The Fed Gazette — an independent publication
Est. 2026 Vol. I, No. 2
A civic journal of money and credit
The federal funds target range is the span for the overnight federal funds rate that the Federal Open Market Committee sets. The Fed uses its tools, including open market operations such as overnight reverse repurchase agreements, to help keep the federal funds rate in that range.
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 Federal Reserve first used overnight reverse repurchase agreements (ON RRPs)--a type of OMO--as a supplementary policy tool, as necessary, to help control the federal funds rate and keep it in the target range set by the FOMC.