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Federal Funds Rate

The interest rate the Fed sets to steer the economy.

3.63%
Percent · latest, May 2026
1957-58 Recession1960-61 Recession1969-70 Recession1973-75 Recession1980 Recession1981-82 Recession1990-91 Recession2001 RecessionGlobal Financial CrisisCOVID-19 Recession5%10%15%1960197019801990200020102020

Source: FRED · FEDFUNDS · series · Jul 1954 to May 2026 · latest-revised

Reading it. The Fed's policy rate. Monthly average of the daily effective rate.

About the bands. Shaded spans are NBER-dated US recessions, drawn as factual overlays. They mark when the economy contracted, not why. Lining an event or policy up with a move on this chart is not evidence that it caused the move.