Money Tracker Daily

Fed Funds Rate (FOMC Target Range)

The Federal Reserve's federal funds target range, every change since 2003, the FOMC meeting calendar, and the daily effective federal funds rate from the New York Fed.

Last updated
Last checked
Source
Federal Reserve Board

About this data: figures are collected automatically from Federal Reserve Board and checked before publication. They are for general information only and are not advice. Confirm with the source before acting. Last verified Oct 1, 2026, 3:35 AM ET. Report an error →

Methodology · Download CSV · Cite this

What changed: Loaded Fed funds history: 60 target changes since 2003, FOMC calendars 2021-2027, 500 days of EFFR. (Oct 1, 2026)

Federal funds target range

Target range 3.75%–4.00%

Since September 17, 2026: raised 25 basis points from 3.50%–3.75%.

Effective federal funds rate 3.88%

For Tuesday, September 29, 2026, published by the New York Fed the next business day.

Next FOMC meeting Oct 28

Meeting October 27-28, 2026; decision at 2 p.m. ET on Wednesday, October 28 (27 days).

FOMC meeting schedule

Scheduled meetings of the Federal Open Market Committee. Decisions are announced at 2 p.m. ET on the last day. * Meeting with a Summary of Economic Projections.
MeetingDecision dayStatus
January 27-28, 2026Wed, Jan 28Held
March 17-18, 2026*Wed, Mar 18Held
April 28-29, 2026Wed, Apr 29Held
June 16-17, 2026*Wed, Jun 17Held
July 28-29, 2026Wed, Jul 29Held
September 15-16, 2026*Wed, Sep 16Held
October 27-28, 2026Wed, Oct 28Next
December 8-9, 2026*Wed, Dec 9Scheduled
January 26-27, 2027Wed, Jan 27Scheduled
March 16-17, 2027*Wed, Mar 17Scheduled
April 27-28, 2027Wed, Apr 28Scheduled
June 8-9, 2027*Wed, Jun 9Scheduled
July 27-28, 2027Wed, Jul 28Scheduled
September 14-15, 2027*Wed, Sep 15Scheduled
October 26-27, 2027Wed, Oct 27Scheduled
December 7-8, 2027*Wed, Dec 8Scheduled
Effective rate inside the target range, last two years. Daily, from the New York Fed.
Effective federal funds rate and target range, last two years3.5%4%4.5%5%5.5%NovDec2025FebMarAprMayJunJulAugSepOctNovDec2026FebMarAprMayJunJulAugSepUpper boundUpper bound: 4.00% (Sep 29, 2026)Effective rateEffective rate: 3.88% (Sep 29, 2026)Lower boundLower bound: 3.75% (Sep 29, 2026)
  • Effective federal funds rate
  • Target range (upper and lower bounds)
Target since 2003. A single target rate until December 2008, a range since.
Federal funds target since 20030%1%2%3%4%5%6%200420062008201020122014201620182020202220242026Upper bound / targetUpper bound / target: 4.00% (Oct 1, 2026)Lower boundLower bound: 3.75% (Oct 1, 2026)
  • Target rate, then upper bound (solid) and lower bound (dashed)

Every change since 2003

Changes to the FOMC's target, by the date they took effect (normally the day after the decision). bp = basis points (0.01 percentage point).
EffectiveChangeTarget
Sep 17, 2026+25 bp3.75%–4.00%
Dec 11, 2025−25 bp3.50%–3.75%
Oct 30, 2025−25 bp3.75%–4.00%
Sep 18, 2025−25 bp4.00%–4.25%
Dec 19, 2024−25 bp4.25%–4.50%
Nov 8, 2024−25 bp4.50%–4.75%
Sep 19, 2024−50 bp4.75%–5.00%
Jul 27, 2023+25 bp5.25%–5.50%
May 4, 2023+25 bp5.00%–5.25%
Mar 23, 2023+25 bp4.75%–5.00%
Feb 2, 2023+25 bp4.50%–4.75%
Dec 15, 2022+50 bp4.25%–4.50%
Nov 3, 2022+75 bp3.75%–4.00%
Sep 22, 2022+75 bp3.00%–3.25%
Jul 28, 2022+75 bp2.25%–2.50%
Jun 16, 2022+75 bp1.50%–1.75%
May 5, 2022+50 bp0.75%–1.00%
Mar 17, 2022+25 bp0.25%–0.50%
Mar 16, 2020−100 bp0.00%–0.25%
Mar 4, 2020−50 bp1.00%–1.25%
Oct 31, 2019−25 bp1.50%–1.75%
Sep 19, 2019−25 bp1.75%–2.00%
Aug 1, 2019−25 bp2.00%–2.25%
Dec 20, 2018+25 bp2.25%–2.50%
Sep 27, 2018+25 bp2.00%–2.25%
Jun 14, 2018+25 bp1.75%–2.00%
Mar 22, 2018+25 bp1.50%–1.75%
Dec 14, 2017+25 bp1.25%–1.50%
Jun 15, 2017+25 bp1.00%–1.25%
Mar 16, 2017+25 bp0.75%–1.00%
Dec 15, 2016+25 bp0.50%–0.75%
Dec 17, 2015+25 bp0.25%–0.50%
Dec 16, 2008−75 to −100 bp0.00%–0.25%
Oct 29, 2008−50 bp1.00%
Oct 8, 2008−50 bp1.50%
Apr 30, 2008−25 bp2.00%
Mar 18, 2008−75 bp2.25%
Jan 30, 2008−50 bp3.00%
Jan 22, 2008−75 bp3.50%
Dec 11, 2007−25 bp4.25%
Oct 31, 2007−25 bp4.50%
Sep 18, 2007−50 bp4.75%
Jun 29, 2006+25 bp5.25%
May 10, 2006+25 bp5.00%
Mar 28, 2006+25 bp4.75%
Jan 31, 2006+25 bp4.50%
Dec 13, 2005+25 bp4.25%
Nov 1, 2005+25 bp4.00%
Sep 20, 2005+25 bp3.75%
Aug 9, 2005+25 bp3.50%
Jun 30, 2005+25 bp3.25%
May 3, 2005+25 bp3.00%
Mar 22, 2005+25 bp2.75%
Feb 2, 2005+25 bp2.50%
Dec 14, 2004+25 bp2.25%
Nov 10, 2004+25 bp2.00%
Sep 21, 2004+25 bp1.75%
Aug 10, 2004+25 bp1.50%
Jun 30, 2004+25 bp1.25%
Jun 25, 2003−25 bp1.00%

What the fed funds rate is

  • The federal funds rate is the interest rate banks charge each other for overnight loans of reserves. The Federal Open Market Committee (FOMC) sets a target range for it at its meetings.
  • The effective federal funds rate is the volume-weighted median of actual overnight trades, calculated and published by the Federal Reserve Bank of New York each business day.
  • The FOMC meets eight times a year on a published schedule. It can also act between meetings, as it did in March 2020.
  • Changes to the target feed through to other rates, including the prime rate, savings and CD rates and credit card rates. Mortgage rates follow longer-term rates and do not move one-for-one with it.

Methodology

Source
Federal Reserve Board — Open Market Operations and FOMC calendars; Federal Reserve Bank of New York — Effective Federal Funds Rate
Update cadence
After each FOMC meeting (8 a year); effective rate daily. Checked every 6 hours.
Last updated
Oct 1, 2026, 3:35 AM ET
How it is produced
We read the Federal Reserve Board's table of target changes and its FOMC meeting calendar, and the New York Fed's daily effective rate. Every change must be consistent with the level before it (a 25 basis point increase must move the range by exactly 0.25 points), ranges must be 25 basis points wide, and past changes may never change. The target range the New York Fed reports for each day must match the Board's table. Values that fail a check are not published and the editor is alerted. On decision days we check every 30 minutes from 2 p.m. to 8 p.m. ET. The Board's page was last updated September 16, 2026.
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Cite this

Money Tracker Daily, "Fed Funds Rate (FOMC Target Range)", updated October 1, 2026, https://moneytrackerdaily.com/trackers/fed-funds-rate. Data: Federal Reserve Board, Open Market Operations and FOMC calendars; Federal Reserve Bank of New York, Effective Federal Funds Rate.

Change log

  • Loaded Fed funds history: 60 target changes since 2003, FOMC calendars 2021-2027, 500 days of EFFR.

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