Finance & Markets
Federal funds target rate
What is the Federal Reserve actually charging, as opposed to what it is signalling?
3.75% upper limit
Almost every other price on this site is downstream of this one. The discount rate applied to a technology company's earnings a decade out, the cost of carrying an oil inventory, the dollar's pull on emerging-market debt — all of it moves when this line moves.
We track the target rather than the effective rate because the target is the decision. The effective rate is the market's response to it, and conflating the two makes the Fed look like it is reacting when it is acting.
How this is measured
The upper limit of the FOMC target range for the federal funds rate, as set by the Federal Reserve Board, taken at the end of each month for the past six years. The upper limit is used because the Fed sets a range, not a point.
All observations
| Date | % upper limit |
|---|---|
| 6 Sept 2026 | 3.75 |
| 31 Aug 2026 | 3.75 |
| 31 Jul 2026 | 3.75 |
| 30 Jun 2026 | 3.75 |
| 31 May 2026 | 3.75 |
| 30 Apr 2026 | 3.75 |
| 31 Mar 2026 | 3.75 |
| 28 Feb 2026 | 3.75 |
| 31 Jan 2026 | 3.75 |
| 31 Dec 2025 | 3.75 |
| 30 Nov 2025 | 4 |
| 31 Oct 2025 | 4 |
| 30 Sept 2025 | 4.25 |
| 31 Aug 2025 | 4.5 |
| 31 Jul 2025 | 4.5 |
| 30 Jun 2025 | 4.5 |
| 31 May 2025 | 4.5 |
| 30 Apr 2025 | 4.5 |
| 31 Mar 2025 | 4.5 |
| 28 Feb 2025 | 4.5 |
| 31 Jan 2025 | 4.5 |
| 31 Dec 2024 | 4.5 |
| 30 Nov 2024 | 4.75 |
| 31 Oct 2024 | 5 |
| 30 Sept 2024 | 5 |
| 31 Aug 2024 | 5.5 |
| 31 Jul 2024 | 5.5 |
| 30 Jun 2024 | 5.5 |
| 31 May 2024 | 5.5 |
| 30 Apr 2024 | 5.5 |
| 31 Mar 2024 | 5.5 |
| 29 Feb 2024 | 5.5 |
| 31 Jan 2024 | 5.5 |
| 31 Dec 2023 | 5.5 |
| 30 Nov 2023 | 5.5 |
| 31 Oct 2023 | 5.5 |
| 30 Sept 2023 | 5.5 |
| 31 Aug 2023 | 5.5 |
| 31 Jul 2023 | 5.5 |
| 30 Jun 2023 | 5.25 |
| 31 May 2023 | 5.25 |
| 30 Apr 2023 | 5 |
| 31 Mar 2023 | 5 |
| 28 Feb 2023 | 4.75 |
| 31 Jan 2023 | 4.5 |
| 31 Dec 2022 | 4.5 |
| 30 Nov 2022 | 4 |
| 31 Oct 2022 | 3.25 |
| 30 Sept 2022 | 3.25 |
| 31 Aug 2022 | 2.5 |
| 31 Jul 2022 | 2.5 |
| 30 Jun 2022 | 1.75 |
| 31 May 2022 | 1 |
| 30 Apr 2022 | 0.5 |
| 31 Mar 2022 | 0.5 |
| 28 Feb 2022 | 0.25 |
| 31 Jan 2022 | 0.25 |
| 31 Dec 2021 | 0.25 |
| 30 Nov 2021 | 0.25 |
| 31 Oct 2021 | 0.25 |
| 30 Sept 2021 | 0.25 |
| 31 Aug 2021 | 0.25 |
| 31 Jul 2021 | 0.25 |
| 30 Jun 2021 | 0.25 |
| 31 May 2021 | 0.25 |
| 30 Apr 2021 | 0.25 |
| 31 Mar 2021 | 0.25 |
| 28 Feb 2021 | 0.25 |
| 31 Jan 2021 | 0.25 |
| 31 Dec 2020 | 0.25 |
| 30 Nov 2020 | 0.25 |
| 31 Oct 2020 | 0.25 |