What is the fed funds rate now?
The Federal Reserve’s target range is 3.75% to 4.00%, set on September 17, 2026. Banks actually lent to each other overnight at an effective 3.88% on November 5, 2026.
Fed funds rate today: 3.75% to 4.00%
Federal Reserve target range since September 17, 2026 · effective rate 3.88%
Target range3.75–4.00%set September 17, 2026
Effective rate3.88%November 5, 2026
Last change+0.25 ptsa rate increase
A year ago3.75–4.00%set October 30, 2025
Every Fed rate change since 2003
| Took effect | Change | Target |
|---|---|---|
| September 17, 2026 | +0.25 | 3.75–4.00% |
| December 11, 2025 | −0.25 | 3.50–3.75% |
| October 30, 2025 | −0.25 | 3.75–4.00% |
| September 18, 2025 | −0.25 | 4.00–4.25% |
| December 19, 2024 | −0.25 | 4.25–4.50% |
| November 8, 2024 | −0.25 | 4.50–4.75% |
| September 19, 2024 | −0.50 | 4.75–5.00% |
| July 27, 2023 | +0.25 | 5.25–5.50% |
| May 4, 2023 | +0.25 | 5.00–5.25% |
| March 23, 2023 | +0.25 | 4.75–5.00% |
| February 2, 2023 | +0.25 | 4.50–4.75% |
| December 15, 2022 | +0.50 | 4.25–4.50% |
| November 3, 2022 | +0.75 | 3.75–4.00% |
| September 22, 2022 | +0.75 | 3.00–3.25% |
| July 28, 2022 | +0.75 | 2.25–2.50% |
| June 16, 2022 | +0.75 | 1.50–1.75% |
| May 5, 2022 | +0.50 | 0.75–1.00% |
| March 17, 2022 | +0.25 | 0.25–0.50% |
| March 16, 2020 | −1.00 | 0.00–0.25% |
| March 4, 2020 | −0.50 | 1.00–1.25% |
| October 31, 2019 | −0.25 | 1.50–1.75% |
| September 19, 2019 | −0.25 | 1.75–2.00% |
| August 1, 2019 | −0.25 | 2.00–2.25% |
| December 20, 2018 | +0.25 | 2.25–2.50% |
| September 27, 2018 | +0.25 | 2.00–2.25% |
| June 14, 2018 | +0.25 | 1.75–2.00% |
| March 22, 2018 | +0.25 | 1.50–1.75% |
| December 14, 2017 | +0.25 | 1.25–1.50% |
| June 15, 2017 | +0.25 | 1.00–1.25% |
| March 16, 2017 | +0.25 | 0.75–1.00% |
| December 15, 2016 | +0.25 | 0.50–0.75% |
| December 17, 2015 | +0.25 | 0.25–0.50% |
| December 16, 2008 | 0.00 | 0.00–0.25% |
| October 29, 2008 | −0.50 | 1.00% |
| October 8, 2008 | −0.50 | 1.50% |
| April 30, 2008 | −0.25 | 2.00% |
| March 18, 2008 | −0.75 | 2.25% |
| January 30, 2008 | −0.50 | 3.00% |
| January 22, 2008 | −0.75 | 3.50% |
| December 11, 2007 | −0.25 | 4.25% |
| October 31, 2007 | −0.25 | 4.50% |
| September 18, 2007 | −0.50 | 4.75% |
| June 29, 2006 | +0.25 | 5.25% |
| May 10, 2006 | +0.25 | 5.00% |
| March 28, 2006 | +0.25 | 4.75% |
| January 31, 2006 | +0.25 | 4.50% |
| December 13, 2005 | +0.25 | 4.25% |
| November 1, 2005 | +0.25 | 4.00% |
| September 20, 2005 | +0.25 | 3.75% |
| August 9, 2005 | +0.25 | 3.50% |
| June 30, 2005 | +0.25 | 3.25% |
| May 3, 2005 | +0.25 | 3.00% |
| March 22, 2005 | +0.25 | 2.75% |
| February 2, 2005 | +0.25 | 2.50% |
| December 14, 2004 | +0.25 | 2.25% |
| November 10, 2004 | +0.25 | 2.00% |
| September 21, 2004 | +0.25 | 1.75% |
| August 10, 2004 | +0.25 | 1.50% |
| June 30, 2004 | +0.25 | 1.25% |
| June 25, 2003 | −0.25 | 1.00% |
Changes in percentage points, on the day each took effect (the day after the FOMC announcement). Since December 2008 the Fed sets a range rather than one rate.
Effective federal funds rate since 1954
| Year | Average effective rate |
|---|---|
| 2025 | 4.21% |
| 2024 | 5.14% |
| 2023 | 5.02% |
| 2022 | 1.68% |
| 2021 | 0.08% |
| 2020 | 0.38% |
| 2019 | 2.16% |
| 2018 | 1.83% |
| 2017 | 1.00% |
| 2016 | 0.40% |
| 2015 | 0.13% |
| 2014 | 0.09% |
| 2013 | 0.11% |
| 2012 | 0.14% |
| 2011 | 0.10% |
| 2010 | 0.17% |
| 2009 | 0.16% |
| 2008 | 1.93% |
| 2007 | 5.02% |
| 2006 | 4.96% |
| 2005 | 3.21% |
| 2004 | 1.35% |
| 2003 | 1.13% |
| 2002 | 1.67% |
| 2001 | 3.89% |
| 2000 | 6.24% |
| 1999 | 4.97% |
| 1998 | 5.35% |
| 1997 | 5.46% |
| 1996 | 5.30% |
| 1995 | 5.84% |
| 1994 | 4.20% |
| 1993 | 3.02% |
| 1992 | 3.52% |
| 1991 | 5.69% |
| 1990 | 8.10% |
| 1989 | 9.22% |
| 1988 | 7.57% |
| 1987 | 6.66% |
| 1986 | 6.81% |
| 1985 | 8.10% |
| 1984 | 10.22% |
| 1983 | 9.09% |
| 1982 | 12.26% |
| 1981 | 16.38% |
| 1980 | 13.36% |
| 1979 | 11.19% |
| 1978 | 7.93% |
| 1977 | 5.54% |
| 1976 | 5.04% |
| 1975 | 5.82% |
| 1974 | 10.50% |
| 1973 | 8.73% |
| 1972 | 4.43% |
| 1971 | 4.66% |
| 1970 | 7.18% |
| 1969 | 8.20% |
| 1968 | 5.66% |
| 1967 | 4.22% |
| 1966 | 5.11% |
| 1965 | 4.07% |
| 1964 | 3.50% |
| 1963 | 3.18% |
| 1962 | 2.71% |
| 1961 | 1.96% |
| 1960 | 3.22% |
| 1959 | 3.31% |
| 1958 | 1.57% |
| 1957 | 3.10% |
| 1956 | 2.73% |
| 1955 | 1.78% |
Source: Federal Reserve, H.15 and FOMC open market operations, data through November 5, 2026.
Cite or link to this page
Citation
insytesBI. (2026). Fed funds rate today: 3.75% to 4.00%. Data: Federal Reserve, H.15 and FOMC open market operations, November 5, 2026. https://www.insytesbi.com/economy/fed-funds-rate/Link
<a href="https://www.insytesbi.com/economy/fed-funds-rate/">Fed funds rate today: 3.75% to 4.00%</a>Frequently asked questions
When did the Fed last change rates?
The change that took effect on September 17, 2026 raised the range by 0.25 point to 3.75% to 4.00%. In 2026 the Fed has made 1 change so far.
What was the fed funds rate a year ago?
3.75% to 4.00%, the range set on October 30, 2025.
What does the fed funds rate change?
Banks price other loans from it. The prime rate sits 3 points above the top of the range (now 7.00%), so credit cards, home equity lines and business lines of credit move with it, and savings and CD rates usually follow. Fixed mortgage rates follow longer-term Treasury yields more than this rate.
What was the highest fed funds rate?
19.10% as a monthly average in June 1981, when the Fed fought double-digit inflation. The lowest was 0.05% in April 2020.