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.

Effective Federal Funds Rate in the United States remained unchanged at 4.33 percent on Thursday August 28. This dataset includes a chart with historical data for the United States Effective Federal Funds Rate.

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.

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

Content

More details about each file are in the individual file descriptions.

Context

This is a dataset from the Federal Reserve hosted by the Federal Reserve Economic Database (FRED). FRED has a data platform found here and they update their information according to the frequency that the data updates. Explore the Federal Reserve using Kaggle and all of the data sources available through the Federal Reserve organization page!

• Update Frequency: This dataset is updated daily.

Acknowledgements

This dataset is maintained using FRED's API and Kaggle's API.

Cover photo by AbsolutVision on Unsplash
Unsplash Images are distributed under a unique Unsplash License.

Dataset

This dataset was created by Truman Porter

Released under Apache 2.0

Contents

United States Effective Federal Funds Rate: Month Average data was reported at 2.199 % pa in Nov 2018. This records an increase from the previous number of 2.188 % pa for Oct 2018. United States Effective Federal Funds Rate: Month Average data is updated monthly, averaging 4.593 % pa from Jul 1954 (Median) to Nov 2018, with 773 observations. The data reached an all-time high of 19.065 % pa in Jul 1981 and a record low of 0.067 % pa in Feb 2014. United States Effective Federal Funds Rate: Month Average 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.M001: Lending and Effective Federal Funds Rates.

Dataset Description

This dataset contains the actual and predicted federal funds target rate for the United States from 1990 to 2023. The federal funds target rate is the interest rate at which depository institutions lend their excess reserves to each other overnight. It is set by the Federal Open Market Committee (FOMC) and is a key tool used by the Federal Reserve to influence the economy.

The dataset includes the following five columns:

Release Date: The date on which the data was released by the Federal Reserve. Time: The time of day at which the data was released. Actual: The actual federal funds target rate. Predicted: The predicted federal funds target rate. Forecast: The forecast federal funds target rate.

Data Usage

This dataset can be used for a variety of purposes, including: - Analyzing trends in the federal funds target rate over time. - Forecasting the future path of the federal funds target rate. - Assessing the effectiveness of monetary policy. - Data Quality

The data for this dataset is of high quality. The Federal Reserve is a reputable source of data and the data is updated regularly.

Data Limitations

The data for this dataset is limited to the United States. Additionally, the data does not include information on the factors that influenced the Federal Open Market Committee's decision to set the federal funds target rate.

Federal Funds Rate - Historical chart and current data through 2023.

Graph and download economic data for Federal Funds Target Range - Upper Limit (DFEDTARU) from 2008-12-16 to 2025-09-04 about federal, interest rate, interest, rate, and USA.

This table contains 12 series, with data starting from 1954 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: United States); Rates (12 items: Federal Reserve Bank of New York - discount rate; Prime rate charged by banks; Federal funds rate;Commercial paper, adjusted: 1 month; ...).

Effective Federal Funds Rate - Historical chart and current data through 2025.

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.

United States CBO Projection: Effective Federal Funds Rate: Annual data was reported at 3.108 % in 2029. This records an increase from the previous number of 3.084 % for 2028. United States CBO Projection: Effective Federal Funds Rate: Annual data is updated yearly, averaging 3.059 % from Dec 2017 (Median) to 2029, with 13 observations. The data reached an all-time high of 3.441 % in 2021 and a record low of 1.003 % in 2017. United States CBO Projection: Effective Federal Funds Rate: Annual data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s United States – Table US.M002: Federal Funds Rates: Projection.

Concept: Average interest rate of credit operations with prefixed interest rates by source of funds - microenterprise - earmarked credit - federal government specil funds Source: Credit Information System 26436-average-interest-rate-by-source-of-funds---microenterprise---earmarked-credit---federal-gover 26436-average-interest-rate-by-source-of-funds---microenterprise---earmarked-credit---federal-gover

Graph and download economic data for Interest Rates, Discount Rate for United States (INTDSRUSM193N) from Jan 1950 to Aug 2021 about discount, interest rate, interest, rate, and USA.

1-Year Treasury Minus Federal Funds Rate - Historical chart and current data through 2025.

5-Year Treasury Minus Federal Funds Rate - Historical chart and current data through 2025.

The benchmark interest rate in Japan was last recorded at 0.50 percent. This dataset provides - Japan Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fed Funds Rate Projections - High Range - Historical chart and current data through 2025.