This dataset contains the textual data of Federal Reserve FOMC meetings statements and minutes.

Column description

• Date - Date of the FOMC meeting.
• Release Date - Release date of the statement/minutes. Note that minutes are usually released with a ~3 week lag from the meeting date.
• Type - Communication type, either a statement or minutes.
• Text - The text content of each communication release.

Update schedule

This dataset is updated on a weekly basis with new data sourced from the Federal Reserve website.

Graph and download economic data for FOMC Summary of Economic Projections for the Fed Funds Rate, Median (FEDTARMD) from 2025 to 2027 about projection, federal, median, rate, and USA.

The benchmark interest rate in the United States was last recorded at 4.50 percent. This dataset provides the latest reported value for - United States Fed Funds Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for Federal Funds Target Range - Upper Limit (DFEDTARU) from 2008-12-16 to 2025-07-31 about federal, interest rate, interest, rate, and USA.

The U.S. federal funds effective rate underwent a dramatic reduction in early 2020 in response to the COVID-19 pandemic. The rate plummeted from 1.58 percent in February 2020 to 0.65 percent in March, and further decreased to 0.05 percent in April. This sharp reduction, accompanied by the Federal Reserve's quantitative easing program, was implemented to stabilize the economy during the global health crisis. After maintaining historically low rates for nearly two years, the Federal Reserve began a series of rate hikes in early 2022, with the rate moving from 0.33 percent in April 2022 to 5.33 percent in August 2023. The rate remained unchanged for over a year, before the Federal Reserve initiated its first rate cut in nearly three years in September 2024, bringing the rate to 5.13 percent. By December 2024, the rate was cut to 4.48 percent, signaling a shift in monetary policy in the second half of 2024. In January 2025, the Federal Reserve implemented another cut, setting the rate at 4.33 percent, which remained unchanged throughout the following months. What is the federal funds effective rate? The U.S. federal funds effective rate determines the interest rate paid by depository institutions, such as banks and credit unions, that lend reserve balances to other depository institutions overnight. Changing the effective rate in times of crisis is a common way to stimulate the economy, as it has a significant impact on the whole economy, such as economic growth, employment, and inflation. Central bank policy rates The adjustment of interest rates in response to the COVID-19 pandemic was a coordinated global effort. In early 2020, central banks worldwide implemented aggressive monetary easing policies to combat the economic crisis. The U.S. Federal Reserve's dramatic reduction of its federal funds rate - from 1.58 percent in February 2020 to 0.05 percent by April - mirrored similar actions taken by central banks globally. While these low rates remained in place throughout 2021, mounting inflationary pressures led to a synchronized tightening cycle beginning in 2022, with central banks pushing rates to multi-year highs. By mid-2024, as inflation moderated across major economies, central banks began implementing their first rate cuts in several years, with the U.S. Federal Reserve, Bank of England, and European Central Bank all easing monetary policy.

United States FOMC Projection: Change in Real GDP: Range: Y3: Upper End data was reported at 2.500 % in Dec 2024. This stayed constant from the previous number of 2.500 % for Sep 2024. United States FOMC Projection: Change in Real GDP: Range: Y3: Upper End data is updated quarterly, averaging 2.400 % from Sep 2015 (Median) to Dec 2024, with 21 observations. The data reached an all-time high of 4.000 % in Sep 2020 and a record low of 2.000 % in Sep 2017. United States FOMC Projection: Change in Real GDP: Range: Y3: Upper End data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.A026: NIPA 2023: GDP by Expenditure: Constant Price: saar: QoQ: Projection: Federal Reserve Board.

The inflation rate in the United States declined significantly between June 2022 and May 2025, despite rising inflationary pressures towards the end of 2024. The peak inflation rate was recorded in June 2022, at *** percent. In August 2023, the Federal Reserve's interest rate hit its highest level during the observed period, at **** percent, and remained unchanged until September 2024, when the Federal Reserve implemented its first rate cut since September 2021. By January 2025, the rate dropped to **** percent, signalling a shift in monetary policy. What is the Federal Reserve interest rate? The Federal Reserve interest rate, or the federal funds rate, is the rate at which banks and credit unions lend to and borrow from each other. It is one of the Federal Reserve's key tools for maintaining strong employment rates, stable prices, and reasonable interest rates. The rate is determined by the Federal Reserve and adjusted eight times a year, though it can be changed through emergency meetings during times of crisis. The Fed doesn't directly control the interest rate but sets a target rate. It then uses open market operations to influence rates toward this target. Ways of measuring inflation Inflation is typically measured using several methods, with the most common being the Consumer Price Index (CPI). The CPI tracks the price of a fixed basket of goods and services over time, providing a measure of the price changes consumers face. At the end of 2023, the CPI in the United States was ****** percent, up from ****** a year earlier. A more business-focused measure is the producer price index (PPI), which represents the costs of firms.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest *** trillion U.S. dollars at the end of 2007, it ballooned to approximately **** trillion U.S. dollars by June 2025. This dramatic expansion, particularly during the 2008 financial crisis and the COVID-19 pandemic - both of which resulted in negative annual GDP growth in the U.S. - showcases the Fed's crucial role in stabilizing the economy through expansionary monetary policies. Impact on inflation and interest rates The Fed's expansionary measures, while aimed at stimulating economic growth, have had notable effects on inflation and interest rates. Following the quantitative easing in 2020, inflation in the United States reached ***** percent in 2022, the highest since 1991. However, by *************, inflation had declined to *** percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at **** percent in ***********, before the first rate cut since ************** occurred in **************. Financial implications for the Federal Reserve The expansion of the Fed's balance sheet and subsequent interest rate hikes have had significant financial implications. In 2023, the Fed reported a negative net income of ***** billion U.S. dollars, a stark contrast to the ***** billion U.S. dollars profit in 2022. This unprecedented shift was primarily due to rapidly rising interest rates, which caused the Fed's interest expenses to soar to over *** billion U.S. dollars in 2023. Despite this, the Fed's net interest income on securities acquired through open market operations reached a record high of ****** billion U.S. dollars in the same year.

Graph and download economic data for Longer Run FOMC Summary of Economic Projections for the Fed Funds Rate, Median (FEDTARMDLR) from 2012-01-25 to 2025-06-18 about projection, federal, median, rate, and USA.

The U.S. federal funds rate peaked in 2023 at its highest level since the 2007-08 financial crisis, reaching 5.33 percent by December 2023. A significant shift in monetary policy occurred in the second half of 2024, with the Federal Reserve implementing regular rate cuts. By December 2024, the rate had declined to 4.48 percent. What is a central bank rate? The federal funds rate determines the cost of overnight borrowing between banks, allowing them to maintain necessary cash reserves and ensure financial system liquidity. When this rate rises, banks become more inclined to hold rather than lend money, reducing the money supply. While this decreased lending slows economic activity, it helps control inflation by limiting the circulation of money in the economy. Historic perspective The federal funds rate historically follows cyclical patterns, falling during recessions and gradually rising during economic recoveries. Some central banks, notably the European Central Bank, went beyond traditional monetary policy by implementing both aggressive asset purchases and negative interest rates.

High-frequency changes in interest rates around FOMC announcements are a standard method of measuring monetary policy shocks. However, some recent studies have documented puzzling effects of these shocks on private-sector forecasts of GDP, unemployment, or inflation that are opposite in sign to what standard macroeconomic models would predict. This evidence has been viewed as supportive of a "Fed information effect" channel of monetary policy, whereby an FOMC tightening (easing) communicates that the economy is stronger (weaker) than the public had expected. We show that these empirical results are also consistent with a "Fed response to news" channel, in which incoming, publicly available economic news causes both the Fed to change monetary policy and the private sector to revise its forecasts. We provide substantial new evidence that distinguishes between these two channels and strongly favors the latter; for example, (i) regressions that include the previously omitted public economic news, (ii) a new survey that we conduct of Blue Chip forecasters, and (iii) high-frequency financial market responses to FOMC announcements all suggest that the Fed and private sector are simply responding to the same public news, with relatively little role for a "Fed information effect".

The purpose of the data is to investigate whether and how financial markets have responded to the change in the Federal Open Market Commission (FOMC) disclosure policy, specifically, whether the policy of immediate disclosure has created an announcement effect and whether the policy of immediate disclosure has increased or reduced financial market uncertainty.

United States FOMC Projection: Change in Real GDP: Median: Year 3 (Y3) data was reported at 1.900 % in Dec 2024. This records a decrease from the previous number of 2.000 % for Sep 2024. United States FOMC Projection: Change in Real GDP: Median: Year 3 (Y3) data is updated quarterly, averaging 1.900 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 2.500 % in Sep 2020 and a record low of 1.800 % in Sep 2023. United States FOMC Projection: Change in Real GDP: Median: Year 3 (Y3) data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.A026: NIPA 2023: GDP by Expenditure: Constant Price: saar: QoQ: Projection: Federal Reserve Board.

Graph and download economic data for FOMC Summary of Economic Projections for the Growth Rate of Real Gross Domestic Product, Central Tendency, Midpoint (GDPC1CTM) from 2025 to 2027 about projection, real, GDP, rate, and USA.

United States FOMC Projection: Change in Real GDP: Central Tendency: Y3: Upper End data was reported at 2.000 % in Dec 2024. This records a decrease from the previous number of 2.100 % for Sep 2024. United States FOMC Projection: Change in Real GDP: Central Tendency: Y3: Upper End data is updated quarterly, averaging 2.000 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 3.000 % in Sep 2020 and a record low of 2.000 % in Dec 2024. United States FOMC Projection: Change in Real GDP: Central Tendency: Y3: Upper End data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.A026: NIPA 2023: GDP by Expenditure: Constant Price: saar: QoQ: Projection: Federal Reserve Board.

United States FOMC Projection: Change in Real GDP: Range: Y3: Lower End data was reported at 1.500 % in Dec 2024. This records a decrease from the previous number of 1.700 % for Sep 2024. United States FOMC Projection: Change in Real GDP: Range: Y3: Lower End data is updated quarterly, averaging 1.600 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 2.000 % in Dec 2020 and a record low of 1.100 % in Dec 2017. United States FOMC Projection: Change in Real GDP: Range: Y3: Lower End data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.A026: NIPA 2023: GDP by Expenditure: Constant Price: saar: QoQ: Projection: Federal Reserve Board.

Abstract (en): The purpose of the data is to investigate whether and how financial markets have responded to the change in the Federal Open Market Commission (FOMC) disclosure policy, specifically, whether the policy of immediate disclosure has created an announcement effect and whether the policy of immediate disclosure has increased or reduced financial market uncertainty. (1) The files submitted are ND96DATA.DT and ND96PGM.DT, both in ASCII text format. These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

This dataset contains cross-sections of the last observed option quote for each strike of 17 underlyings 30 minutes before and after the Federal Open Market Committee (FOMC) announcement at 13:00 Chicago time (CT) on 18 March 2015. It is extracted from the confidential bulk CBOE OPRA data provided by the Options Price Reporting Authority (OPRA) and is employed to estimate the high-frequency risk-neutral density (RND) of the selected underlyings and examine the intraday changes in these RNDs following the FOMC announcement. This dataset underlies the empirical application on RND extraction of Andersen et al. (Journal of Financial Econometrics, 19(1), 128-177, 2021).

Core PCE Price Index Annual Change in the United States increased to 2.70 percent in May from 2.60 percent in April of 2025. This dataset includes a chart with historical data for the United States Core Pce Price Index Annual Change.

Inflation Nowcasting Monthly Month-Over-Month is a part of the Inflation Nowcasting indicator of the Federal Reserve Bank of Cleveland.