Federal Reserve · Federal funds target range
United States · USD · Policy rate
The Federal Reserve’s Federal funds target range is 3.75–4.00 %, last changed on 17 Sep 2026 when it was raised by 25 bp from 3.625 %. The next scheduled decision is on .
3.75–4.00 %
- Last change
- raised +25 bp·announced 16 Sep 2026
- Previous rate
- 3.625 %
- Next decision
- Latest observation
- Source
- BIS + FRED
3.875 % ·
2 Nov 20210.00 – 5.375 %2 Nov 2026
Recent decisions
| Date | Rate | Change |
|---|---|---|
| 3.875 % | hold | |
| announced 16 Sep 2026 | 3.875 % | +25 bp |
| 3.625 % | hold | |
| 3.625 % | hold | |
| 3.625 % | hold | |
| 3.625 % | hold | |
| 3.625 % | hold | |
| announced 10 Dec 2025 | 3.625 % | −25 bp |
| announced 29 Oct 2025 | 3.875 % | −25 bp |
Changes are dated by when they took effect; holds by the announcement day.
At a glance
- Economy
- United States
- Currency
- USD
- Type
- Policy rate
- Set by
- Federal Reserve
- History since
- 1954
- Changes in the last 12 months
- 2
Questions and answers
- What is the current Federal Reserve interest rate?
- The Federal Reserve’s Federal funds target range is 3.75–4.00 %, last changed on 17 Sep 2026 when it was raised by 25 bp from 3.625 %.
- When did the Federal Reserve last change its rate?
- On 17 Sep 2026, when the Federal funds target range was raised by 25 bp to 3.875 % from 3.625 %.
- What did the Federal Reserve decide at its last meeting?
- On 28 Oct 2026 it held the Federal funds target range at 3.875 %.
- When is the next Federal Reserve rate decision?
- The next scheduled announcement is on 9 Dec 2026.
Decisions by year since 2016
2026net +25 bp
| Date | Rate | Change |
|---|---|---|
| 3.875 % | hold | |
| announced 16 Sep 2026 | 3.875 % | +25 bp |
| 3.625 % | hold | |
| 3.625 % | hold | |
| 3.625 % | hold | |
| 3.625 % | hold | |
| 3.625 % | hold |
2025net −75 bp
| Date | Rate | Change |
|---|---|---|
| announced 10 Dec 2025 | 3.625 % | −25 bp |
| announced 29 Oct 2025 | 3.875 % | −25 bp |
| announced 17 Sep 2025 | 4.125 % | −25 bp |
| 4.375 % | hold | |
| 4.375 % | hold | |
| 4.375 % | hold | |
| 4.375 % | hold | |
| 4.375 % | hold |
2024net −100 bp
| Date | Rate | Change |
|---|---|---|
| 4.375 % | −25 bp | |
| 4.625 % | −25 bp | |
| 4.875 % | −50 bp |
2023net +100 bp
| Date | Rate | Change |
|---|---|---|
| 5.375 % | +25 bp | |
| 5.125 % | +25 bp | |
| 4.875 % | +25 bp | |
| 4.625 % | +25 bp |
2022net +425 bp
| Date | Rate | Change |
|---|---|---|
| 4.375 % | +50 bp | |
| 3.875 % | +75 bp | |
| 3.125 % | +75 bp | |
| 2.375 % | +75 bp | |
| 1.625 % | +75 bp | |
| 0.875 % | +50 bp | |
| 0.375 % | +25 bp |
2020net −150 bp
| Date | Rate | Change |
|---|---|---|
| 0.125 % | −150 bp |
2019net −75 bp
| Date | Rate | Change |
|---|---|---|
| 1.625 % | −25 bp | |
| 1.875 % | −25 bp | |
| 2.125 % | −25 bp |
2018net +100 bp
| Date | Rate | Change |
|---|---|---|
| 2.375 % | +25 bp | |
| 2.125 % | +25 bp | |
| 1.875 % | +25 bp | |
| 1.625 % | +25 bp |
2017net +75 bp
| Date | Rate | Change |
|---|---|---|
| 1.375 % | +25 bp | |
| 1.125 % | +25 bp | |
| 0.875 % | +25 bp |
2016net +25 bp
| Date | Rate | Change |
|---|---|---|
| 0.625 % | +25 bp |
Dates before 2021 are month precision (monthly BIS data).
Other rates in North America
- Canada · Bank of Canada2.50 %
- Mexico · Banco de México6.50 %
Source: BIS central bank policy rates, FRED, Federal Reserve Bank of St. Louis. Latest observation 1 Nov 2026. Refreshed every 30 minutes.