The Fed Gazette — an independent publication
Est. 2026 Vol. I, No. 2
A civic journal of money and credit
The effective federal funds rate is a measure of what banks pay for overnight unsecured borrowing from other depository institutions in the federal funds market. The New York Fed publishes it each business day, calculated as a volume-weighted median of overnight federal funds transactions. The FOMC's target range is set for the federal funds rate.
Latest print
Band: the target range as printed with each EFFR. Line: the effective federal funds rate. Dots: dates the printed range changed. Percent.
Source: Federal Reserve Bank of New York, Markets Data API, effective federal funds rate · as of · retrieved
| Date | Range low | Range high | EFFR |
|---|---|---|---|
| Dec 16, 2008 | 0.00% | 0.25% | 0.17% |
| Dec 17, 2015 | 0.25% | 0.50% | 0.37% |
| Dec 15, 2016 | 0.50% | 0.75% | 0.66% |
| Mar 16, 2017 | 0.75% | 1.00% | 0.91% |
| Jun 15, 2017 | 1.00% | 1.25% | 1.16% |
| Dec 14, 2017 | 1.25% | 1.50% | 1.41% |
| Mar 22, 2018 | 1.50% | 1.75% | 1.68% |
| Jun 14, 2018 | 1.75% | 2.00% | 1.90% |
| Sep 27, 2018 | 2.00% | 2.25% | 2.18% |
| Dec 20, 2018 | 2.25% | 2.50% | 2.40% |
| Aug 1, 2019 | 2.00% | 2.25% | 2.14% |
| Sep 19, 2019 | 1.75% | 2.00% | 1.90% |
| Oct 31, 2019 | 1.50% | 1.75% | 1.58% |
| Mar 4, 2020 | 1.00% | 1.25% | 1.09% |
| Mar 16, 2020 | 0.00% | 0.25% | 0.25% |
| Mar 17, 2022 | 0.25% | 0.50% | 0.33% |
| May 5, 2022 | 0.75% | 1.00% | 0.83% |
| Jun 16, 2022 | 1.50% | 1.75% | 1.58% |
| Jul 28, 2022 | 2.25% | 2.50% | 2.33% |
| Sep 22, 2022 | 3.00% | 3.25% | 3.08% |
| Nov 3, 2022 | 3.75% | 4.00% | 3.83% |
| Dec 15, 2022 | 4.25% | 4.50% | 4.33% |
| Feb 2, 2023 | 4.50% | 4.75% | 4.58% |
| Mar 23, 2023 | 4.75% | 5.00% | 4.83% |
| May 4, 2023 | 5.00% | 5.25% | 5.08% |
| Jul 27, 2023 | 5.25% | 5.50% | 5.33% |
| Sep 19, 2024 | 4.75% | 5.00% | 4.83% |
| Nov 8, 2024 | 4.50% | 4.75% | 4.58% |
| Dec 19, 2024 | 4.25% | 4.50% | 4.33% |
| Sep 18, 2025 | 4.00% | 4.25% | 4.08% |
| Oct 30, 2025 | 3.75% | 4.00% | 3.87% |
| Dec 11, 2025 | 3.50% | 3.75% | 3.64% |
| Sep 17, 2026 | 3.75% | 4.00% | 3.88% |
| Date | EFFR |
|---|---|
| Sep 29, 2000 | 6.60% |
| Dec 29, 2000 | 5.41% |
| Mar 30, 2001 | 5.29% |
| Jun 29, 2001 | 3.95% |
| Sep 28, 2001 | 2.75% |
| Dec 31, 2001 | 1.52% |
| Mar 29, 2002 | 1.74% |
| Jun 28, 2002 | 1.73% |
| Sep 30, 2002 | 1.85% |
| Dec 31, 2002 | 1.16% |
| Mar 31, 2003 | 1.38% |
| Jun 30, 2003 | 1.45% |
| Sep 30, 2003 | 1.17% |
| Dec 31, 2003 | 0.94% |
| Mar 31, 2004 | 1.05% |
| Jun 30, 2004 | 1.38% |
| Sep 30, 2004 | 1.94% |
| Dec 31, 2004 | 1.97% |
| Mar 31, 2005 | 2.96% |
| Jun 30, 2005 | 3.35% |
| Sep 30, 2005 | 3.93% |
| Dec 30, 2005 | 4.09% |
| Mar 31, 2006 | 5.00% |
| Jun 30, 2006 | 5.05% |
| Sep 29, 2006 | 5.34% |
| Dec 29, 2006 | 5.17% |
| Mar 30, 2007 | 5.30% |
| Jun 29, 2007 | 5.31% |
| Sep 28, 2007 | 4.58% |
| Dec 31, 2007 | 3.06% |
| Mar 31, 2008 | 2.51% |
| Jun 30, 2008 | 2.47% |
| Sep 30, 2008 | 2.03% |
| Dec 31, 2008 | 0.14% |
| Mar 31, 2009 | 0.16% |
| Jun 30, 2009 | 0.22% |
| Sep 30, 2009 | 0.07% |
| Dec 31, 2009 | 0.05% |
| Mar 31, 2010 | 0.09% |
| Jun 30, 2010 | 0.09% |
| Sep 30, 2010 | 0.15% |
| Dec 31, 2010 | 0.13% |
| Mar 31, 2011 | 0.10% |
| Jun 30, 2011 | 0.07% |
| Sep 30, 2011 | 0.06% |
| Dec 30, 2011 | 0.04% |
| Mar 30, 2012 | 0.09% |
| Jun 29, 2012 | 0.09% |
| Sep 28, 2012 | 0.09% |
| Dec 31, 2012 | 0.09% |
| Mar 29, 2013 | 0.09% |
| Jun 28, 2013 | 0.07% |
| Sep 30, 2013 | 0.06% |
| Dec 31, 2013 | 0.07% |
| Mar 31, 2014 | 0.06% |
| Jun 30, 2014 | 0.09% |
| Sep 30, 2014 | 0.07% |
| Dec 31, 2014 | 0.06% |
| Mar 31, 2015 | 0.06% |
| Jun 30, 2015 | 0.08% |
| Sep 30, 2015 | 0.07% |
| Dec 31, 2015 | 0.20% |
| Mar 31, 2016 | 0.25% |
| Jun 30, 2016 | 0.30% |
| Sep 30, 2016 | 0.29% |
| Dec 30, 2016 | 0.55% |
| Mar 31, 2017 | 0.82% |
| Jun 30, 2017 | 1.06% |
| Sep 29, 2017 | 1.06% |
| Dec 29, 2017 | 1.33% |
| Mar 30, 2018 | 1.67% |
| Jun 29, 2018 | 1.91% |
| Sep 28, 2018 | 2.18% |
| Dec 31, 2018 | 2.40% |
| Mar 29, 2019 | 2.43% |
| Jun 28, 2019 | 2.40% |
| Sep 30, 2019 | 1.90% |
| Dec 31, 2019 | 1.55% |
| Mar 31, 2020 | 0.08% |
| Jun 30, 2020 | 0.08% |
| Sep 30, 2020 | 0.09% |
| Dec 31, 2020 | 0.09% |
| Mar 31, 2021 | 0.06% |
| Jun 30, 2021 | 0.08% |
| Sep 30, 2021 | 0.06% |
| Dec 31, 2021 | 0.07% |
| Mar 31, 2022 | 0.33% |
| Jun 30, 2022 | 1.58% |
| Sep 30, 2022 | 3.08% |
| Dec 30, 2022 | 4.33% |
| Mar 31, 2023 | 4.83% |
| Jun 30, 2023 | 5.08% |
| Sep 29, 2023 | 5.33% |
| Dec 29, 2023 | 5.33% |
| Mar 29, 2024 | 5.33% |
| Jun 28, 2024 | 5.33% |
| Sep 30, 2024 | 4.83% |
| Dec 31, 2024 | 4.33% |
| Mar 31, 2025 | 4.33% |
| Jun 30, 2025 | 4.33% |
| Sep 30, 2025 | 4.09% |
| Dec 31, 2025 | 3.64% |
| Mar 31, 2026 | 3.64% |
| Jun 30, 2026 | 3.63% |
| Sep 30, 2026 | 3.88% |
| Oct 2, 2026 | 3.88% |
Checked against these official pages on Monday, October 5, 2026. Quoted text is copied word for word.
The effective federal funds rate (EFFR) is calculated as a volume-weighted median of overnight federal funds transactions reported in the FR 2420 Report of Selected Money Market Rates.