Federal Funds Effective Rate (United States) - Historical Data
Historical time series of the Federal Funds Effective Rate set by the Federal Reserve System (FED) from 1954 to 2026. From 19 Dec 1985 onwards: mid-point of the Federal Reserve target rate; from 1 Jul 1954 to 18 Dec 1985: US Fed Funds effective rate. The latest benchmark reading is 3.88% (Sep 2026), corresponding to an ex-post real policy rate of +0.48% after adjusting for United States headline CPI inflation (3.40%).
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
3.88%
Prev (Aug 2026): 3.62%+0.26 pp
Highest Recorded (Dec 1980)
22.00%
Peak monetary tightening by Federal Reserve (Federal Funds Effective Rate).
Lowest Recorded (Dec 2008)
0.12%
Lowest policy interest rate stance set by Federal Reserve.
Long-Run Mean (1954–2026)
4.51%
73 annual observations · Monthly
Federal Reserve · USD
Federal Funds Effective Rate (United States) (1954-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1954–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) & Federal Reserve System (WS_CBPOL:M:US)
Latest: 3.88% (Sep 2026)
· Real Rate: +0.48%
FED Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1954–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1950s | 1954–1959 | 2.72% | 4.00% (1959) | 1.44% (1954) |
| 1960s | 1960–1969 | 3.89% | 5.00% (1966) | 2.50% (1961) |
| 1970s | 1970–1979 | 6.69% | 14.77% (1979) | 3.00% (1970) |
| 1980s | 1980–1989 | 10.24% | 22.00% (1980) | 5.88% (1986) |
| 1990s | 1990–1999 | 4.90% | 7.00% (1990) | 3.00% (1992) |
| 2000s | 2000–2009 | 2.67% | 6.50% (2000) | 0.12% (2008) |
| 2010s | 2010–2019 | 0.70% | 2.38% (2018) | 0.12% (2010) |
| 2020s | 2020–2026 | 3.13% | 5.38% (2023) | 0.12% (2020) |
Complete Annual Historical Ledger (1954–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Federal Reserve System (WS_CBPOL:M:US)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 3.88% | +0.58% | 3.62% – 3.88% | - |
| 2025 | 3.62% | +0.93% | 3.62% – 4.38% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 4.38% | +1.43% | 4.38% – 5.38% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 5.38% | +1.24% | 4.38% – 5.38% | - |
| 2022 | 4.38% | -3.63% | 0.12% – 4.38% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 0.12% | -4.57% | 0.12% – 0.12% | - |
| 2020 | 0.12% | -1.12% | 0.12% – 1.62% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 1.62% | -0.19% | 1.62% – 2.38% | - |
| 2018 | 2.38% | -0.06% | 1.38% – 2.38% | - |
| 2017 | 1.38% | -0.75% | 0.62% – 1.38% | - |
| 2016 | 0.62% | -0.64% | 0.38% – 0.62% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 0.38% | +0.26% | 0.12% – 0.38% | - |
| 2014 | 0.12% | -1.50% | 0.12% – 0.12% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 0.12% | -1.34% | 0.12% – 0.12% | - |
| 2012 | 0.12% | -1.95% | 0.12% – 0.12% | - |
| 2011 | 0.12% | -3.03% | 0.12% – 0.12% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 0.12% | -1.52% | 0.12% – 0.12% | - |
| 2009 | 0.12% | +0.46% | 0.12% – 0.12% | - |
| 2008 | 0.12% | -3.73% | 0.12% – 3.00% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 4.25% | +1.40% | 4.25% – 5.25% | - |
| 2006 | 5.25% | +2.01% | 4.50% – 5.25% | - |
| 2005 | 4.25% | +0.86% | 2.25% – 4.25% | - |
| 2004 | 2.25% | -0.43% | 1.00% – 2.25% | - |
| 2003 | 1.00% | -1.27% | 1.00% – 1.25% | - |
| 2002 | 1.25% | -0.34% | 1.25% – 1.75% | - |
| 2001 | 1.75% | -1.08% | 1.75% – 5.50% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 6.50% | +3.12% | 5.50% – 6.50% | - |
| 1999 | 5.50% | +3.31% | 4.75% – 5.50% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 4.75% | +3.20% | 4.75% – 5.50% | - |
| 1997 | 5.50% | +3.16% | 5.25% – 5.50% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 5.25% | +2.32% | 5.25% – 5.25% | - |
| 1995 | 5.50% | +2.69% | 5.50% – 6.00% | - |
| 1994 | 5.50% | +2.89% | 3.00% – 5.50% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 3.00% | +0.04% | 3.00% – 3.00% | - |
| 1992 | 3.00% | -0.03% | 3.00% – 4.00% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 4.00% | -0.25% | 4.00% – 6.75% | - |
| 1990 | 7.00% | +1.61% | 7.00% – 8.25% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 8.25% | +3.42% | 8.25% – 9.81% | - |
| 1988 | 8.69% | +4.61% | 6.50% – 8.69% | - |
| 1987 | 6.81% | +3.15% | 6.00% – 7.31% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 5.88% | +3.97% | 5.88% – 7.75% | - |
| 1985 | 7.75% | +4.20% | 7.64% – 8.84% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 8.74% | +4.44% | 8.74% – 11.83% | - |
| 1983 | 9.92% | +6.70% | 8.53% – 10.81% | - |
| 1982 | 11.20% | +5.04% | 8.93% – 16.80% | - |
| 1981 | 13.13% | +2.78% | 12.44% – 18.92% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 22.00% | +8.42% | 9.93% – 22.00% | - |
| 1979 | 14.77% | +3.55% | 10.07% – 14.82% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 10.84% | +3.22% | 6.79% – 10.84% | - |
| 1977 | 6.53% | +0.03% | 4.65% – 6.60% | - |
| 1976 | 4.17% | -1.58% | 4.17% – 5.71% | - |
| 1975 | 5.37% | -3.82% | 5.23% – 7.03% | - |
| 1974 | 3.87% | -7.16% | 3.87% – 13.31% | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1973 | 9.83% | +3.67% | 6.50% – 11.22% | - |
| 1972 | 5.50% | +2.23% | 3.13% – 5.50% | - |
| 1971 | 3.00% | -1.30% | 3.00% – 5.75% | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1970 | 3.00% | -2.84% | 3.00% – 9.38% | - |
| 1969 | 5.00% | -0.46% | 5.00% – 9.75% | - |
| 1968 | 4.00% | -0.27% | 4.00% – 6.25% | - |
| 1967 | 4.50% | +1.73% | 3.50% – 4.75% | - |
| 1966 | 5.00% | +1.99% | 4.50% – 5.75% | Credit crunch of 1966 and monetary tightening |
| 1965 | 4.63% | +3.05% | 4.00% – 4.63% | - |
| 1964 | 4.00% | +2.72% | 2.75% – 4.00% | - |
| 1963 | 3.25% | +2.01% | 3.00% – 3.50% | - |
| 1962 | 3.00% | +1.80% | 1.50% – 3.00% | - |
| 1961 | 2.50% | +1.43% | 0.50% – 2.50% | - |
| 1960 | 3.00% | +1.54% | 0.25% – 4.00% | - |
| 1959 | 4.00% | +2.99% | 2.50% – 4.00% | - |
| 1958 | 2.38% | -0.35% | 0.13% – 2.50% | Eisenhower recession and global monetary easing |
| 1957 | 3.00% | -0.34% | 2.88% – 3.50% | - |
| 1956 | 3.00% | +1.48% | 2.50% – 3.00% | - |
| 1955 | 2.50% | +2.78% | 1.44% – 2.50% | - |
| 1954 | 1.44% | +1.12% | 0.25% – 1.44% | Post-Korean War Federal Reserve policy rate normalization |
Frequently Asked Questions - FED Policy Rate
What is the current Federal Funds Effective Rate?
As of Sep 2026, the Federal Funds Effective Rate is 3.88% per annum. Adjusted for headline inflation (3.40%), the ex-post real policy rate in United States stands at +0.48%.
What was the highest and lowest Federal Reserve interest rate on record?
Across the 1954-2026 archive, the Federal Funds Effective Rate reached a record high of 22.00% in Dec 1980 and a record low of 0.12% in Dec 2008. The long-run annual mean is 4.51%.
What is the Federal Reserve inflation target?
The Federal Reserve System operates with an official inflation target of 2.0% (PCE Price Index). Its statutory mandate is: Dual mandate: maximum employment, stable prices, and moderate long-term interest rates.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Federal Reserve System
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:US
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 19 Dec 1985 onwards: mid-point of the Federal Reserve target rate; from 1 Jul 1954 to 18 Dec 1985: US Fed Funds effective rate.
- Reporting agency: US Federal Reserve System; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). Federal Funds Effective Rate (United States), compiled from Bank for International Settlements (WS_CBPOL:M:US). https://centralbankdata.com/federal-funds-rate
BibTeX
@misc{cbd_cbpol_us,
author = {CentralBankData.com},
title = {Federal Funds Effective Rate (United States)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:US},
year = {2026},
url = {https://centralbankdata.com/federal-funds-rate}
}Related Federal Reserve & Global Series
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