The benchmark interest rate in the United States was last recorded at 3.75 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 Effective Rate (RIFSPFFNB) from 1954-07-01 to 2026-03-27 about funds, federal, interest rate, interest, rate, and USA.

The U.S. federal funds rate reached its peak in 2023, climbing to **** percent by December - its highest level since the 2007-08 financial crisis - following an aggressive tightening cycle aimed at curbing elevated inflation. A clear shift in monetary policy emerged in the second half of 2024, when the Federal Reserve began implementing a series of rate cuts as inflationary pressures eased and economic growth moderated. By December 2024, the federal funds rate had declined to **** percent. This easing cycle continued into 2025, with additional rate reductions throughout the year, bringing the rate below **** percent by year-end and signaling a sustained move toward a more accommodative policy stance. 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. Historical 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.

In March 2026, the central banks of the United States, United Kingdom, and euro area maintained steady interest rates, reflecting a continued cautious approach amid moderating inflation pressures and slower economic growth. This period of relative stability followed a prolonged phase of elevated policy rates and underscored the close alignment of monetary policy across major advanced economies. Over the longer period from 2003 to March 2026, the Federal Reserve, Bank of England, and European Central Bank displayed notably similar interest rate trajectories shaped by common global economic conditions. In the early 2000s, policy rates were kept relatively low to support growth before being raised ahead of the 2008 financial crisis as economic activity accelerated. The crisis triggered sharp reductions in interest rates to near-zero levels, which were maintained for an extended period to foster recovery. Another phase of extraordinary easing occurred in 2020, when the COVID-19 pandemic prompted central banks to cut rates to historic lows to cushion the economic shock. This stance was reversed in 2022, as surging inflation led to an aggressive tightening cycle across all three institutions. As inflation began to stabilize in late 2023 and early 2024, the European Central Bank and Bank of England initiated the first steps toward policy easing, leading to a more synchronized approach by early 2026. Divergent approaches within the European Union While the European Central Bank sets a benchmark policy rate for the euro area, individual European countries have pursued differing monetary policy paths to address their specific economic conditions. For example, Hungary recorded the highest policy rate in the European Union, reaching ** percent in September 2023, before gradually reducing it to *** percent by December 2025. By contrast, Sweden adopted a more aggressive easing approach, cutting its policy rate to **** percent by the end of 2025 - the lowest level among EU member states. These divergences underscore the complexity of the European monetary landscape, as national central banks balance inflation control with the need to support economic growth. Global context and future outlook The interest rate changes in major economies have had far-reaching effects on global financial markets. Government bond yields, for example, reflect these policy shifts and investor sentiment. As of July 2025, Turkey had the highest 10-year government bond yield among developed economies at **** percent, while Switzerland had the lowest at **** percent. These rates serve as important benchmarks for borrowing costs and economic expectations worldwide.

Dataset Description

This dataset contains the actual and predicted federal funds target rate for the United States from 1990 to 2023. The federal funds target rate is the interest rate at which depository institutions lend their excess reserves to each other overnight. It is set by the Federal Open Market Committee (FOMC) and is a key tool used by the Federal Reserve to influence the economy.

The dataset includes the following five columns:

Release Date: The date on which the data was released by the Federal Reserve. Time: The time of day at which the data was released. Actual: The actual federal funds target rate. Predicted: The predicted federal funds target rate. Forecast: The forecast federal funds target rate.

Data Usage

This dataset can be used for a variety of purposes, including: - Analyzing trends in the federal funds target rate over time. - Forecasting the future path of the federal funds target rate. - Assessing the effectiveness of monetary policy. - Data Quality

The data for this dataset is of high quality. The Federal Reserve is a reputable source of data and the data is updated regularly.

Data Limitations

The data for this dataset is limited to the United States. Additionally, the data does not include information on the factors that influenced the Federal Open Market Committee's decision to set the federal funds target rate.

View data of the Effective Federal Funds Rate, or the interest rate depository institutions charge each other for overnight loans of funds.

Graph and download economic data for FOMC Summary of Economic Projections for the Fed Funds Rate, Median from 2026 to 2028 about projection, federal, median, rate, and USA.

Interest Rates, Discount Rate for United States was 0.25000 % per Annum in August of 2021, according to the United States Federal Reserve. Historically, Interest Rates, Discount Rate for United States reached a record high of 14.00000 in June of 1981 and a record low of 0.25000 in March of 2020. Trading Economics provides the current actual value, an historical data chart and related indicators for Interest Rates, Discount Rate for United States - last updated from the United States Federal Reserve on April of 2026.

View market daily updates and historical trends for Overnight Federal Funds Rate. from United States. Source: Federal Reserve. Track economic data with YC…

Content

More details about each file are in the individual file descriptions.

Context

This is a dataset from the Federal Reserve hosted by the Federal Reserve Economic Database (FRED). FRED has a data platform found here and they update their information according to the frequency that the data updates. Explore the Federal Reserve using Kaggle and all of the data sources available through the Federal Reserve organization page!

• Update Frequency: This dataset is updated daily.

Acknowledgements

This dataset is maintained using FRED's API and Kaggle's API.

Cover photo by AbsolutVision on Unsplash
Unsplash Images are distributed under a unique Unsplash License.

Policy interest rates in the United States and Europe declined markedly in 2025, with all observed economies implementing multiple rate cuts over the course of the year. In the United States, the federal funds rate was reduced from **** percent at the end of 2024 to **** percent by year-end 2025. Similarly, the European Central Bank lowered its main refinancing rate from **** percent to **** percent, while the Bank of England reduced its bank rate from **** percent to **** percent. Based on forecasts conducted in 2024, both the U.S. federal funds rate and the Bank of England’s policy rate are expected to decline further in 2026. The impact of central bank policy rates The U.S. federal funds effective rate, crucial in determining the interest rate paid by depository institutions, experienced drastic changes in response to the COVID-19 pandemic. The subsequent slight changes in the effective rate reflected the efforts to stimulate the economy and manage economic factors such as inflation. Such fluctuations in the federal funds rate have had a significant impact on the overall economy. The European Central Bank's decision to cut its fixed interest rate in June 2024 for the first time since 2016 marked a significant shift in attitude towards economic conditions. The reasons behind the fluctuations in the ECB's interest rate reflect its mandate to ensure price stability and manage inflation, shedding light on the complex interplay between interest rates and economic factors. Inflation and real interest rates The relationship between inflation and interest rates is critical in understanding the actions of central banks. Central banks' efforts to manage inflation through interest rate adjustments reveal the intricate balance between economic growth and inflation. Additionally, the concept of real interest rates, adjusted for inflation, provides valuable insights into the impact of inflation on the economy.

View yearly updates and historical trends for Effective Federal Funds Rate. from United States. Source: Federal Reserve. Track economic data with YCharts …

Key information about United States Policy Rate

• United States cash rate (Policy Rate: Month End: Effective Federal Funds Rate) was set at 3.64 % pa in Feb 2026, compared with 3.64 % pa in the previous Jan 2026.
• US Policy Rate averaged 8.23 % pa and is updated monthly, available from Jul 1954 to Feb 2026.
• The data reached an all-time high of 22.00 % pa in Dec 1980 and a record low of 0.04 % pa in Dec 2011.

• In the latest reports, US Short Term Interest Rate: Month End: Treasury Bills: 3 Months was reported at 3.59 % pa in Feb 2026.
• Its Long Term Interest Rate (Treasury Notes Yield: Constant Maturity: Nominal: 10 Years) was reported at 4.13 % pa in Feb 2026.
• Its Real Effective Exchange Rate was 113.51 in Feb 2026.

View market daily updates and historical trends for Primary Credit Rate. from United States. Source: Federal Reserve. Track economic data with YCharts ana…

Effective Federal Funds Rate in the United States remained unchanged at 3.64 percent on Friday April 17. This dataset includes a chart with historical data for the United States Effective Federal Funds Rate.

U.S. Economic and Financial Dataset

Dataset Description

This dataset combines historical U.S. economic and financial indicators, spanning the last 50 years, to facilitate time series analysis and uncover patterns in macroeconomic trends. It is designed for exploring relationships between interest rates, inflation, economic growth, stock market performance, and industrial production.

Key Features

• Frequency: Monthly
• Time Period: Last 50 years from Nov-24
• Sources:
  • Federal Reserve Economic Data (FRED)
  • Yahoo Finance

Dataset Feature Description

1. Interest Rate (Interest_Rate):

   • The effective federal funds rate, representing the interest rate at which depository institutions trade federal funds overnight.

2. Inflation (Inflation):

   • The Consumer Price Index for All Urban Consumers, an indicator of inflation trends.

3. GDP (GDP):

   • Real GDP measures the inflation-adjusted value of goods and services produced in the U.S.

4. Unemployment Rate (Unemployment):

   • The percentage of the labor force that is unemployed and actively seeking work.

5. Stock Market Performance (S&P500):

   • Monthly average of the adjusted close price, representing stock market trends.

6. Industrial Production (Ind_Prod):

   • A measure of real output in the industrial sector, including manufacturing, mining, and utilities.

Dataset Statistics

1. Total Entries: 599
2. Columns: 6
3. Memory usage: 37.54 kB
4. Data types: float64

Feature Overview

• Columns:
  • Interest_Rate: Monthly Federal Funds Rate (%)
  • Inflation: CPI (All Urban Consumers, Index)
  • GDP: Real GDP (Billions of Chained 2012 Dollars)
  • Unemployment: Unemployment Rate (%)
  • Ind_Prod: Industrial Production Index (2017=100)
  • S&P500: Monthly Average of S&P 500 Adjusted Close Prices

Executive Summary

This project explores the interconnected dynamics of key macroeconomic indicators and financial market trends over the past 50 years, leveraging data from the Federal Reserve Economic Data (FRED) and Yahoo Finance. The dataset integrates critical variables such as the Federal Funds Rate, Inflation (CPI), Real GDP, Unemployment Rate, Industrial Production, and the S&P 500 Index, providing a holistic view of the U.S. economy and financial markets.

The analysis focuses on uncovering relationships between these variables through time-series visualization, correlation analysis, and trend decomposition. Key findings are included in the Insights section. This project serves as a robust resource for understanding long-term economic trends, policy impacts, and market behavior. It is particularly valuable for students, researchers, policymakers, and financial analysts seeking to connect macroeconomic theory with real-world data.

Potential Use Cases

• Economic Analysis: Examine relationships between interest rates, inflation, GDP, and unemployment.
• Stock Market Prediction: Study how macroeconomic indicators influence stock market trends.
• Time Series Modeling: Perform ARIMA, VAR, or other models to forecast economic trends.
• Cyclic Pattern Analysis: Identify how economic shocks and recoveries impact key indicators.

Snap of Power Analysis

https://github.com/user-attachments/assets/1b40e0ca-7d2e-4fbc-8cfd-df3f09e4fdb8">

To ensure sufficient power, the dataset covers last 50 years of monthly data i.e., around 600 entries.

Key Insights derived through EDA, time-series visualization, correlation analysis, and trend decomposition

• Interest Rate and Inflation Dynamics: The interest Rate and inflation exhibit an inverse relationship, especially during periods of aggressive monetary tightening by the Federal Reserve.
• Economic Growth and Market Performance: GDP growth and the S&P 500 Index show a positive correlation, reflecting how market performance often aligns with overall economic health.
• Labor Market and Industrial Output: Unemployment and industrial production demonstrate a strong inverse relationship. Higher industrial output is typically associated with lower unemployment
• Market Behavior During Economic Shocks: The S&P 500 experienced sharp declines during significant crises, such as the 2008 financial crash and the COVID-19 pandemic in 2020. These events also triggered increased unemployment and contractions in GDP, highlighting the interplay between markets and the broader economy.
• Correlation Highlights: S&P 500 and GDP have a strong positive correlation. Interest rates negatively correlate with GDP and inflation, reflecting monetary policy impacts. Unemployment is negatively correlated with industrial production but positively correlated with interest rates.

Link to GitHub Repo

https:/...

United States - Federal Funds Effective Rate was 3.64% in April of 2026, according to the United States Federal Reserve. Historically, United States - Federal Funds Effective Rate reached a record high of 22.36 in July of 1981 and a record low of 0.04 in December of 2011. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Federal Funds Effective Rate - last updated from the United States Federal Reserve on April of 2026.

Source data series FEDFUNDS from the FRED database, maintained by the Federal Reserve Bank of St. Louis.

Federal funds rate, 10-year and 2-year Treasury yields, yield-curve spread and 30-year fixed mortgage rate.

While interest rates in the United States declined ***** times by late 2024, average credit card interest rates did not immediately follow suit. This reveals itself when comparing the Federal Reserve interest rate against the APR, or annual percentage rates, of credit cards issued by commercial banks. The APR reached a record high in the country in 2024, likely adding to the growing credit card debt in the United States. This was below the APR of credit cards in a country like Brazil, however. It is expected that the credit card interest rates will continue to need time to catch up with the Fed interest rate.