discount rate |
| 1976-01-16 | 5.50% | −0.50% | Discount rate |
| 1975-05-16 | 6.00% | −0.25% | Discount rate |
| 1975-03-10 | 6.25% | −0.50% | Discount rate |
| 1975-02-05 | 6.75% | −0.50% | Discount rate |
| 1975-01-10 | 7.25% | −0.50% | Discount rate |
| 1974-12-09 | 7.75% | −0.25% | Discount rate |
| 1974-04-25 | 8.00% | +0.50% | Discount rate |
| 1973-08-14 | 7.50% | +0.50% | Discount rate |
| 1973-07-02 | 7.00% | +0.50% | Discount rate |
| 1973-06-11 | 6.50% | +0.50% | Discount rate |
| 1973-05-11 | 6.00% | +0.25% | Discount rate |
| 1973-05-04 | 5.75% | +0.25% | Discount rate |
| 1973-02-26 | 5.50% | +0.50% | Discount rate |
| 1973-01-15 | 5.00% | +0.50% | Discount rate |
| 1971-12-17 | 4.50% | −0.25% | Discount rate |
| 1971-11-19 | 4.75% | −0.25% | Discount rate |
| 1971-07-16 | 5.00% | +0.25% | Discount rate |
| 1971-02-19 | 4.75% | −0.25% | Discount rate |
| 1971-01-22 | 5.00% | −0.25% | Discount rate |
| 1971-01-08 | 5.25% | −0.25% | Discount rate |
| 1970-12-04 | 5.50% | −0.25% | Discount rate |
| 1970-11-13 | 5.75% | −0.25% | Discount rate |
| 1969-04-04 | 6.00% | +0.50% | Discount rate |
| 1968-12-18 | 5.50% | +0.25% | Discount rate |
| 1968-08-30 | 5.25% | −0.25% | Discount rate |
| 1968-04-19 | 5.50% | +0.50% | Discount rate |
| 1968-03-22 | 5.00% | +0.50% | Discount rate |
| 1967-11-20 | 4.50% | +0.50% | Discount rate |
| 1967-04-07 | 4.00% | −0.50% | Discount rate |
| 1965-12-06 | 4.50% | +0.50% | Discount rate |
| 1964-11-24 | 4.00% | +0.50% | Discount rate |
| 1963-07-17 | 3.50% | +0.50% | Discount rate |
| 1960-08-12 | 3.00% | −0.50% | Discount rate |
| 1960-06-10 | 3.50% | −0.50% | Discount rate |
| 1959-09-11 | 4.00% | +0.50% | Discount rate |
| 1959-05-29 | 3.50% | +0.50% | Discount rate |
| 1959-03-06 | 3.00% | +0.50% | Discount rate |
| 1958-11-07 | 2.50% | +0.50% | Discount rate |
| 1958-09-12 | 2.00% | +0.25% | Discount rate |
| 1958-04-18 | 1.75% | −0.50% | Discount rate |
| 1958-03-07 | 2.25% | −0.50% | Discount rate |
| 1958-01-24 | 2.75% | −0.25% | Discount rate |
| 1957-11-15 | 3.00% | −0.50% | Discount rate |
| 1957-08-23 | 3.50% | +0.50% | Discount rate |
| 1956-08-24 | 3.00% | +0.25% | Discount rate |
| 1956-04-13 | 2.75% | +0.25% | Discount rate |
| 1955-11-18 | 2.50% | +0.25% | Discount rate |
| 1955-09-09 | 2.25% | +0.25% | Discount rate |
| 1955-08-05 | 2.00% | +0.25% | Discount rate |
| 1955-04-15 | 1.75% | +0.25% | Discount rate |
| 1954-04-16 | 1.50% | −0.25% | Discount rate |
| 1954-02-05 | 1.75% | −0.25% | Discount rate |
| 1953-01-16 | 2.00% | +0.25% | Discount rate |
| 1950-08-21 | 1.75% | +0.25% | Discount rate |
| 1948-08-13 | 1.50% | +0.25% | Discount rate |
| 1948-01-12 | 1.25% | +0.25% | Discount rate |
| 1946-04-25 | 1.00% | +0.50% | Discount rate |
| 1942-10-30 | 0.50% | −0.50% | Discount rate |
| 1937-08-27 | 1.00% | −0.50% | Discount rate |
| 1934-02-02 | 1.50% | −0.02% | Discount rate |
| 1934-02-01 | 1.52% | −0.48% | Discount rate |
| 1933-11-01 | 2.00% | −0.31% | Discount rate |
| 1933-10-01 | 2.31% | −0.19% | Discount rate |
| 1933-06-01 | 2.50% | −0.40% | Discount rate |
| 1933-05-01 | 2.90% | −0.20% | Discount rate |
| 1933-04-01 | 3.10% | −0.34% | Discount rate |
| 1933-03-01 | 3.44% | +0.94% | Discount rate |
| 1932-07-01 | 2.50% | −0.38% | Discount rate |
| 1932-06-01 | 2.88% | −0.12% | Discount rate |
| 1932-03-01 | 3.00% | −0.43% | Discount rate |
| 1932-02-01 | 3.43% | −0.07% | Discount rate |
| 1931-11-01 | 3.50% | +0.74% | Discount rate |
| 1931-10-01 | 2.76% | +1.26% | Discount rate |
| 1931-06-01 | 1.50% | −0.11% | Discount rate |
| 1931-05-01 | 1.61% | −0.39% | Discount rate |
| 1931-01-01 | 2.00% | −0.37% | Discount rate |
| 1930-12-01 | 2.37% | −0.13% | Discount rate |
| 1930-07-01 | 2.50% | −0.32% | Discount rate |
| 1930-06-01 | 2.82% | −0.20% | Discount rate |
| 1930-05-01 | 3.02% | −0.48% | Discount rate |
| 1930-04-01 | 3.50% | −0.21% | Discount rate |
| 1930-03-01 | 3.71% | −0.40% | Discount rate |
| 1930-02-01 | 4.11% | −0.39% | Discount rate |
| 1929-12-01 | 4.50% | −0.23% | Discount rate |
| 1929-11-01 | 4.73% | −1.27% | Discount rate |
| 1929-09-01 | 6.00% | +0.26% | Discount rate |
| 1929-08-01 | 5.74% | +0.74% | Discount rate |
| 1928-08-01 | 5.00% | +0.19% | Discount rate |
| 1928-07-01 | 4.81% | +0.31% | Discount rate |
| 1928-06-01 | 4.50% | +0.27% | Discount rate |
| 1928-05-01 | 4.23% | +0.23% | Discount rate |
| 1928-03-01 | 4.00% | +0.03% | Discount rate |
| 1928-02-01 | 3.97% | +0.47% | Discount rate |
| 1927-09-01 | 3.50% | −0.06% | Discount rate |
| 1927-08-01 | 3.56% | −0.44% | Discount rate |
| 1926-09-01 | 4.00% | +0.19% | Discount rate |
| 1926-08-01 | 3.81% | +0.31% | Discount rate |
| 1926-05-01 | 3.50% | −0.37% | Discount rate |
| 1926-04-01 | 3.87% | −0.13% | Discount rate |
| 1926-02-01 | 4.00% | +0.11% | Discount rate |
| 1926-01-01 | 3.89% | +0.39% | Discount rate |
| 1925-03-01 | 3.50% | +0.46% | Discount rate |
| 1925-02-01 | 3.04% | +0.04% | Discount rate |
| 1924-09-01 | 3.00% | −0.11% | Discount rate |
| 1924-08-01 | 3.11% | −0.39% | Discount rate |
| 1924-07-01 | 3.50% | −0.18% | Discount rate |
| 1924-06-01 | 3.68% | −0.32% | Discount rate |
| 1924-05-01 | 4.00% | −0.50% | Discount rate |
| 1923-03-01 | 4.50% | +0.39% | Discount rate |
| 1923-02-01 | 4.11% | +0.11% | Discount rate |
| 1922-07-01 | 4.00% | −0.35% | Discount rate |
| 1922-06-01 | 4.35% | −0.15% | Discount rate |
| 1921-12-01 | 4.50% | −0.03% | Discount rate |
| 1921-11-01 | 4.53% | −0.47% | Discount rate |
| 1921-10-01 | 5.00% | −0.35% | Discount rate |
| 1921-09-01 | 5.35% | −0.15% | Discount rate |
| 1921-08-01 | 5.50% | −0.32% | Discount rate |
| 1921-07-01 | 5.82% | −0.43% | Discount rate |
| 1921-06-01 | 6.25% | −0.31% | Discount rate |
| 1921-05-01 | 6.56% | −0.44% | Discount rate |
| 1920-06-01 | 7.00% | +1.00% | Discount rate |
| 1920-02-01 | 6.00% | +0.89% | Discount rate |
| 1920-01-01 | 5.11% | +0.36% | Discount rate |
| 1919-12-01 | 4.75% | +0.01% | Discount rate |
| 1919-11-01 | 4.74% | +0.18% | Discount rate |
| 1918-05-01 | 4.56% | +0.05% | Discount rate |
| 1918-04-01 | 4.51% | +0.26% | Discount rate |
| 1918-01-01 | 4.25% | +0.32% | Discount rate |
| 1917-12-01 | 3.93% | +0.18% | Discount rate |
| 1915-07-01 | 3.75% | −0.21% | Discount rate |
| 1915-06-01 | 3.96% | −0.04% | Discount rate |
| 1915-03-01 | 4.00% | −0.19% | Discount rate |
| 1915-02-01 | 4.19% | −0.56% | Discount rate |
| 1915-01-01 | 4.75% | −0.65% | Discount rate |
| 1914-12-01 | 5.40% | −0.35% | Discount rate |
| 1914-11-16 | 5.75% | — | Discount rate |
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%
2022-11-033.75%–4.00%
Fed funds target range+0.75%
Show all 351 decisions
2022-09-223.00%–3.25%
Fed funds target range+0.75%
2022-07-282.25%–2.50%
Fed funds target range+0.75%
2022-06-161.50%–1.75%
Fed funds target range+0.75%
2022-05-050.75%–1.00%
Fed funds target range+0.50%
2022-03-170.25%–0.50%
Fed funds target range+0.25%
2020-03-160.00%–0.25%
Fed funds target range−1.00%
2020-03-041.00%–1.25%
Fed funds target range−0.50%
2019-10-311.50%–1.75%
Fed funds target range−0.25%
2019-09-191.75%–2.00%
Fed funds target range−0.25%
2019-08-012.00%–2.25%
Fed funds target range−0.25%
2018-12-202.25%–2.50%
Fed funds target range+0.25%
2018-09-272.00%–2.25%
Fed funds target range+0.25%
2018-06-141.75%–2.00%
Fed funds target range+0.25%
2018-03-221.50%–1.75%
Fed funds target range+0.25%
2017-12-141.25%–1.50%
Fed funds target range+0.25%
2017-06-151.00%–1.25%
Fed funds target range+0.25%
2017-03-160.75%–1.00%
Fed funds target range+0.25%
2016-12-140.50%–0.75%
Fed funds target range+0.25%
2015-12-160.25%–0.50%
Fed funds target range+0.25%
2008-12-160.00%–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.
2008-10-291.00%
Fed funds target rate−0.50%
2008-10-081.50%
Fed funds target rate−0.50%
2008-04-302.00%
Fed funds target rate−0.25%
2008-03-182.25%
Fed funds target rate−0.75%
2008-01-303.00%
Fed funds target rate−0.50%
2008-01-223.50%
Fed funds target rate−0.75%
2007-12-114.25%
Fed funds target rate−0.25%
2007-10-314.50%
Fed funds target rate−0.25%
2007-09-184.75%
Fed funds target rate−0.50%
2006-06-295.25%
Fed funds target rate+0.25%
2006-05-105.00%
Fed funds target rate+0.25%
2006-03-284.75%
Fed funds target rate+0.25%
2006-01-314.50%
Fed funds target rate+0.25%
2005-12-134.25%
Fed funds target rate+0.25%
2005-11-014.00%
Fed funds target rate+0.25%
2005-09-203.75%
Fed funds target rate+0.25%
2005-08-093.50%
Fed funds target rate+0.25%
2005-06-303.25%
Fed funds target rate+0.25%
2005-05-033.00%
Fed funds target rate+0.25%
2005-03-222.75%
Fed funds target rate+0.25%
2005-02-022.50%
Fed funds target rate+0.25%
2004-12-142.25%
Fed funds target rate+0.25%
2004-11-102.00%
Fed funds target rate+0.25%
2004-09-211.75%
Fed funds target rate+0.25%
2004-08-101.50%
Fed funds target rate+0.25%
2004-06-301.25%
Fed funds target rate+0.25%
2003-06-251.00%
Fed funds target rate−0.25%
2002-11-061.25%
Fed funds target rate−0.50%
2001-12-111.75%
Fed funds target rate−0.25%
2001-11-062.00%
Fed funds target rate−0.50%
2001-10-022.50%
Fed funds target rate−0.50%
2001-09-173.00%
Fed funds target rate−0.50%
2001-08-213.50%
Fed funds target rate−0.25%
2001-06-273.75%
Fed funds target rate−0.25%
2001-05-154.00%
Fed funds target rate−0.50%
2001-04-184.50%
Fed funds target rate−0.50%
2001-03-205.00%
Fed funds target rate−0.50%
2001-01-315.50%
Fed funds target rate−0.50%
2001-01-036.00%
Fed funds target rate−0.50%
2000-05-166.50%
Fed funds target rate+0.50%
2000-03-216.00%
Fed funds target rate+0.25%
2000-02-025.75%
Fed funds target rate+0.25%
1999-11-165.50%
Fed funds target rate+0.25%
1999-08-245.25%
Fed funds target rate+0.25%
1999-06-305.00%
Fed funds target rate+0.25%
1998-11-174.75%
Fed funds target rate−0.25%
1998-10-155.00%
Fed funds target rate−0.25%
1998-09-295.25%
Fed funds target rate−0.25%
1997-03-255.50%
Fed funds target rate+0.25%
1996-01-315.25%
Fed funds target rate−0.25%
1995-12-195.50%
Fed funds target rate−0.25%
1995-07-065.75%
Fed funds target rate−0.25%
1995-02-016.00%
Fed funds target rate+0.50%
1994-11-155.50%
Fed funds target rate+0.75%
1994-08-164.75%
Fed funds target rate+0.50%
1994-05-174.25%
Fed funds target rate+0.50%
1994-04-183.75%
Fed funds target rate+0.25%
1994-03-223.50%
Fed funds target rate+0.25%
1994-02-043.25%
Fed funds target rate+0.25%
1992-09-043.00%
Fed funds target rate−0.25%
1992-07-023.25%
Fed funds target rate−0.50%
1992-04-093.75%
Fed funds target rate−0.25%
1991-12-204.00%
Fed funds target rate−0.50%
1991-12-064.50%
Fed funds target rate−0.25%
1991-11-064.75%
Fed funds target rate−0.25%
1991-10-315.00%
Fed funds target rate−0.25%
1991-09-135.25%
Fed funds target rate−0.25%
1991-08-065.50%
Fed funds target rate−0.25%
1991-04-305.75%
Fed funds target rate−0.25%
1991-03-086.00%
Fed funds target rate−0.25%
1991-02-016.25%
Fed funds target rate−0.50%
1991-01-096.75%
Fed funds target rate−0.25%
1990-12-197.00%
Fed funds target rate−0.25%
1990-12-077.25%
Fed funds target rate−0.25%
1990-11-147.50%
Fed funds target rate−0.25%
1990-10-297.75%
Fed funds target rate−0.25%
1990-07-138.00%
Fed funds target rate−0.25%
1989-12-208.25%
Fed funds target rate−0.25%
1989-11-068.50%
Fed funds target rate−0.25%
1989-10-198.75%
Fed funds target rate−0.31%
1989-07-279.063%
Fed funds target rate−0.25%
1989-07-079.313%
Fed funds target rate−0.25%
1989-06-069.563%
Fed funds target rate−0.25%
1989-05-179.813%
Fed funds target rate+0.06%
1989-02-249.75%
Fed funds target rate+0.44%
1989-02-149.313%
Fed funds target rate+0.19%
1989-02-099.125%
Fed funds target rate+0.13%
1989-01-059.00%
Fed funds target rate+0.31%
1988-12-158.688%
Fed funds target rate+0.31%
1988-11-228.375%
Fed funds target rate+0.06%
1988-11-178.313%
Fed funds target rate+0.19%
1988-08-098.125%
Fed funds target rate+0.38%
1988-08-087.75%
Fed funds target rate+0.06%
1988-07-197.688%
Fed funds target rate+0.19%
1988-07-017.50%
Fed funds target rate+0.06%
1988-06-227.438%
Fed funds target rate+0.19%
1988-05-257.25%
Fed funds target rate+0.25%
1988-05-097.00%
Fed funds target rate+0.25%
1988-03-306.75%
Fed funds target rate+0.25%
1988-02-116.50%
Fed funds target rate−0.13%
1988-01-286.625%
Fed funds target rate−0.19%
1987-11-046.813%
Fed funds target rate−0.50%
1987-09-247.313%
Fed funds target rate+0.06%
1987-09-047.25%
Fed funds target rate+0.38%
1987-09-036.875%
Fed funds target rate+0.13%
1987-08-276.75%
Fed funds target rate+0.13%
1987-07-026.625%
Fed funds target rate−0.13%
1987-05-226.75%
Fed funds target rate+0.25%
1987-04-306.50%
Fed funds target rate+0.50%
1987-01-056.00%
Fed funds target rate+0.13%
1986-08-215.875%
Fed funds target rate−0.50%
1986-07-116.375%
Fed funds target rate−0.50%
1986-06-056.875%
Fed funds target rate+0.06%
1986-05-226.813%
Fed funds target rate+0.06%
1986-04-216.75%
Fed funds target rate−0.56%
1986-04-027.313%
Fed funds target rate+0.06%
1986-03-077.25%
Fed funds target rate−0.50%
1985-12-187.75%
Fed funds target rate−0.25%
1985-09-068.00%
Fed funds target rate+0.19%
1985-08-217.813%
Fed funds target rate+0.06%
1985-07-257.75%
Fed funds target rate+0.06%
1985-07-117.688%
Fed funds target rate−0.06%
1985-05-207.75%
Fed funds target rate−0.50%
1985-04-258.25%
Fed funds target rate−0.25%
1985-03-288.50%
Fed funds target rate+0.13%
1985-02-148.375%
Fed funds target rate+0.13%
1985-01-248.25%
Fed funds target rate+0.13%
1984-12-248.125%
Fed funds target rate−0.38%
1984-12-198.50%
Fed funds target rate−0.25%
1984-12-068.75%
Fed funds target rate−0.25%
1984-11-239.00%
Fed funds target rate−0.50%
1984-11-089.50%
Fed funds target rate−0.50%
1984-10-1810.00%
Fed funds target rate−0.50%
1984-10-1110.50%
Fed funds target rate−0.50%
1984-09-2711.00%
Fed funds target rate−0.25%
1984-09-2011.25%
Fed funds target rate−0.25%
1984-08-0911.50%
Fed funds target rate+0.25%
1984-07-1911.25%
Fed funds target rate+0.25%
1984-07-0511.00%
Fed funds target rate+0.50%
1984-03-2910.50%
Fed funds target rate+1.13%
1983-09-159.375%
Fed funds target rate−0.13%
1983-08-179.50%
Fed funds target rate−0.06%
1983-08-119.563%
Fed funds target rate+0.13%
1983-07-209.438%
Fed funds target rate+0.19%
1983-07-149.25%
Fed funds target rate+0.25%
1983-06-249.00%
Fed funds target rate+0.25%
1983-05-258.75%
Fed funds target rate+0.13%
1983-03-318.625%
Fed funds target rate+0.13%
1982-12-148.50%
Fed funds target rate−0.50%
1982-11-199.00%
Fed funds target rate−0.50%
1982-10-079.50%
Fed funds target rate−0.50%
1982-10-0110.00%
Fed funds target rate−0.25%
1982-09-2710.25%
Fed funds target rate—
1982-09-27: Instrument switched from the discount rate to an FOMC federal funds target rate; the discount rate continued to be set but stopped being the Federal Reserve's decision instrument.
1982-08-2710.00%
Discount rate−0.50%
1982-08-1610.50%
Discount rate−0.50%
1982-08-0211.00%
Discount rate−0.50%
1982-07-2011.50%
Discount rate−0.50%
1981-12-0412.00%
Discount rate−1.00%
1981-11-0213.00%
Discount rate−1.00%
1981-05-0514.00%
Discount rate+1.00%
1980-12-0513.00%
Discount rate+1.00%
1980-11-1712.00%
Discount rate+1.00%
1980-09-2611.00%
Discount rate+1.00%
1980-07-2810.00%
Discount rate−1.00%
1980-06-1311.00%
Discount rate−1.00%
1980-05-2912.00%
Discount rate−1.00%
1980-02-1513.00%
Discount rate+1.00%
1979-10-0812.00%
Discount rate+1.00%
1979-09-1911.00%
Discount rate+0.50%
1979-08-1710.50%
Discount rate+0.50%
1979-07-2010.00%
Discount rate+0.50%
1978-11-019.50%
Discount rate+1.00%
1978-10-168.50%
Discount rate+0.50%
1978-09-228.00%
Discount rate+0.25%
1978-08-217.75%
Discount rate+0.50%
1978-07-037.25%
Discount rate+0.25%
1978-05-117.00%
Discount rate+0.50%
1978-01-096.50%
Discount rate+0.50%
1977-10-266.00%
Discount rate+0.25%
1977-08-305.75%
Discount rate+0.50%
1976-11-225.25%
Discount rate−0.25%
1976-01-165.50%
Discount rate−0.50%
1975-05-166.00%
Discount rate−0.25%
1975-03-106.25%
Discount rate−0.50%
1975-02-056.75%
Discount rate−0.50%
1975-01-107.25%
Discount rate−0.50%
1974-12-097.75%
Discount rate−0.25%
1974-04-258.00%
Discount rate+0.50%
1973-08-147.50%
Discount rate+0.50%
1973-07-027.00%
Discount rate+0.50%
1973-06-116.50%
Discount rate+0.50%
1973-05-116.00%
Discount rate+0.25%
1973-05-045.75%
Discount rate+0.25%
1973-02-265.50%
Discount rate+0.50%
1973-01-155.00%
Discount rate+0.50%
1971-12-174.50%
Discount rate−0.25%
1971-11-194.75%
Discount rate−0.25%
1971-07-165.00%
Discount rate+0.25%
1971-02-194.75%
Discount rate−0.25%
1971-01-225.00%
Discount rate−0.25%
1971-01-085.25%
Discount rate−0.25%
1970-12-045.50%
Discount rate−0.25%
1970-11-135.75%
Discount rate−0.25%
1969-04-046.00%
Discount rate+0.50%
1968-12-185.50%
Discount rate+0.25%
1968-08-305.25%
Discount rate−0.25%
1968-04-195.50%
Discount rate+0.50%
1968-03-225.00%
Discount rate+0.50%
1967-11-204.50%
Discount rate+0.50%
1967-04-074.00%
Discount rate−0.50%
1965-12-064.50%
Discount rate+0.50%
1964-11-244.00%
Discount rate+0.50%
1963-07-173.50%
Discount rate+0.50%
1960-08-123.00%
Discount rate−0.50%
1960-06-103.50%
Discount rate−0.50%
1959-09-114.00%
Discount rate+0.50%
1959-05-293.50%
Discount rate+0.50%
1959-03-063.00%
Discount rate+0.50%
1958-11-072.50%
Discount rate+0.50%
1958-09-122.00%
Discount rate+0.25%
1958-04-181.75%
Discount rate−0.50%
1958-03-072.25%
Discount rate−0.50%
1958-01-242.75%
Discount rate−0.25%
1957-11-153.00%
Discount rate−0.50%
1957-08-233.50%
Discount rate+0.50%
1956-08-243.00%
Discount rate+0.25%
1956-04-132.75%
Discount rate+0.25%
1955-11-182.50%
Discount rate+0.25%
1955-09-092.25%
Discount rate+0.25%
1955-08-052.00%
Discount rate+0.25%
1955-04-151.75%
Discount rate+0.25%
1954-04-161.50%
Discount rate−0.25%
1954-02-051.75%
Discount rate−0.25%
1953-01-162.00%
Discount rate+0.25%
1950-08-211.75%
Discount rate+0.25%
1948-08-131.50%
Discount rate+0.25%
1948-01-121.25%
Discount rate+0.25%
1946-04-251.00%
Discount rate+0.50%
1942-10-300.50%
Discount rate−0.50%
1937-08-271.00%
Discount rate−0.50%
1934-02-021.50%
Discount rate−0.02%
1934-02-011.52%
Discount rate−0.48%
1933-11-012.00%
Discount rate−0.31%
1933-10-012.31%
Discount rate−0.19%
1933-06-012.50%
Discount rate−0.40%
1933-05-012.90%
Discount rate−0.20%
1933-04-013.10%
Discount rate−0.34%
1933-03-013.44%
Discount rate+0.94%
1932-07-012.50%
Discount rate−0.38%
1932-06-012.88%
Discount rate−0.12%
1932-03-013.00%
Discount rate−0.43%
1932-02-013.43%
Discount rate−0.07%
1931-11-013.50%
Discount rate+0.74%
1931-10-012.76%
Discount rate+1.26%
1931-06-011.50%
Discount rate−0.11%
1931-05-011.61%
Discount rate−0.39%
1931-01-012.00%
Discount rate−0.37%
1930-12-012.37%
Discount rate−0.13%
1930-07-012.50%
Discount rate−0.32%
1930-06-012.82%
Discount rate−0.20%
1930-05-013.02%
Discount rate−0.48%
1930-04-013.50%
Discount rate−0.21%
1930-03-013.71%
Discount rate−0.40%
1930-02-014.11%
Discount rate−0.39%
1929-12-014.50%
Discount rate−0.23%
1929-11-014.73%
Discount rate−1.27%
1929-09-016.00%
Discount rate+0.26%
1929-08-015.74%
Discount rate+0.74%
1928-08-015.00%
Discount rate+0.19%
1928-07-014.81%
Discount rate+0.31%
1928-06-014.50%
Discount rate+0.27%
1928-05-014.23%
Discount rate+0.23%
1928-03-014.00%
Discount rate+0.03%
1928-02-013.97%
Discount rate+0.47%
1927-09-013.50%
Discount rate−0.06%
1927-08-013.56%
Discount rate−0.44%
1926-09-014.00%
Discount rate+0.19%
1926-08-013.81%
Discount rate+0.31%
1926-05-013.50%
Discount rate−0.37%
1926-04-013.87%
Discount rate−0.13%
1926-02-014.00%
Discount rate+0.11%
1926-01-013.89%
Discount rate+0.39%
1925-03-013.50%
Discount rate+0.46%
1925-02-013.04%
Discount rate+0.04%
1924-09-013.00%
Discount rate−0.11%
1924-08-013.11%
Discount rate−0.39%
1924-07-013.50%
Discount rate−0.18%
1924-06-013.68%
Discount rate−0.32%
1924-05-014.00%
Discount rate−0.50%
1923-03-014.50%
Discount rate+0.39%
1923-02-014.11%
Discount rate+0.11%
1922-07-014.00%
Discount rate−0.35%
1922-06-014.35%
Discount rate−0.15%
1921-12-014.50%
Discount rate−0.03%
1921-11-014.53%
Discount rate−0.47%
1921-10-015.00%
Discount rate−0.35%
1921-09-015.35%
Discount rate−0.15%
1921-08-015.50%
Discount rate−0.32%
1921-07-015.82%
Discount rate−0.43%
1921-06-016.25%
Discount rate−0.31%
1921-05-016.56%
Discount rate−0.44%
1920-06-017.00%
Discount rate+1.00%
1920-02-016.00%
Discount rate+0.89%
1920-01-015.11%
Discount rate+0.36%
1919-12-014.75%
Discount rate+0.01%
1919-11-014.74%
Discount rate+0.18%
1918-05-014.56%
Discount rate+0.05%
1918-04-014.51%
Discount rate+0.26%
1918-01-014.25%
Discount rate+0.32%
1917-12-013.93%
Discount rate+0.18%
1915-07-013.75%
Discount rate−0.21%
1915-06-013.96%
Discount rate−0.04%
1915-03-014.00%
Discount rate−0.19%
1915-02-014.19%
Discount rate−0.56%
1915-01-014.75%
Discount rate−0.65%
1914-12-015.40%
Discount rate−0.35%
1914-11-165.75%
Discount rate—
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: 147 of 147 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