The benchmark interest rate in the United States was last recorded at 4.25 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 Total Fed Funds Sold and Securities Purchased Under Agreements to Resell, Small Domestically Chartered Commercial Banks (H8B3092NSMA) from 2010-01-06 to 2025-10-01 about small, purchase, securities, sales, banks, depository institutions, and USA.

Graph and download economic data for Federal Funds Target Range - Upper Limit (DFEDTARU) from 2008-12-16 to 2025-10-12 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 until September 2025, when another cut set the rate at 4.22 percent. 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.

Graph and download economic data for 8-Year Expected Inflation (EXPINF8YR) from Jan 1982 to Sep 2025 about 8-year, projection, inflation, and USA.

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 October 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 August 2025, inflation had declined to *** percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at **** percent in August 2023, before the first rate cut since September 2021 occurred in September 2024. 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.

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

Philadelphia Fed Manufacturing Index in the United States increased to 23.20 points in September from -0.30 points in August of 2025. This dataset provides the latest reported value for - United States Philadelphia Fed Manufacturing Index - 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 Deposits, All Commercial Banks (DPSACBM027SBOG) from Jan 1973 to Sep 2025 about deposits, banks, depository institutions, and USA.

This data collection was used in the book, "Committee Decisions on Monetary Policy: Evidence from Historical Records of the Federal Open Market Committee," by Henry Chappell, Rob Roy McGregor, and Todd Vermilyea, which examined the monetary policy preferences of members of the Federal Reserve's Federal Open Market Committee (FOMC) and the process by which its members' preferences were translated into policy decisions. Chapter 4 Data files related to Chapter 4 of the book are contained in: Ch04WebFiles.zip. See the readme file contained within that zip file for documentation. Chapter 5 All data described in Chapter 5 is subsequently employed in Chapters 6-8. Descriptions are provided below in the sections for those chapters. Chapter 6 Data files related to Chapter 6 are contained in Chapter06_Data_for_Web.zip. See the readme file contained within that zip file for documentation. Many data files for Chapter 6 are the same as those used in Chapter 7. More details are provided below for Chapter 7. Chapter 7 Data and programs for this chapter come from the JMCB article from which the chapter is drawn. Data files related to the JMCB article are contained in: ChappellMcGregorVermilyea_Data_011503.zip. See the JMCB.pdf file contained within that zip file for documentation. Section 7.5.2 of this chapter also uses data describing the order of speaking within meetings. We have used this data more extensively in our working paper, "The Persuasive Power of the Chairman: Arthur Burns and the FOMC." Data for that paper is provided in the: WEA_BeforeAfter_Data_Archive.zip. Chapter 8 Much of the data (and methods) used in Chapter 6 are used again in Chapter 8. Relevant data and program files and documentation are provided in: Chapter08_Data_for Web.zip.

We present federal funds rates coming from a range of simple monetary policy rules based on multiple economic forecasts. Use our tool to create your own rule. Released quarterly.

Graph and download economic data for Consumer Loans: Credit Cards and Other Revolving Plans, Domestically Chartered Commercial Banks (CCLDCBW027SBOG) from 2000-06-28 to 2025-10-01 about revolving, credit cards, domestic, loans, consumer, banks, depository institutions, and USA.

Graph and download economic data for Fed Funds and Reverse RPs with Banks, Foreign-Related Institutions (DISCONTINUED) (FRPFRIW027NBOG) from 1973-01-03 to 2018-01-03 about reverse repos, foreign, federal, banks, depository institutions, and USA.

Graph and download economic data for Primary Credit Rate - Historical Dates of Changes and Rates for Federal Reserve District 8: St. Louis (PCREDIT8) from 2003-01-09 to 2025-09-18 about FRB STL District, primary, credits, interest rate, interest, rate, and USA.

View the total value of the assets of all Federal Reserve Banks as reported in the weekly balance sheet.

Graph and download economic data for Large Time Deposits, All Commercial Banks (LTDACBQ158SBOG) from Q2 1973 to Q2 2025 about large, deposits, banks, depository institutions, rate, and USA.

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 10-Year Real Interest Rate (REAINTRATREARAT10Y) from Jan 1982 to Sep 2025 about 10-year, interest rate, interest, real, rate, and USA.

Graph and download economic data for Bank Credit, All Commercial Banks (H8B1001NCBCMG) from Feb 1947 to Sep 2025 about credits, banks, depository institutions, and USA.

Graph and download economic data for Other Securities, All Commercial Banks (OTHSEC) from Jan 1947 to Sep 2025 about commercial, securities, banks, depository institutions, and USA.