FEDFUNDS · rate
Federal Funds Rate
Upper bound of the Federal Open Market Committee's target range for the federal funds rate, as announced by the Federal Reserve.
Policy rateSingle sourceStatus
Federal Funds Target Rate (Upper Bound) chart
Daily observations.10 observations.History from Jul 13, 1990.
Key statistics
Previous close
4.00%
52-week range
3.75% – 4.00%
Year to date
+25 bps
1-year change
−25 bps
All-time high
8.00%
All-time low
0.25%
5-year change
—
10-year change
—
1-year range width
+25 bps
Largest peak-to-trough move
−775 bps
Historical percentile
53rd
Best / worst year
2005 +200 bps / 2001 −475 bps
Fed Funds decision history
Last change: +25 bps to 4.00%, effective Sep 17, 2026. 109 changes on record; dates are when the new rate took effect, which can be a day or more after the announcement.
| Effective date | Decision | Change | New rate |
|---|---|---|---|
| Sep 17, 2026 | Hike | +25 bps | 3.75% → 4.00% |
| Dec 11, 2025 | Cut | −25 bps | 4.00% → 3.75% |
| Oct 30, 2025 | Cut | −25 bps | 4.25% → 4.00% |
| Sep 18, 2025 | Cut | −25 bps | 4.50% → 4.25% |
| Dec 19, 2024 | Cut | −25 bps | 4.75% → 4.50% |
| Nov 8, 2024 | Cut | −25 bps | 5.00% → 4.75% |
| Sep 19, 2024 | Cut | −50 bps | 5.50% → 5.00% |
| Jul 27, 2023 | Hike | +25 bps | 5.25% → 5.50% |
| May 4, 2023 | Hike | +25 bps | 5.00% → 5.25% |
| Mar 23, 2023 | Hike | +25 bps | 4.75% → 5.00% |
| Feb 2, 2023 | Hike | +25 bps | 4.50% → 4.75% |
| Dec 15, 2022 | Hike | +50 bps | 4.00% → 4.50% |
| Nov 3, 2022 | Hike | +75 bps | 3.25% → 4.00% |
| Sep 22, 2022 | Hike | +75 bps | 2.50% → 3.25% |
| Jul 28, 2022 | Hike | +75 bps | 1.75% → 2.50% |
| Jun 16, 2022 | Hike | +75 bps | 1.00% → 1.75% |
| May 5, 2022 | Hike | +50 bps | 0.50% → 1.00% |
| Mar 17, 2022 | Hike | +25 bps | 0.25% → 0.50% |
| Mar 16, 2020 | Cut | −100 bps | 1.25% → 0.25% |
| Mar 4, 2020 | Cut | −50 bps | 1.75% → 1.25% |
| Oct 31, 2019 | Cut | −25 bps | 2.00% → 1.75% |
| Sep 19, 2019 | Cut | −25 bps | 2.25% → 2.00% |
| Aug 1, 2019 | Cut | −25 bps | 2.50% → 2.25% |
| Dec 20, 2018 | Hike | +25 bps | 2.25% → 2.50% |
Next FOMC decision
Oct 28, 2026
In 13 days, announced at 2:00 p.m. ET
Then: Dec 9, 2026 · Jan 27, 2027 · Mar 17, 2027 · Apr 28, 2027 · Jun 9, 2027
Scheduled dates from the Federal Reserve calendar; meetings can be rescheduled or added.
Performance
| Period | From | Start | Change |
|---|---|---|---|
| 1 day | Oct 15, 2026 | 4.00% | 0.00% |
| 1 week | Oct 5, 2026 | 4.00% | 0.00% |
| 1 month | Sep 4, 2026 | 3.75% | +0.25% |
| Year to date | Dec 11, 2025 | 3.75% | +0.25% |
| 1 year | Sep 18, 2025 | 4.25% | −0.25% |
| 3 years | Jul 27, 2023 | 5.50% | −1.50% |
| 20 years | Jun 29, 2006 | 5.25% | −1.25% |
| All history | Jul 13, 1990 | 8.00% | −4.00% |
Calendar years
| Year | Start | End | Change |
|---|---|---|---|
| 2026YTD | 3.75% | 4.00% | +25 bps |
| 2025 | 4.50% | 3.75% | −75 bps |
| 2024 | 5.50% | 4.50% | −100 bps |
| 2023 | 4.50% | 5.50% | +100 bps |
| 2022partial | 0.50% | 4.50% | +400 bps |
| 2020 | 1.75% | 0.25% | −150 bps |
| 2019 | 2.50% | 1.75% | −75 bps |
| 2018 | 1.50% | 2.50% | +100 bps |
| 2017 | 0.75% | 1.50% | +75 bps |
| 2016 | 0.50% | 0.75% | +25 bps |
| 2008 | 4.25% | 0.25% | −400 bps |
| 2007 | 5.25% | 4.25% | −100 bps |
| 2006 | 4.25% | 5.25% | +100 bps |
| 2005 | 2.25% | 4.25% | +200 bps |
| 2004 | 1.00% | 2.25% | +125 bps |
Where this data comes from
| Source | Data type | Coverage |
|---|---|---|
| Federal Reserve Board – Open Market OperationsofficialFederal funds target range – upper bound (single target before Dec 2008) | Policy ratedaily | Jul 13, 1990 – Oct 15, 2026117 observations |
Price history is stored as published for reproducibility. The current quote is refreshed every 15 seconds from the live feed and labelled with its sources and observation time.
Current quote
- Type: Policy rate
- Consensus: Single source from one source
- Primary source: Federal Reserve Board – Open Market Operations
- Observed: Oct 15, 2026
History
From Jul 13, 1990. 117 daily points.
Attribution
- Source: Board of Governors of the Federal Reserve System
About this series
Policy rates change only on decision dates, so the series is a step function: the chart shows the rate in force each day, and the history table lists every change with its date and size.