Rate path
Where the rate is
The target range is 3.75–4.00% after the October 28, 2026 decision. The effective federal funds rate was 3.88% on October 28, 2026.
3.75–4.00%Target range
3.88%Effective rate
33Changes since 2008
— Target range — Effective rate. Source: FRED, as of October 28, 2026.
Every change to the target range
| Effective | New range | Move |
|---|---|---|
| September 17, 2026 | 3.75–4.00% | +25 bp |
| December 11, 2025 | 3.50–3.75% | −25 bp |
| October 30, 2025 | 3.75–4.00% | −25 bp |
| September 18, 2025 | 4.00–4.25% | −25 bp |
| December 19, 2024 | 4.25–4.50% | −25 bp |
| November 8, 2024 | 4.50–4.75% | −25 bp |
| September 19, 2024 | 4.75–5.00% | −50 bp |
| July 27, 2023 | 5.25–5.50% | +25 bp |
| May 4, 2023 | 5.00–5.25% | +25 bp |
| March 23, 2023 | 4.75–5.00% | +25 bp |
| February 2, 2023 | 4.50–4.75% | +25 bp |
| December 15, 2022 | 4.25–4.50% | +50 bp |
| November 3, 2022 | 3.75–4.00% | +75 bp |
| September 22, 2022 | 3.00–3.25% | +75 bp |
| July 28, 2022 | 2.25–2.50% | +75 bp |
| June 16, 2022 | 1.50–1.75% | +75 bp |
| May 5, 2022 | 0.75–1.00% | +50 bp |
| March 17, 2022 | 0.25–0.50% | +25 bp |
| March 16, 2020 | 0.00–0.25% | −100 bp |
| March 4, 2020 | 1.00–1.25% | −50 bp |
| October 31, 2019 | 1.50–1.75% | −25 bp |
| September 19, 2019 | 1.75–2.00% | −25 bp |
| August 1, 2019 | 2.00–2.25% | −25 bp |
| December 20, 2018 | 2.25–2.50% | +25 bp |
| September 27, 2018 | 2.00–2.25% | +25 bp |
| June 14, 2018 | 1.75–2.00% | +25 bp |
| March 22, 2018 | 1.50–1.75% | +25 bp |
| December 14, 2017 | 1.25–1.50% | +25 bp |
| June 15, 2017 | 1.00–1.25% | +25 bp |
| March 16, 2017 | 0.75–1.00% | +25 bp |
| December 14, 2016 | 0.50–0.75% | +25 bp |
| December 16, 2015 | 0.25–0.50% | +25 bp |
| December 16, 2008 | 0.00–0.25% | range introduced |