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.

Historical dataset of 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: 3-Month or 90-Day Rates and Yields: Interbank Rates: Total for Norway (IR3TIB01NOM156N) from Jan 1979 to Feb 2025 about Norway, interbank, 3-month, yield, interest rate, interest, and rate.

Key information about United States Short Term Interest Rate

• United States Short Term Interest Rate: Month End: Treasury Bills: 3 Months was reported at 4.20 % pa in Feb 2025, compared with 4.20 % pa in the previous month.
• US Short Term Interest Rate data is updated monthly, available from Jan 1954 to Feb 2025.
• The data reached an all-time high of 15.52 % pa in Aug 1981 and a record low of -0.01 % pa in Sep 2015.
• Short Term Interest Rate is reported by reported by Federal Reserve Board.

CEIC calculates monthly Short Term Interest Rate from daily Treasury Bills. Federal Reserve Board provides Treasury Bills. Short Term Interest Rate prior to December 1979 is sourced from the Federal Reserve Bank of St. Louis.


Related information about United States Short Term Interest Rate

• In the latest reports, US Treasury Notes Yield: Constant Maturity: Nominal: 10 Years was reported at 4.45 % pa in Feb 2025.
• The cash rate (Policy Rate: Month End: Effective Federal Funds Rate) was set at 4.33 % pa in Jan 2025.

Graph and download economic data for Interest Rates: 3-Month or 90-Day Rates and Yields: Certificates of Deposit: Total for Japan (IR3TCD01JPQ156N) from Q3 1979 to Q1 2022 about CD, 3-month, Japan, yield, interest rate, interest, and rate.

Jamaica JM: Interest Rate Spread data was reported at 12.933 % pa in 2016. This records a decrease from the previous number of 13.082 % pa for 2015. Jamaica JM: Interest Rate Spread data is updated yearly, averaging 8.633 % pa from Dec 1979 (Median) to 2016, with 38 observations. The data reached an all-time high of 20.370 % pa in 1995 and a record low of 2.676 % pa in 1984. Jamaica JM: Interest Rate Spread data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Jamaica – Table JM.World Bank: Interest Rates. Interest rate spread is the interest rate charged by banks on loans to private sector customers minus the interest rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; Median;

Uruguay UY: Real Interest Rate data was reported at 9.429 % pa in 2017. This records an increase from the previous number of 8.221 % pa for 2016. Uruguay UY: Real Interest Rate data is updated yearly, averaging 15.392 % pa from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 93.915 % pa in 2002 and a record low of -7.617 % pa in 1979. Uruguay UY: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Uruguay – Table UY.World Bank.WDI: Interest Rates. Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.; ;

Syria SY: Lending Interest Rate data was reported at 9.878 % pa in 2010. This records a decrease from the previous number of 10.163 % pa for 2009. Syria SY: Lending Interest Rate data is updated yearly, averaging 9.000 % pa from Dec 1979 (Median) to 2010, with 32 observations. The data reached an all-time high of 10.167 % pa in 2008 and a record low of 7.500 % pa in 2004. Syria SY: Lending Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Syrian Arab Republic – Table SY.World Bank.WDI: Interest Rates. Lending rate is the bank rate that usually meets the short- and medium-term financing needs of the private sector. This rate is normally differentiated according to creditworthiness of borrowers and objectives of financing. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; ;

Interbank Rate in Argentina decreased to 32.42 percent in February from 36.04 percent in January of 2025. This dataset provides - Argentina up to 15 Days Interbank Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Bank Lending Rate in Israel increased to 5.88 percent in February from 5.67 percent in January of 2023. This dataset provides - Israel Bank Prime Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Interest Rates: 3-Month or 90-Day Rates and Yields: Interbank Rates: Total for Italy (IR3TIB01ITA156N) from 1979 to 2024 about interbank, Italy, 3-month, yield, interest rate, interest, and rate.

MA: Deposit Interest Rate data was reported at 3.123 % pa in 2017. This records a decrease from the previous number of 3.462 % pa for 2016. MA: Deposit Interest Rate data is updated yearly, averaging 4.500 % pa from Dec 1979 (Median) to 2017, with 31 observations. The data reached an all-time high of 8.500 % pa in 1991 and a record low of 3.123 % pa in 2017. MA: Deposit Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Morocco – Table MA.World Bank.WDI: Interest Rates. Deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; ;

Export Prices YoY in Singapore decreased by 2.20 percent in January from -3.10 percent in December of 2024. This dataset includes a chart with historical data for Singapore Export Prices YoY.

Jamaica JM: Deposit Interest Rate data was reported at 3.556 % pa in 2016. This records a decrease from the previous number of 3.895 % pa for 2015. Jamaica JM: Deposit Interest Rate data is updated yearly, averaging 12.556 % pa from Dec 1979 (Median) to 2016, with 38 observations. The data reached an all-time high of 36.411 % pa in 1994 and a record low of 3.556 % pa in 2016. Jamaica JM: Deposit Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Jamaica – Table JM.World Bank.WDI: Interest Rates. Deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; ;

Japan 2 Year Bond Yield was 0.89 percent on Thursday March 27, according to over-the-counter interbank yield quotes for this government bond maturity. Japan 2 Year Government Bond Yield - values, historical data, forecasts and news - updated on March of 2025.

Abstract copyright UK Data Service and data collection copyright owner.

The 5% Sample Survey of Building Society Mortgage Completions (BSM) has been in existence since 1965. The Archive holds data from 1974.
Monthly returns, giving detailed information on a nominal 5% sample of all mortgage completions, have been submitted on a voluntary basis by most building societies to the Department of Environment who process the data on a quarterly basis.
The survey results have served as the offical source of statistics on the owner-occupied housing market, providing a wealth of information on mortgage advances, dwelling prices and the characteristics of borrowers and properties.
An increased share of the mortgage market being accounted for by other lenders and a widening range of mortgage products during the 1980s have necessitated change, leading to the BSM being succeeded by the Survey of Mortgage Lenders (SML) in 1992 (see GN: 33254).
An important consideration for users of the data is that the SML figures allow continuity with the BSM survey results to be maintained for a reasonable period.
Main Topics:
Building Society code, date mortgage completed, whether dwelling is wholly or partly occupied by borrower. Mortgage amount, whether solely for purchase of property, period of mortgage, gross rate of interest, repayment method. Purchase price and whether discounted in any way. Location of dwelling, whether new, age of dwelling, type, number of habitable rooms, whether garage, rateable value. Number and sex of borrowers, age of main borrower, basic income, other income, total income, whether applicant previously owner occupier, previous tenure, whether main borrower nominated by LA under support lending scheme.

Tanzania TZ: Lending Interest Rate data was reported at 15.958 % pa in 2016. This records a decrease from the previous number of 16.105 % pa for 2015. Tanzania TZ: Lending Interest Rate data is updated yearly, averaging 15.958 % pa from Dec 1979 (Median) to 2016, with 35 observations. The data reached an all-time high of 42.833 % pa in 1995 and a record low of 11.500 % pa in 1980. Tanzania TZ: Lending Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Tanzania – Table TZ.World Bank.WDI: Interest Rates. Lending rate is the bank rate that usually meets the short- and medium-term financing needs of the private sector. This rate is normally differentiated according to creditworthiness of borrowers and objectives of financing. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; ;

Deposit Interest Rate in Thailand increased to 1.67 percent in 2024 from 1.37 percent in 2023. This dataset includes a chart with historical data for Deposit Interest Rate in Thailand.

In 2024, approximately 65 percent of all housing in England was owner-occupied. This share declined notably since the early 2000's, as house prices gradually grew and affordability declined. In 2021, mortgage interest rates soared, leading to even lower homebuyer sentiment.

ドミニカ国の実質金利の統計データです。最新の2023年の数値「2.98%」を含む1979～2023年までの推移表や他国との比較情報を無料で公開しています。csv形式でのダウンロードも可能でEXCELでも開けますので、研究や分析レポートにお役立て下さい。