The Fed target range: 3.50–3.75%

The FOMC does not set a single rate but a 25 basis point range. All figures here are computed on its upper bound; the effective overnight rate, EFFR, usually trades a few basis points below it.

0.00%1.00%2.00%3.00%4.00%5.00%6.00%2009AugMarOctMayDecJul

All changes

Effective dates per the Fed data series (the day after each FOMC meeting).

Effective fromFed target rangeChange
11 December 20253.50–3.75%−25 bp
30 October 20253.75–4.00%−25 bp
18 September 20254.00–4.25%−25 bp
19 December 20244.25–4.50%−25 bp
8 November 20244.50–4.75%−25 bp
19 September 20244.75–5.00%−50 bp
27 July 20235.25–5.50%+25 bp
4 May 20235.00–5.25%+25 bp
23 March 20234.75–5.00%+25 bp
2 February 20234.50–4.75%+25 bp
15 December 20224.25–4.50%+50 bp
3 November 20223.75–4.00%+75 bp
22 September 20223.00–3.25%+75 bp
28 July 20222.25–2.50%+75 bp
16 June 20221.50–1.75%+75 bp
5 May 20220.75–1.00%+50 bp
17 March 20220.25–0.50%+25 bp
16 March 20200.00–0.25%−100 bp
4 March 20201.00–1.25%−50 bp
31 October 20191.50–1.75%−25 bp
19 September 20191.75–2.00%−25 bp
1 August 20192.00–2.25%−25 bp
20 December 20182.25–2.50%+25 bp
27 September 20182.00–2.25%+25 bp
14 June 20181.75–2.00%+25 bp
22 March 20181.50–1.75%+25 bp
14 December 20171.25–1.50%+25 bp
15 June 20171.00–1.25%+25 bp
16 March 20170.75–1.00%+25 bp
14 December 20160.50–0.75%+25 bp
16 December 20150.25–0.50%+25 bp
16 December 20080.00–0.25%