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FOMC policy target

Current Federal Funds target range

The FOMC sets a target range. Its midpoint, the observed Effective Federal Funds Rate and Interest on Reserve Balances are distinct values.

Lower bound

3.50%

Upper bound

3.75%

Target midpoint

3.63%

Latest decision

0 bp

HOLD

IORB

3.65%

Decision vote

—

Effective date

29 July 2026

Previous range

—–—

Federal Funds target-range history
Upper bound: primaryLower bound: mutedEFFR: foreground

Policy decision history

Historical FOMC policy decisions
Decision dateDecisionTarget rangeChangeVoteOfficial materials
29 July 2026HOLD3.50%–3.75%0 bp—Statement
17 June 2026HOLD3.50%–3.75%0 bp—Statement
29 April 2026HOLD3.50%–3.75%0 bp—Statement
18 March 2026HOLD3.50%–3.75%0 bp—Statement
28 January 2026HOLD3.50%–3.75%0 bp—Statement
10 December 2025HOLD3.50%–3.75%0 bp—Statement
29 October 2025HOLD3.75%–4.00%0 bp—Statement
17 September 2025HOLD4.00%–4.25%0 bp—Statement
30 July 2025HOLD4.25%–4.50%0 bp—Statement
18 June 2025HOLD4.25%–4.50%0 bp—Statement
7 May 2025HOLD4.25%–4.50%0 bp—Statement
19 March 2025HOLD4.25%–4.50%0 bp—Statement
29 January 2025HOLD4.25%–4.50%0 bp—Statement
18 December 2024HOLD4.25%–4.50%0 bp—Statement
7 November 2024HOLD4.50%–4.75%0 bp—Statement
18 September 2024HOLD4.75%–5.00%0 bp—Statement
31 July 2024HOLD5.25%–5.50%0 bp—Statement
12 June 2024HOLD5.25%–5.50%0 bp—Statement
1 May 2024HOLD5.25%–5.50%0 bp—Statement
20 March 2024HOLD5.25%–5.50%0 bp—Statement
31 January 2024HOLD5.25%–5.50%0 bp—Statement
13 December 2023HOLD5.25%–5.50%0 bp—Statement
1 November 2023HOLD5.25%–5.50%0 bp—Statement
20 September 2023HOLD5.25%–5.50%0 bp—Statement
26 July 2023HOLD5.25%–5.50%0 bp—Statement
14 June 2023HOLD5.00%–5.25%0 bp—Statement
3 May 2023HOLD5.00%–5.25%0 bp—Statement
22 March 2023HOLD4.75%–5.00%0 bp—Statement
1 February 2023HOLD4.50%–4.75%0 bp—Statement
14 December 2022HOLD4.25%–4.50%0 bp—Statement
2 November 2022HOLD3.75%–4.00%0 bp—Statement
21 September 2022HOLD3.00%–3.25%0 bp—Statement
27 July 2022HOLD2.25%–2.50%0 bp—Statement
15 June 2022HOLD1.50%–1.75%0 bp—Statement
4 May 2022HOLD0.75%–1.00%0 bp—Statement
16 March 2022HOLD0.25%–0.50%0 bp—Statement
26 January 2022HOLD0.00%–0.25%0 bp—Statement
15 December 2021HOLD0.00%–0.25%0 bp—Statement
3 November 2021HOLD0.00%–0.25%0 bp—Statement
22 September 2021HOLD0.00%–0.25%0 bp—Statement
28 July 2021HOLD0.00%–0.25%0 bp—Statement
16 June 2021HOLD0.00%–0.25%0 bp—Statement
28 April 2021HOLD0.00%–0.25%0 bp—Statement
17 March 2021HOLD0.00%–0.25%0 bp—Statement
27 January 2021HOLD0.00%–0.25%0 bp—Statement

Recent Squawkdeck messages

Actual Squawkdeck message · Federal Funds Target Range

FOMC HOLD: 3.50%–3.75%

Target range: 3.50%–3.75% Change: 0 bp No material deterministic wording change was identified.

29 July 2026

Official source

Methodology

Target bounds, votes and operational settings are parsed from verified official FOMC statements and implementation notes. The midpoint is calculated from the stored bounds.

Read the full methodology