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 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.

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.

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: Federal Funds Rate: Central Tendency: Y3: Upper End data was reported at 3.600 % in Dec 2024. This stayed constant from the previous number of 3.600 % for Sep 2024. United States FOMC Projection: Federal Funds Rate: Central Tendency: Y3: Upper End data is updated quarterly, averaging 3.200 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 4.100 % in Sep 2023 and a record low of 0.400 % in Dec 2020. United States FOMC Projection: Federal Funds Rate: 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.M005: Federal Funds Rates: Summary of Economic Projections: Federal Reserve Board.

Graph and download economic data for Federal Funds Target Range - Upper Limit (DFEDTARU) from 2008-12-16 to 2025-06-08 about federal, interest rate, interest, rate, and USA.

Shows the daily level of the federal funds rate back to 1954. The fed funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight, on an uncollateralized basis. The Federal Open Market Committee (FOMC) meets eight times a year to determine the federal funds target rate.

Graph and download economic data for Interest Rates: Immediate Rates (< 24 Hours): Federal Funds Rate: Total for United States (IRSTFR01USM156N) from Jan 1960 to Dec 2023 about federal, interest rate, interest, rate, and USA.

United States FOMC Projection: PCE Inflation: Central Tendency: Y3: Upper End data was reported at 2.000 % in Dec 2024. This stayed constant from the previous number of 2.000 % for Sep 2024. United States FOMC Projection: PCE Inflation: Central Tendency: Y3: Upper End data is updated quarterly, averaging 2.100 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 2.200 % in Sep 2023 and a record low of 2.000 % in Dec 2024. United States FOMC Projection: PCE Inflation: 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.I: PCE Price Index: Projection: Federal Reserve Board.

The inflation rate in the United States declined significantly between June 2022 and March 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.

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.

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. 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. 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.

Graph and download economic data for Interest Rates: 3-Month or 90-Day Rates and Yields: Certificates of Deposit: Total for United States from Jun 1964 to Dec 2023 about CD, 3-month, yield, interest rate, interest, rate, and USA.

Inflation Rate in the United States decreased to 2.30 percent in April from 2.40 percent in March of 2025. This dataset provides - United States Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Federal Reserve Bank of Cleveland provides daily “nowcasts” of inflation for two popular price indexes, the price index for personal consumption expenditures (PCE) and the Consumer Price Index (CPI). These nowcasts give a sense of where inflation is today. Released each business day.

FOMC Projection: Change in Real GDP: Central Tendency: Y3: Lower End data was reported at 1.800 % in Dec 2024. This stayed constant from the previous number of 1.800 % for Sep 2024. FOMC Projection: Change in Real GDP: Central Tendency: Y3: Lower End data is updated quarterly, averaging 1.800 % from Sep 2015 (Median) to Dec 2024, with 20 observations. The data reached an all-time high of 2.400 % in Sep 2020 and a record low of 1.500 % in Dec 2018. FOMC Projection: Change in Real GDP: Central Tendency: 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.

Money Supply M2 in the United States increased to 21862.50 USD Billion in April from 21706.80 USD Billion in March of 2025. This dataset provides - United States Money Supply M2 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

United States Median Wage Growth: 12-Mo Mov Avg: Public Administration data was reported at 6.100 % in Apr 2025. This records an increase from the previous number of 6.000 % for Mar 2025. United States Median Wage Growth: 12-Mo Mov Avg: Public Administration data is updated monthly, averaging 4.100 % from Dec 1997 (Median) to Apr 2025, with 329 observations. The data reached an all-time high of 6.900 % in Dec 2023 and a record low of 1.400 % in Dec 2012. United States Median Wage Growth: 12-Mo Mov Avg: Public Administration data remains active status in CEIC and is reported by Federal Reserve Bank of Atlanta. The data is categorized under Global Database’s United States – Table US.G114: Atlanta Fed Wage Growth Tracker: 12-Month Moving Average.

Graph and download economic data for Secured Overnight Financing Rate (SOFR) from 2018-04-03 to 2025-06-05 about financing, overnight, securities, rate, and USA.

United States GDP: saar: GCI: Fed: NE: Gross Inv: Structures data was reported at 20.247 USD bn in Dec 2024. This records an increase from the previous number of 19.611 USD bn for Sep 2024. United States GDP: saar: GCI: Fed: NE: Gross Inv: Structures data is updated quarterly, averaging 7.242 USD bn from Mar 1947 (Median) to Dec 2024, with 312 observations. The data reached an all-time high of 20.265 USD bn in Dec 2023 and a record low of 0.076 USD bn in Mar 1947. United States GDP: saar: GCI: Fed: NE: Gross Inv: Structures data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A002: NIPA 2023: GDP by Expenditure: Current Price: saar.