Squawkdeck iconSquawkdeck

Federal Reserve policy-rate history

United States's Federal funds target range. The page separates the rate's effective date, source coverage, successful retrieval time and official decision evidence.

Updated Federal funds target range effective 17 Sept 2026

Official Fed siteMethodologyFull Federal Reserve research hub

Federal funds target range

3.75–4.00%

Direct source observation

Previous observation

3.50–3.75%

Effective 11 Dec 2025

Last verified change

+0.25 pp (+25 bp)

hike effective 17 Sept 2026

Next meeting

28 Oct 2026

Scheduled monetary policy decision

Latest data: Sep 28, 2026

Rate effective 17 Sept 2026 (Official effective date). Currency: USD.

Last successful source retrieval: 28 Sept 2026, 03:34 UTC.

Previous 12 months

Complete twelve-month coverage is available. Counts include verified transitions in the available period.

Verified changes

3

1 hikes · 2 cuts · 0 source-confirmed holds

Net rate change

-0.25 pp (-25 bp)

Year-over-year difference -0.25 pp (-25 bp)

Highest observed rate

4.13%

18 Sept 2025

Lowest observed rate

3.63%

11 Dec 2025

Days since last change

11

Based on a verified rate transition

Meeting time zone: America/New_York. Calendar last verified 25 Sept 2026, 13:49 UTC. Federal Reserve FOMC calendar

Meeting-calendar updates are temporarily paused. The date shown may not include a recent official revision.

Policy-rate history

Historical observations use the published instrument and source dates shown below. Coverage begins 16 Dec 2008.

Federal Reserve policy-rate historyObservations from 15 Dec 2016 to 17 Sept 2026. The line uses Federal funds target range in basis points, spaces points by UTC effective date and holds each rate until the next observation.15 Dec 201617 Sept 2026
Time follows actual effective dates; steps hold each value to the next observation. Centre line: range midpoint. Dashed lines: lower and upper target bounds where published.
Dated official policy-rate observations for Federal Reserve
Effective dateDate basisPublished rateObserved throughRetrievedSourceStatus
17 Sept 2026Official effective date3.75–4.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
11 Dec 2025Official effective date3.50–3.75%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
30 Oct 2025Official effective date3.75–4.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
18 Sept 2025Official effective date4.00–4.25%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
19 Dec 2024Official effective date4.25–4.50%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
8 Nov 2024Official effective date4.50–4.75%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
19 Sept 2024Official effective date4.75–5.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
27 Jul 2023Official effective date5.25–5.50%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
4 May 2023Official effective date5.00–5.25%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
23 Mar 2023Official effective date4.75–5.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
2 Feb 2023Official effective date4.50–4.75%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
15 Dec 2022Official effective date4.25–4.50%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
3 Nov 2022Official effective date3.75–4.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
22 Sept 2022Official effective date3.00–3.25%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
28 Jul 2022Official effective date2.25–2.50%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
16 Jun 2022Official effective date1.50–1.75%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
5 May 2022Official effective date0.75–1.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
17 Mar 2022Official effective date0.25–0.50%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
16 Mar 2020Official effective date0.00–0.25%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
31 Oct 2019Official effective date1.50–1.75%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
19 Sept 2019Official effective date1.75–2.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
1 Aug 2019Official effective date2.00–2.25%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
20 Dec 2018Official effective date2.25–2.50%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
27 Sept 2018Official effective date2.00–2.25%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
14 Jun 2018Official effective date1.75–2.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
22 Mar 2018Official effective date1.50–1.75%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
14 Dec 2017Official effective date1.25–1.50%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
15 Jun 2017Official effective date1.00–1.25%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
16 Mar 2017Official effective date0.75–1.00%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source
15 Dec 2016Official effective date0.50–0.75%Unavailable28 Sept 2026, 03:34 UTCFederal ReserveDirect source

Policy changes

Decision labels identify whether the source stated the outcome or the rate history implies a transition.

Dated central-bank policy changes and official source links
EffectiveDecisionPrevious midpointNew rateChangeEvidenceSource
17 Sept 2026hike3.63% midpoint3.75–4.00%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
11 Dec 2025cut3.88% midpoint3.50–3.75%-0.25 pp (-25 bp)Historical comparisonFederal Reserve
30 Oct 2025cut4.13% midpoint3.75–4.00%-0.25 pp (-25 bp)Historical comparisonFederal Reserve
18 Sept 2025cut4.38% midpoint4.00–4.25%-0.25 pp (-25 bp)Historical comparisonFederal Reserve
19 Dec 2024cut4.63% midpoint4.25–4.50%-0.25 pp (-25 bp)Historical comparisonFederal Reserve
8 Nov 2024cut4.88% midpoint4.50–4.75%-0.25 pp (-25 bp)Historical comparisonFederal Reserve
19 Sept 2024cut5.38% midpoint4.75–5.00%-0.50 pp (-50 bp)Historical comparisonFederal Reserve
27 Jul 2023hike5.13% midpoint5.25–5.50%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
4 May 2023hike4.88% midpoint5.00–5.25%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
23 Mar 2023hike4.63% midpoint4.75–5.00%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
2 Feb 2023hike4.38% midpoint4.50–4.75%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
15 Dec 2022hike3.88% midpoint4.25–4.50%+0.50 pp (+50 bp)Historical comparisonFederal Reserve
3 Nov 2022hike3.13% midpoint3.75–4.00%+0.75 pp (+75 bp)Historical comparisonFederal Reserve
22 Sept 2022hike2.38% midpoint3.00–3.25%+0.75 pp (+75 bp)Historical comparisonFederal Reserve
28 Jul 2022hike1.63% midpoint2.25–2.50%+0.75 pp (+75 bp)Historical comparisonFederal Reserve
16 Jun 2022hike0.88% midpoint1.50–1.75%+0.75 pp (+75 bp)Historical comparisonFederal Reserve
5 May 2022hike0.38% midpoint0.75–1.00%+0.50 pp (+50 bp)Historical comparisonFederal Reserve
17 Mar 2022hike0.13% midpoint0.25–0.50%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
16 Mar 2020cut1.63% midpoint0.00–0.25%-1.50 pp (-150 bp)Historical comparisonFederal Reserve
31 Oct 2019cut1.88% midpoint1.50–1.75%-0.25 pp (-25 bp)Historical comparisonFederal Reserve
19 Sept 2019cut2.13% midpoint1.75–2.00%-0.25 pp (-25 bp)Historical comparisonFederal Reserve
1 Aug 2019cut2.38% midpoint2.00–2.25%-0.25 pp (-25 bp)Historical comparisonFederal Reserve
20 Dec 2018hike2.13% midpoint2.25–2.50%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
27 Sept 2018hike1.88% midpoint2.00–2.25%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
14 Jun 2018hike1.63% midpoint1.75–2.00%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
22 Mar 2018hike1.38% midpoint1.50–1.75%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
14 Dec 2017hike1.13% midpoint1.25–1.50%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
15 Jun 2017hike0.88% midpoint1.00–1.25%+0.25 pp (+25 bp)Historical comparisonFederal Reserve
16 Mar 2017hike0.63% midpoint0.75–1.00%+0.25 pp (+25 bp)Historical comparisonFederal Reserve

Data basis: FOMC target range; rateBps is the midpoint and the published bounds remain available. Comparison series: BIS midpoint is a comparison series and never replaces the direct target range..

Fed policy-rate history | Squawkdeck