Graph and download economic data for Federal Funds Target Range - Upper Limit (DFEDTARU) from 2008-12-16 to 2025-03-26 about federal, interest rate, interest, rate, and USA.

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 inflation rate in the United States declined significantly between June 2022 and January 2025, despite rising inflationary pressures towards the end of 2024. The peak inflation rate was recorded in June 2022, at 9.1 percent. In August 2023, the Federal Reserve's interest rate hit its highest level during the observed period, at 5.33 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 4.33 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 158.11 percent, up from 153.12 a year earlier. A more business-focused measure is the producer price index (PPI), which represents the costs of firms.

The Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) surveys up to 80 large domestic banks and 24 U.S. branches and agencies of foreign banks. The Federal Reserve generally conducts the survey quarterly, timing it so that results are available for the January/February, April/May, August, and October/November meetings of the Federal Open Market Committee (FOMC). The Federal Reserve occasionally conducts one or two additional surveys during the year. Questions cover changes in the standards and terms of the banks' lending and the state of business and household demand for loans. The survey often includes questions on other topics of current interest. The survey results are released on Mondays after the FOMC meeting.

I estimate various backward-looking and forward-looking Taylor rules augmented with variables that indicate proximity to an election and whether the Fed Chair and the majority of a chamber of Congress share the same political party affiliation to investigate whether Congress has influenced Federal Reserve policy from 1961 to 2020. I find that the Fed is susceptible to pressures from the Senate. In line with previous work, left-leaning politicians exhibit a higher tolerance for inflation. This results in the federal funds rate being lower by about 2.35 points when the Democratic party has a Senate majority. Second, while I find some evidence that the House and the Fed Chair sharing partisan affiliation results in tighter policy, this result is not robust to alternative measures of inflation. Finally, I find persuasive evidence that Congressional pressures on the Fed do not create a political monetary cycle around elections.

Hydrographic and Impairment Statistics (HIS) is a National Park Service (NPS) Water Resources Division (WRD) project established to track certain goals created in response to the Government Performance and Results Act of 1993 (GPRA). One water resources management goal established by the Department of the Interior under GRPA requires NPS to track the percent of its managed surface waters that are meeting Clean Water Act (CWA) water quality standards. This goal requires an accurate inventory that spatially quantifies the surface water hydrography that each bureau manages and a procedure to determine and track which waterbodies are or are not meeting water quality standards as outlined by Section 303(d) of the CWA. This project helps meet this DOI GRPA goal by inventorying and monitoring in a geographic information system for the NPS: (1) CWA 303(d) quality impaired waters and causes; and (2) hydrographic statistics based on the United States Geological Survey (USGS) National Hydrography Dataset (NHD). Hydrographic and 303(d) impairment statistics were evaluated based on a combination of 1:24,000 (NHD) and finer scale data (frequently provided by state GIS layers).

Graph and download economic data for Gross Output by Industry: Government: Federal (GOF) from Q1 2005 to Q3 2024 about output, gross, federal, government, and USA.

United States - Real federal government consumption expenditures: Gross output of general government (chain-type quantity index) was 117.35700 Index 2009=100 in October of 2024, according to the United States Federal Reserve. Historically, United States - Real federal government consumption expenditures: Gross output of general government (chain-type quantity index) reached a record high of 118.50600 in January of 2021 and a record low of 27.95600 in July of 1950. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Real federal government consumption expenditures: Gross output of general government (chain-type quantity index) - last updated from the United States Federal Reserve on March of 2025.

United States - Federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Intermediate goods and services purchased (chain-type price index) was 114.85300 Index 2009=100 in January of 2021, according to the United States Federal Reserve. Historically, United States - Federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Intermediate goods and services purchased (chain-type price index) reached a record high of 114.85300 in January of 2021 and a record low of 9.58300 in January of 1933. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Intermediate goods and services purchased (chain-type price index) - last updated from the United States Federal Reserve on March of 2025.

United States - Real federal government consumption expenditures: Gross output of general government: Value added (chain-type quantity index) was 110.92400 Index 2009=100 in October of 2024, according to the United States Federal Reserve. Historically, United States - Real federal government consumption expenditures: Gross output of general government: Value added (chain-type quantity index) reached a record high of 110.92400 in October of 2024 and a record low of 39.15200 in January of 1950. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Real federal government consumption expenditures: Gross output of general government: Value added (chain-type quantity index) - last updated from the United States Federal Reserve on March of 2025.

United States - Federal government consumption expenditures: Gross output of general government: Value added: Compensation of general government employees (chain-type price index) was 136.27300 Index 2009=100 in October of 2024, according to the United States Federal Reserve. Historically, United States - Federal government consumption expenditures: Gross output of general government: Value added: Compensation of general government employees (chain-type price index) reached a record high of 136.27300 in October of 2024 and a record low of 4.11700 in October of 1947. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Federal government consumption expenditures: Gross output of general government: Value added: Compensation of general government employees (chain-type price index) - last updated from the United States Federal Reserve on March of 2025.

United States - Federal government consumption expenditures: Gross output of general government: Intermediate goods and services purchased (chain-type price index) was 112.18600 Index 2009=100 in January of 2021, according to the United States Federal Reserve. Historically, United States - Federal government consumption expenditures: Gross output of general government: Intermediate goods and services purchased (chain-type price index) reached a record high of 112.18600 in January of 2021 and a record low of 8.18100 in January of 1933. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Federal government consumption expenditures: Gross output of general government: Intermediate goods and services purchased (chain-type price index) - last updated from the United States Federal Reserve on March of 2025.

The Volcker Shock was a period of historically high interest rates precipitated by Federal Reserve Chairperson Paul Volcker's decision to raise the central bank's key interest rate, the Fed funds effective rate, during the first three years of his term. Volcker was appointed chairperson of the Fed in August 1979 by President Jimmy Carter, as replacement for William Miller, who Carter had made his treasury secretary. Volcker was one of the most hawkish (supportive of tighter monetary policy to stem inflation) members of the Federal Reserve's committee, and quickly set about changing the course of monetary policy in the U.S. in order to quell inflation. The Volcker Shock is remembered for bringing an end to over a decade of high inflation in the United States, prompting a deep recession and high unemployment, and for spurring on debt defaults among developing countries in Latin America who had borrowed in U.S. dollars.

Monetary tightening and the recessions of the early '80s

Beginning in October 1979, Volcker's Fed tightened monetary policy by raising interest rates. This decision had the effect of depressing demand and slowing down the U.S. economy, as credit became more expensive for households and businesses. The Fed funds rate, the key overnight rate at which banks lend their excess reserves to each other, rose as high as 17.6 percent in early 1980. The rate was allowed to fall back below 10 percent following this first peak, however, due to worries that inflation was not falling fast enough, a second cycle of monetary tightening was embarked upon starting in August of 1980. The rate would reach its all-time peak in June of 1981, at 19.1 percent. The second recession sparked by these hikes was far deeper than the 1980 recession, with unemployment peaking at 10.8 percent in December 1980, the highest level since The Great Depression. This recession would drive inflation to a low point during Volcker's terms of 2.5 percent in August 1983.

The legacy of the Volcker Shock

By the end of Volcker's terms as Fed Chair, inflation was at a manageable rate of around four percent, while unemployment had fallen under six percent, as the economy grew and business confidence returned. While supporters of Volcker's actions point to these numbers as proof of the efficacy of his actions, critics have claimed that there were less harmful ways that inflation could have been brought under control. The recessions of the early 1980s are cited as accelerating deindustrialization in the U.S., as manufacturing jobs lost in 'rust belt' states such as Michigan, Ohio, and Pennsylvania never returned during the years of recovery. The Volcker Shock was also a driving factor behind the Latin American debt crises of the 1980s, as governments in the region defaulted on debts which they had incurred in U.S. dollars. Debates about the validity of using interest rate hikes to get inflation under control have recently re-emerged due to the inflationary pressures facing the U.S. following the Coronavirus pandemic and the Federal Reserve's subsequent decision to embark on a course of monetary tightening.

United States - Real federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Value added was 353.68700 Bil. of Chn. 2009 $ in July of 2024, according to the United States Federal Reserve. Historically, United States - Real federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Value added reached a record high of 353.68700 in July of 2024 and a record low of 185.61200 in July of 1999. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Real federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Value added - last updated from the United States Federal Reserve on February of 2025.

United States - Real Federal Government Consumption Expenditures: Nondefense Consumption Expenditures: Gross Output of General Government: Intermediate Goods and Services Purchased was 13.90000 % Chg. from Preceding Period in January of 2021, according to the United States Federal Reserve. Historically, United States - Real Federal Government Consumption Expenditures: Nondefense Consumption Expenditures: Gross Output of General Government: Intermediate Goods and Services Purchased reached a record high of 191.70000 in January of 1933 and a record low of -51.40000 in January of 1950. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Real Federal Government Consumption Expenditures: Nondefense Consumption Expenditures: Gross Output of General Government: Intermediate Goods and Services Purchased - last updated from the United States Federal Reserve on March of 2025.

Graph and download economic data for Real federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Value added: Compensation of general government employees (W130RX1Q020SBEA) from Q1 2007 to Q4 2024 about nondefense, value added, output, compensation, gross, federal, consumption expenditures, consumption, government, real, employment, GDP, and USA.

Graph and download economic data for Production Worker Wage Cost Per Unit of Output, Total Manufactures for United States (M0883CUSM070NNBR) from Jan 1957 to Sep 1962 about output, workers, wages, production, manufacturing, indexes, and USA.

United States - Real federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Value added: Compensation of general government employees was 166.39800 Bil. of Chn. 2009 $ in January of 2021, according to the United States Federal Reserve. Historically, United States - Real federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Value added: Compensation of general government employees reached a record high of 167.46700 in January of 2020 and a record low of 125.33900 in January of 1999. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Real federal government consumption expenditures: Nondefense consumption expenditures: Gross output of general government: Value added: Compensation of general government employees - last updated from the United States Federal Reserve on March of 2025.

Graph and download economic data for Gross Output by Industry: Government (Chain-Type Price Index) (GOPIG) from Q1 2005 to Q4 2024 about output, chained, gross, government, price index, indexes, price, and USA.

United States - Real Federal Government Consumption Expenditures: Gross Output of General Government: Intermediate Goods and Services Purchased: Nondurable Goods was 27.30000 % Chg. from Preceding Period in January of 2021, according to the United States Federal Reserve. Historically, United States - Real Federal Government Consumption Expenditures: Gross Output of General Government: Intermediate Goods and Services Purchased: Nondurable Goods reached a record high of 425.80000 in January of 1942 and a record low of -91.10000 in January of 1946. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Real Federal Government Consumption Expenditures: Gross Output of General Government: Intermediate Goods and Services Purchased: Nondurable Goods - last updated from the United States Federal Reserve on March of 2025.