Fed funds target (midpoint) since 1990
Source: BIS central bank policy rates. BIS records the midpoint of the target range.
Every rate change
| Effective | New rate | Change |
|---|---|---|
| Sep 17, 2026 | 3.75–4.00% | +25 bp |
| Dec 11, 2025 | 3.50–3.75% | −25 bp |
| Oct 30, 2025 | 3.75–4.00% | −25 bp |
| Sep 18, 2025 | 4.00–4.25% | −25 bp |
| Dec 19, 2024 | 4.25–4.50% | −25 bp |
| Nov 8, 2024 | 4.50–4.75% | −25 bp |
| Sep 19, 2024 | 4.75–5.00% | −50 bp |
| Jul 27, 2023 | 5.25–5.50% | +25 bp |
| May 4, 2023 | 5.00–5.25% | +25 bp |
| Mar 23, 2023 | 4.75–5.00% | +25 bp |
| Feb 2, 2023 | 4.50–4.75% | +25 bp |
| Dec 15, 2022 | 4.25–4.50% | +50 bp |
| Nov 3, 2022 | 3.75–4.00% | +75 bp |
| Sep 22, 2022 | 3.00–3.25% | +75 bp |
| Jul 28, 2022 | 2.25–2.50% | +75 bp |
| Jun 16, 2022 | 1.50–1.75% | +75 bp |
| May 5, 2022 | 0.75–1.00% | +50 bp |
| Mar 17, 2022 | 0.25–0.50% | +25 bp |
| Mar 16, 2020 | 0.00–0.25% | −100 bp |
| Mar 4, 2020 | 1.00–1.25% | −50 bp |
| Oct 31, 2019 | 1.50–1.75% | −25 bp |
| Sep 19, 2019 | 1.75–2.00% | −25 bp |
| Aug 1, 2019 | 2.00–2.25% | −25 bp |
| Dec 20, 2018 | 2.25–2.50% | +25 bp |
| Sep 27, 2018 | 2.00–2.25% | +25 bp |
| Jun 14, 2018 | 1.75–2.00% | +25 bp |
| Mar 22, 2018 | 1.50–1.75% | +25 bp |
| Dec 14, 2017 | 1.25–1.50% | +25 bp |
| Jun 15, 2017 | 1.00–1.25% | +25 bp |
| Mar 16, 2017 | 0.75–1.00% | +25 bp |
| Dec 15, 2016 | 0.50–0.75% | +25 bp |
| Dec 17, 2015 | 0.25–0.50% | +25 bp |
| Dec 16, 2008 | 0.00–0.25% | −87 bp |
| Oct 29, 2008 | 1.00% | −50 bp |
| Oct 8, 2008 | 1.50% | −50 bp |
| Apr 30, 2008 | 2.00% | −25 bp |
| Mar 18, 2008 | 2.25% | −75 bp |
| Jan 30, 2008 | 3.00% | −50 bp |
| Jan 22, 2008 | 3.50% | −75 bp |
| Dec 11, 2007 | 4.25% | −25 bp |
| Oct 31, 2007 | 4.50% | −25 bp |
| Sep 18, 2007 | 4.75% | −50 bp |
| Jun 29, 2006 | 5.25% | +25 bp |
| May 10, 2006 | 5.00% | +25 bp |
| Mar 28, 2006 | 4.75% | +25 bp |
| Jan 31, 2006 | 4.50% | +25 bp |
| Dec 13, 2005 | 4.25% | +25 bp |
| Nov 1, 2005 | 4.00% | +25 bp |
| Sep 20, 2005 | 3.75% | +25 bp |
| Aug 9, 2005 | 3.50% | +25 bp |
| Jun 30, 2005 | 3.25% | +25 bp |
| May 3, 2005 | 3.00% | +25 bp |
| Mar 22, 2005 | 2.75% | +25 bp |
| Feb 2, 2005 | 2.50% | +25 bp |
| Dec 14, 2004 | 2.25% | +25 bp |
| Nov 10, 2004 | 2.00% | +25 bp |
| Sep 21, 2004 | 1.75% | +25 bp |
| Aug 10, 2004 | 1.50% | +25 bp |
| Jun 30, 2004 | 1.25% | +25 bp |
| Jun 25, 2003 | 1.00% | −25 bp |
| Nov 6, 2002 | 1.25% | −50 bp |
| Dec 11, 2001 | 1.75% | −25 bp |
| Nov 6, 2001 | 2.00% | −50 bp |
| Oct 2, 2001 | 2.50% | −50 bp |
| Sep 17, 2001 | 3.00% | −50 bp |
| Aug 21, 2001 | 3.50% | −25 bp |
| Jun 27, 2001 | 3.75% | −25 bp |
| May 15, 2001 | 4.00% | −50 bp |
| Apr 18, 2001 | 4.50% | −50 bp |
| Mar 20, 2001 | 5.00% | −50 bp |
| Jan 31, 2001 | 5.50% | −50 bp |
| Jan 3, 2001 | 6.00% | −50 bp |
| May 16, 2000 | 6.50% | +50 bp |
| Mar 21, 2000 | 6.00% | +25 bp |
| Feb 2, 2000 | 5.75% | +25 bp |
| Nov 16, 1999 | 5.50% | +25 bp |
| Aug 24, 1999 | 5.25% | +25 bp |
| Jun 30, 1999 | 5.00% | +25 bp |
| Nov 17, 1998 | 4.75% | −25 bp |
| Oct 15, 1998 | 5.00% | −25 bp |
| Sep 29, 1998 | 5.25% | −25 bp |
| Mar 25, 1997 | 5.50% | +25 bp |
| Jan 31, 1996 | 5.25% | −25 bp |
| Dec 19, 1995 | 5.50% | −25 bp |
| Jul 6, 1995 | 5.75% | −25 bp |
| Feb 1, 1995 | 6.00% | +50 bp |
| Nov 15, 1994 | 5.50% | +75 bp |
| Aug 16, 1994 | 4.75% | +50 bp |
| May 17, 1994 | 4.25% | +50 bp |
| Apr 18, 1994 | 3.75% | +25 bp |
| Mar 22, 1994 | 3.50% | +25 bp |
| Feb 4, 1994 | 3.25% | +25 bp |
| Sep 4, 1992 | 3.00% | −25 bp |
| Jul 2, 1992 | 3.25% | −50 bp |
| Apr 9, 1992 | 3.75% | −25 bp |
| Dec 20, 1991 | 4.00% | −50 bp |
| Dec 6, 1991 | 4.50% | −25 bp |
| Nov 6, 1991 | 4.75% | −25 bp |
| Oct 31, 1991 | 5.00% | −25 bp |
| Sep 13, 1991 | 5.25% | −25 bp |
| Aug 6, 1991 | 5.50% | −25 bp |
| Apr 30, 1991 | 5.75% | −25 bp |
| Mar 8, 1991 | 6.00% | −25 bp |
| Feb 1, 1991 | 6.25% | −50 bp |
| Jan 9, 1991 | 6.75% | −25 bp |
| Dec 19, 1990 | 7.00% | −25 bp |
| Dec 7, 1990 | 7.25% | −25 bp |
| Nov 14, 1990 | 7.50% | −25 bp |
| Oct 29, 1990 | 7.75% | −25 bp |
| Jul 13, 1990 | 8.00% | −25 bp |
| Jan 1, 1990 | 8.25% | start of series |