I estimate the effects of FOMC announcements, post-FOMC press conferences, and speeches and Congressional testimony by the Fed Chair on stock prices, Treasury yields, and interest rate futures from 1988–2019. I show that for all but the very shortest-maturity interest rate futures, Fed Chair speeches are more important than FOMC announcements. My results suggest that the previous literature’s focus on FOMC announcements has ignored the most important source of variation in U.S. monetary policy.

Graph and download economic data for Current Equipment and Software Capital Expenditures; Diffusion Index for Federal Reserve District 3: Philadelphia (CEBNDIF066MNFRBPHI) from Mar 2011 to Jun 2025 about FRB PHI District, software, diffusion, capital, equipment, expenditures, services, indexes, and USA.

United States BAI: sa: Richmond Fed: Mfg: Equipment & Software Expenses data was reported at -22.000 % Point in Apr 2020. This records a decrease from the previous number of 9.000 % Point for Mar 2020. United States BAI: sa: Richmond Fed: Mfg: Equipment & Software Expenses data is updated monthly, averaging 13.000 % Point from Dec 2010 (Median) to Apr 2020, with 113 observations. The data reached an all-time high of 26.000 % Point in Feb 2018 and a record low of -22.000 % Point in Apr 2020. United States BAI: sa: Richmond Fed: Mfg: Equipment & Software Expenses data remains active status in CEIC and is reported by Federal Reserve Bank of Richmond. The data is categorized under Global Database’s United States – Table US.S013: Fifth District Survey of Manufacturing Sector Activity.

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

This data package includes the underlying data and files to replicate the calculations, charts, and tables presented in Average Inflation Targeting Would Be a Weak Tool for the Fed to Deal with Recession and Chronic Low Inflation, PIIE Policy Brief 19-16. If you use the data, please cite as: Reifschneider, David, and David Wilcox. (2019). Average Inflation Targeting Would Be a Weak Tool for the Fed to Deal with Recession and Chronic Low Inflation. PIIE Policy Brief 19-16. Peterson Institute for International Economics.

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.

United States BAI: Richmond Fed: Mfg: Nxt 6 Mth: Equipment & Software Expenses data was reported at -28.000 % Point in Apr 2020. This records a decrease from the previous number of 4.000 % Point for Mar 2020. United States BAI: Richmond Fed: Mfg: Nxt 6 Mth: Equipment & Software Expenses data is updated monthly, averaging 17.000 % Point from Dec 2010 (Median) to Apr 2020, with 113 observations. The data reached an all-time high of 31.000 % Point in Jan 2018 and a record low of -28.000 % Point in Apr 2020. United States BAI: Richmond Fed: Mfg: Nxt 6 Mth: Equipment & Software Expenses data remains active status in CEIC and is reported by Federal Reserve Bank of Richmond. The data is categorized under Global Database’s United States – Table US.S013: Fifth District Survey of Manufacturing Sector Activity.

United States BAI: sa: Richmond Fed: Svcs: Equipment & Software data was reported at -12.000 % Point in Apr 2020. This records a decrease from the previous number of 13.000 % Point for Mar 2020. United States BAI: sa: Richmond Fed: Svcs: Equipment & Software data is updated monthly, averaging 15.000 % Point from Dec 2010 (Median) to Apr 2020, with 113 observations. The data reached an all-time high of 30.000 % Point in Jan 2020 and a record low of -12.000 % Point in Apr 2020. United States BAI: sa: Richmond Fed: Svcs: Equipment & Software data remains active status in CEIC and is reported by Federal Reserve Bank of Richmond. The data is categorized under Global Database’s United States – Table US.S014: Fifth District Survey of Service Sector Activity. [COVID-19-IMPACT]

Fmr Fed. Rep. of Germany Imports from Belize of Tools, implements, cutlery of base metal was US$27 during 2024, according to the United Nations COMTRADE database on international trade. Fmr Fed. Rep. of Germany Imports from Belize of Tools, implements, cutlery of base metal - data, historical chart and statistics - was last updated on June of 2025.

United States - Private fixed investment in equipment was 1527.14400 Bil. of $ in January of 2024, according to the United States Federal Reserve. Historically, United States - Private fixed investment in equipment reached a record high of 1527.14400 in January of 2024 and a record low of 1.47600 in January of 1933. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Private fixed investment in equipment - last updated from the United States Federal Reserve on July of 2025.

Graph and download economic data for Business Equipment Loans and Leases Securitized by Finance Companies, Flow (DTBNEXDFBANM) from Jul 1990 to Apr 2025 about securitized, finance companies, companies, leases, flow, finance, financial, equipment, business, loans, and USA.

Graph and download economic data for Personal consumption expenditures: Durable goods: Tools and equipment for house and garden (DTOORC1A027NBEA) from 1929 to 2024 about tool, garden, PCE, equipment, durable goods, consumption expenditures, consumption, personal, goods, housing, GDP, and USA.

Graph and download economic data for Households and Nonprofit Organizations; Consumption of Fixed Capital, Structures, Equipment, and Intellectual Property Products, Current Cost Basis, Including Consumer Durables, Current Cost Basis (FOF Basis), Transactions (BOGZ1FA156300005Q) from Q4 1946 to Q1 2025 about cost, intellectual property, nonprofit organizations, transactions, fixed, capital, buildings, equipment, durable goods, consumption, production, households, consumer, goods, and USA.

Graph and download economic data for Contributions to percent change in GDPNow: Real Gross Private Domestic Investment: Fixed Investment: Business: Equipment (EQUIPCONTRIBNOW) from Q2 2014 to Q2 2025 about contributions, fixed, investment, gross, equipment, domestic, business, private, real, GDP, and USA.

Graph and download economic data for Industrial Production: Gross Value of Products: Defense and Space Equipment (GVIPT52300S) from Jan 1972 to May 2025 about defense, gross, equipment, production, industry, indexes, and USA.

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

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 Industrial Production: Equipment: Transit Equipment (IPB52110SQ) from Q1 1954 to Q1 2025 about transportation, IP, equipment, production, industry, indexes, and USA.

Graph and download economic data for Manufacturers' Total Inventories: Communications Equipment (A34XTI) from Jan 1992 to May 2025 about communication, inventories, equipment, manufacturing, industry, and USA.