Actual Squawkdeck message · Effective Federal Funds Rate
Effective Federal Funds Rate: 3.63%
Effective date: 2026-07-14 Previous: 3.62% Transaction volume: $111,000 million
15 July 2026
Official sourceNew York Fed reference rate
Effective Federal Funds Rate
The EFFR is the volume-weighted median rate on overnight federal funds transactions reported to the Federal Reserve. It is observed, rather than the FOMC target midpoint.
Latest EFFR
3.63%
Effective date
30 July 2026
Daily change
0 bp
Transaction volume
$121,000mn
Distance from lower bound
+13 bp
Distance from upper bound
+12 bp
Spread to target midpoint
0 bp
Spread to IORB
-2 bp
Upper bound: primaryLower bound: mutedEFFR: foreground
Recent EFFR observations
| Effective date | EFFR | Volume | Corridor | Midpoint spread | IORB spread |
|---|---|---|---|---|---|
| 30 July 2026 | 3.63% | $121,000mn | 3.50%–3.75% | 0 bp | -2 bp |
| 29 July 2026 | 3.63% | $101,000mn | 3.50%–3.75% | 0 bp | -2 bp |
| 28 July 2026 | 3.63% | $106,000mn | 3.50%–3.75% | 0 bp | — |
| 27 July 2026 | 3.63% | $104,000mn | 3.50%–3.75% | 0 bp | — |
| 24 July 2026 | 3.63% | $106,000mn | 3.50%–3.75% | 0 bp | — |
| 23 July 2026 | 3.63% | $104,000mn | 3.50%–3.75% | 0 bp | — |
| 22 July 2026 | 3.63% | $102,000mn | 3.50%–3.75% | 0 bp | — |
| 21 July 2026 | 3.63% | $106,000mn | 3.50%–3.75% | 0 bp | — |
| 20 July 2026 | 3.63% | $106,000mn | 3.50%–3.75% | 0 bp | — |
| 17 July 2026 | 3.63% | $111,000mn | 3.50%–3.75% | 0 bp | — |
| 16 July 2026 | 3.63% | $113,000mn | 3.50%–3.75% | 0 bp | — |
| 15 July 2026 | 3.63% | $109,000mn | 3.50%–3.75% | 0 bp | — |
| 14 July 2026 | 3.63% | $111,000mn | 3.50%–3.75% | 0 bp | — |
| 13 July 2026 | 3.62% | $112,000mn | 3.50%–3.75% | -1 bp | — |
| 10 July 2026 | 3.62% | $126,000mn | 3.50%–3.75% | -1 bp | — |
| 9 July 2026 | 3.62% | $126,000mn | 3.50%–3.75% | -1 bp | — |
| 8 July 2026 | 3.62% | $131,000mn | 3.50%–3.75% | -1 bp | — |
| 7 July 2026 | 3.63% | $117,000mn | 3.50%–3.75% | 0 bp | — |
| 6 July 2026 | 3.63% | $117,000mn | 3.50%–3.75% | 0 bp | — |
| 3 July 2026 | 3.63% | $121,000mn | 3.50%–3.75% | 0 bp | — |
| 2 July 2026 | 3.63% | $121,000mn | 3.50%–3.75% | 0 bp | — |
| 1 July 2026 | 3.63% | $119,000mn | 3.50%–3.75% | 0 bp | — |
| 30 June 2026 | 3.63% | $98,000mn | 3.50%–3.75% | 0 bp | — |
| 29 June 2026 | 3.63% | $123,000mn | 3.50%–3.75% | 0 bp | — |
| 26 June 2026 | 3.63% | $120,000mn | 3.50%–3.75% | 0 bp | — |
| 25 June 2026 | 3.63% | $120,000mn | 3.50%–3.75% | 0 bp | — |
| 24 June 2026 | 3.63% | $113,000mn | 3.50%–3.75% | 0 bp | — |
| 23 June 2026 | 3.63% | $109,000mn | 3.50%–3.75% | 0 bp | — |
| 22 June 2026 | 3.63% | $115,000mn | 3.50%–3.75% | 0 bp | — |
| 18 June 2026 | 3.63% | $115,000mn | 3.50%–3.75% | 0 bp | — |
| 17 June 2026 | 3.63% | $107,000mn | 3.50%–3.75% | 0 bp | — |
| 16 June 2026 | 3.63% | $106,000mn | 3.50%–3.75% | 0 bp | — |
| 15 June 2026 | 3.63% | $102,000mn | 3.50%–3.75% | 0 bp | — |
| 12 June 2026 | 3.62% | $110,000mn | 3.50%–3.75% | -1 bp | — |
| 11 June 2026 | 3.62% | $106,000mn | 3.50%–3.75% | -1 bp | — |
| 10 June 2026 | 3.62% | $106,000mn | 3.50%–3.75% | -1 bp | — |
| 9 June 2026 | 3.62% | $106,000mn | 3.50%–3.75% | -1 bp | — |
| 8 June 2026 | 3.62% | $108,000mn | 3.50%–3.75% | -1 bp | — |
| 5 June 2026 | 3.62% | $117,000mn | 3.50%–3.75% | -1 bp | — |
| 4 June 2026 | 3.62% | $121,000mn | 3.50%–3.75% | -1 bp | — |
| 3 June 2026 | 3.62% | $119,000mn | 3.50%–3.75% | -1 bp | — |
| 2 June 2026 | 3.62% | $133,000mn | 3.50%–3.75% | -1 bp | — |
| 1 June 2026 | 3.62% | $123,000mn | 3.50%–3.75% | -1 bp | — |
| 29 May 2026 | 3.62% | $109,000mn | 3.50%–3.75% | -1 bp | — |
| 28 May 2026 | 3.62% | $106,000mn | 3.50%–3.75% | -1 bp | — |
| 27 May 2026 | 3.62% | $106,000mn | 3.50%–3.75% | -1 bp | — |
| 26 May 2026 | 3.62% | $113,000mn | 3.50%–3.75% | -1 bp | — |
| 22 May 2026 | 3.62% | $121,000mn | 3.50%–3.75% | -1 bp | — |
| 21 May 2026 | 3.62% | $120,000mn | 3.50%–3.75% | -1 bp | — |
| 20 May 2026 | 3.62% | $119,000mn | 3.50%–3.75% | -1 bp | — |
| 19 May 2026 | 3.62% | $119,000mn | 3.50%–3.75% | -1 bp | — |
| 18 May 2026 | 3.63% | $118,000mn | 3.50%–3.75% | 0 bp | — |
| 15 May 2026 | 3.63% | $123,000mn | 3.50%–3.75% | 0 bp | — |
| 14 May 2026 | 3.63% | $120,000mn | 3.50%–3.75% | 0 bp | — |
| 13 May 2026 | 3.63% | $123,000mn | 3.50%–3.75% | 0 bp | — |
| 12 May 2026 | 3.63% | $118,000mn | 3.50%–3.75% | 0 bp | — |
| 11 May 2026 | 3.63% | $114,000mn | 3.50%–3.75% | 0 bp | — |
| 8 May 2026 | 3.63% | $123,000mn | 3.50%–3.75% | 0 bp | — |
| 7 May 2026 | 3.63% | $119,000mn | 3.50%–3.75% | 0 bp | — |
| 6 May 2026 | 3.64% | $118,000mn | 3.50%–3.75% | +1 bp | — |
| 5 May 2026 | 3.64% | $113,000mn | 3.50%–3.75% | +1 bp | — |
| 4 May 2026 | 3.64% | $111,000mn | 3.50%–3.75% | +1 bp | — |
| 1 May 2026 | 3.64% | $115,000mn | 3.50%–3.75% | +1 bp | — |
| 30 April 2026 | 3.64% | $90,000mn | 3.50%–3.75% | +1 bp | — |
| 29 April 2026 | 3.64% | $87,000mn | 3.50%–3.75% | +1 bp | — |
| 28 April 2026 | 3.64% | $82,000mn | 3.50%–3.75% | +1 bp | — |
| 27 April 2026 | 3.64% | $85,000mn | 3.50%–3.75% | +1 bp | — |
| 24 April 2026 | 3.64% | $97,000mn | 3.50%–3.75% | +1 bp | — |
| 23 April 2026 | 3.64% | $93,000mn | 3.50%–3.75% | +1 bp | — |
| 22 April 2026 | 3.64% | $89,000mn | 3.50%–3.75% | +1 bp | — |
| 21 April 2026 | 3.64% | $85,000mn | 3.50%–3.75% | +1 bp | — |
| 20 April 2026 | 3.64% | $69,000mn | 3.50%–3.75% | +1 bp | — |
| 17 April 2026 | 3.64% | $85,000mn | 3.50%–3.75% | +1 bp | — |
| 16 April 2026 | 3.64% | $85,000mn | 3.50%–3.75% | +1 bp | — |
| 15 April 2026 | 3.64% | $83,000mn | 3.50%–3.75% | +1 bp | — |
| 14 April 2026 | 3.64% | $94,000mn | 3.50%–3.75% | +1 bp | — |
| 13 April 2026 | 3.64% | $97,000mn | 3.50%–3.75% | +1 bp | — |
| 10 April 2026 | 3.64% | $106,000mn | 3.50%–3.75% | +1 bp | — |
| 9 April 2026 | 3.64% | $105,000mn | 3.50%–3.75% | +1 bp | — |
| 8 April 2026 | 3.64% | $106,000mn | 3.50%–3.75% | +1 bp | — |
| 7 April 2026 | 3.64% | $106,000mn | 3.50%–3.75% | +1 bp | — |
| 6 April 2026 | 3.64% | $103,000mn | 3.50%–3.75% | +1 bp | — |
| 3 April 2026 | 3.64% | $106,000mn | 3.50%–3.75% | +1 bp | — |
| 2 April 2026 | 3.64% | $105,000mn | 3.50%–3.75% | +1 bp | — |
| 1 April 2026 | 3.64% | $110,000mn | 3.50%–3.75% | +1 bp | — |
| 31 March 2026 | 3.64% | $86,000mn | 3.50%–3.75% | +1 bp | — |
| 30 March 2026 | 3.64% | $105,000mn | 3.50%–3.75% | +1 bp | — |
| 27 March 2026 | 3.64% | $105,000mn | 3.50%–3.75% | +1 bp | — |
| 26 March 2026 | 3.64% | $101,000mn | 3.50%–3.75% | +1 bp | — |
| 25 March 2026 | 3.64% | $93,000mn | 3.50%–3.75% | +1 bp | — |
Recent Squawkdeck messages
Methodology
EFFR and volume are ingested from the official New York Fed API. Corridor distances and spreads are calculated in integer basis points using the policy decision applicable on the observation date.