The Fed Gazette — an independent publication

Est. 2026 Vol. I, No. 2

The Fed Gazette

A civic journal of money and credit

Rates & FOMC

Fed Rates Today: Fed Funds Rate Chart and History

The federal funds target range is 3.75% to 4.00%, and the effective federal funds rate was 3.88% on Oct 2, 2026 (Federal Reserve Bank of New York).

Source: Federal Reserve Bank of New York; Federal Reserve Bank of New York, Markets Data API, effective federal funds rate; U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates, 10 Yr · Updated

The federal funds target range and the effective federal funds rate over time, set against the 10-year Treasury yield, with every date the printed range changed. Each chart and table names its feed and its as-of date. A chart whose feed did not answer is left off.

Charts

Federal funds target range and effective rate

Band: the target range as printed with each EFFR. Line: the effective federal funds rate. Dots: dates the printed range changed. Percent.

3.40%3.60%3.80%4.00%4.20%4.40%Jan 26Apr 26Jul 26Oct 26Latest change Sep 17, 20263.40%3.60%3.80%4.00%4.20%4.40%Jan 26Apr 26Jul 26Oct 26Latest change Sep 17, 2026
0.00%2.00%4.00%6.00%20222023202420252026Latest change Sep 17, 20260.00%2.00%4.00%6.00%20222023202420252026Latest change Sep 17, 2026
0.00%2.00%4.00%6.00%20182020202220242026Latest change Sep 17, 20260.00%2.00%4.00%6.00%20182020202220242026Latest change Sep 17, 2026
0.00%2.00%4.00%6.00%8.00%20052010201520202025Latest change Sep 17, 20260.00%2.00%4.00%6.00%8.00%20052010201520202025Latest change Sep 17, 2026
  • Target range 3.75% to 4.00% first printed Sep 17, 2026
  • Effective rate (EFFR) 3.88% Oct 2, 2026

Source: Federal Reserve Bank of New York, Markets Data API, effective federal funds rate · as of · retrieved

Data
Every date the printed target range changed, with the effective rate that day
DateRange lowRange highEFFR
Dec 16, 20080.00%0.25%0.17%
Dec 17, 20150.25%0.50%0.37%
Dec 15, 20160.50%0.75%0.66%
Mar 16, 20170.75%1.00%0.91%
Jun 15, 20171.00%1.25%1.16%
Dec 14, 20171.25%1.50%1.41%
Mar 22, 20181.50%1.75%1.68%
Jun 14, 20181.75%2.00%1.90%
Sep 27, 20182.00%2.25%2.18%
Dec 20, 20182.25%2.50%2.40%
Aug 1, 20192.00%2.25%2.14%
Sep 19, 20191.75%2.00%1.90%
Oct 31, 20191.50%1.75%1.58%
Mar 4, 20201.00%1.25%1.09%
Mar 16, 20200.00%0.25%0.25%
Mar 17, 20220.25%0.50%0.33%
May 5, 20220.75%1.00%0.83%
Jun 16, 20221.50%1.75%1.58%
Jul 28, 20222.25%2.50%2.33%
Sep 22, 20223.00%3.25%3.08%
Nov 3, 20223.75%4.00%3.83%
Dec 15, 20224.25%4.50%4.33%
Feb 2, 20234.50%4.75%4.58%
Mar 23, 20234.75%5.00%4.83%
May 4, 20235.00%5.25%5.08%
Jul 27, 20235.25%5.50%5.33%
Sep 19, 20244.75%5.00%4.83%
Nov 8, 20244.50%4.75%4.58%
Dec 19, 20244.25%4.50%4.33%
Sep 18, 20254.00%4.25%4.08%
Oct 30, 20253.75%4.00%3.87%
Dec 11, 20253.50%3.75%3.64%
Sep 17, 20263.75%4.00%3.88%
Effective rate, the last print of each calendar quarter (a sample of the plotted line)
DateEFFR
Sep 29, 20006.60%
Dec 29, 20005.41%
Mar 30, 20015.29%
Jun 29, 20013.95%
Sep 28, 20012.75%
Dec 31, 20011.52%
Mar 29, 20021.74%
Jun 28, 20021.73%
Sep 30, 20021.85%
Dec 31, 20021.16%
Mar 31, 20031.38%
Jun 30, 20031.45%
Sep 30, 20031.17%
Dec 31, 20030.94%
Mar 31, 20041.05%
Jun 30, 20041.38%
Sep 30, 20041.94%
Dec 31, 20041.97%
Mar 31, 20052.96%
Jun 30, 20053.35%
Sep 30, 20053.93%
Dec 30, 20054.09%
Mar 31, 20065.00%
Jun 30, 20065.05%
Sep 29, 20065.34%
Dec 29, 20065.17%
Mar 30, 20075.30%
Jun 29, 20075.31%
Sep 28, 20074.58%
Dec 31, 20073.06%
Mar 31, 20082.51%
Jun 30, 20082.47%
Sep 30, 20082.03%
Dec 31, 20080.14%
Mar 31, 20090.16%
Jun 30, 20090.22%
Sep 30, 20090.07%
Dec 31, 20090.05%
Mar 31, 20100.09%
Jun 30, 20100.09%
Sep 30, 20100.15%
Dec 31, 20100.13%
Mar 31, 20110.10%
Jun 30, 20110.07%
Sep 30, 20110.06%
Dec 30, 20110.04%
Mar 30, 20120.09%
Jun 29, 20120.09%
Sep 28, 20120.09%
Dec 31, 20120.09%
Mar 29, 20130.09%
Jun 28, 20130.07%
Sep 30, 20130.06%
Dec 31, 20130.07%
Mar 31, 20140.06%
Jun 30, 20140.09%
Sep 30, 20140.07%
Dec 31, 20140.06%
Mar 31, 20150.06%
Jun 30, 20150.08%
Sep 30, 20150.07%
Dec 31, 20150.20%
Mar 31, 20160.25%
Jun 30, 20160.30%
Sep 30, 20160.29%
Dec 30, 20160.55%
Mar 31, 20170.82%
Jun 30, 20171.06%
Sep 29, 20171.06%
Dec 29, 20171.33%
Mar 30, 20181.67%
Jun 29, 20181.91%
Sep 28, 20182.18%
Dec 31, 20182.40%
Mar 29, 20192.43%
Jun 28, 20192.40%
Sep 30, 20191.90%
Dec 31, 20191.55%
Mar 31, 20200.08%
Jun 30, 20200.08%
Sep 30, 20200.09%
Dec 31, 20200.09%
Mar 31, 20210.06%
Jun 30, 20210.08%
Sep 30, 20210.06%
Dec 31, 20210.07%
Mar 31, 20220.33%
Jun 30, 20221.58%
Sep 30, 20223.08%
Dec 30, 20224.33%
Mar 31, 20234.83%
Jun 30, 20235.08%
Sep 29, 20235.33%
Dec 29, 20235.33%
Mar 29, 20245.33%
Jun 28, 20245.33%
Sep 30, 20244.83%
Dec 31, 20244.33%
Mar 31, 20254.33%
Jun 30, 20254.33%
Sep 30, 20254.09%
Dec 31, 20253.64%
Mar 31, 20263.64%
Jun 30, 20263.63%
Sep 30, 20263.88%
Oct 2, 20263.88%
Policy rate against the 10-year Treasury yield

Navy: effective federal funds rate (New York Fed). Red: 10-year Treasury par yield (Treasury). Percent, daily.

3.50%4.00%4.50%5.00%5.50%Jan 26Apr 26Jul 26Oct 263.50%4.00%4.50%5.00%5.50%Jan 26Apr 26Jul 26Oct 26
0.00%2.00%4.00%6.00%202220232024202520260.00%2.00%4.00%6.00%20222023202420252026
0.00%2.00%4.00%6.00%201820202022202420260.00%2.00%4.00%6.00%20182020202220242026
0.00%2.00%4.00%6.00%8.00%200520102015202020250.00%2.00%4.00%6.00%8.00%20052010201520202025
  • EFFR 3.88% Oct 2, 2026
  • 10-year Treasury 5.28% Oct 2, 2026

Source: Federal Reserve Bank of New York, Markets Data API, effective federal funds rate · as of · retrieved

Source: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates, 10 Yr · as of · retrieved

Data
The last print of each calendar quarter in each series (a sample of the plotted lines). The 10-year date is the last day of that quarter it printed.
EFFR dateEFFR10-year yield
Sep 29, 20006.60%5.80% Sep 29, 2000
Dec 29, 20005.41%5.12% Dec 29, 2000
Mar 30, 20015.29%4.93% Mar 30, 2001
Jun 29, 20013.95%5.42% Jun 29, 2001
Sep 28, 20012.75%4.60% Sep 28, 2001
Dec 31, 20011.52%5.07% Dec 31, 2001
Mar 29, 20021.74%5.42% Mar 28, 2002
Jun 28, 20021.73%4.86% Jun 28, 2002
Sep 30, 20021.85%3.63% Sep 30, 2002
Dec 31, 20021.16%3.83% Dec 31, 2002
Mar 31, 20031.38%3.83% Mar 31, 2003
Jun 30, 20031.45%3.54% Jun 30, 2003
Sep 30, 20031.17%3.96% Sep 30, 2003
Dec 31, 20030.94%4.27% Dec 31, 2003
Mar 31, 20041.05%3.86% Mar 31, 2004
Jun 30, 20041.38%4.62% Jun 30, 2004
Sep 30, 20041.94%4.14% Sep 30, 2004
Dec 31, 20041.97%4.24% Dec 31, 2004
Mar 31, 20052.96%4.50% Mar 31, 2005
Jun 30, 20053.35%3.94% Jun 30, 2005
Sep 30, 20053.93%4.34% Sep 30, 2005
Dec 30, 20054.09%4.39% Dec 30, 2005
Mar 31, 20065.00%4.86% Mar 31, 2006
Jun 30, 20065.05%5.15% Jun 30, 2006
Sep 29, 20065.34%4.64% Sep 29, 2006
Dec 29, 20065.17%4.71% Dec 29, 2006
Mar 30, 20075.30%4.65% Mar 30, 2007
Jun 29, 20075.31%5.03% Jun 29, 2007
Sep 28, 20074.58%4.59% Sep 28, 2007
Dec 31, 20073.06%4.04% Dec 31, 2007
Mar 31, 20082.51%3.45% Mar 31, 2008
Jun 30, 20082.47%3.99% Jun 30, 2008
Sep 30, 20082.03%3.85% Sep 30, 2008
Dec 31, 20080.14%2.25% Dec 31, 2008
Mar 31, 20090.16%2.71% Mar 31, 2009
Jun 30, 20090.22%3.53% Jun 30, 2009
Sep 30, 20090.07%3.31% Sep 30, 2009
Dec 31, 20090.05%3.85% Dec 31, 2009
Mar 31, 20100.09%3.84% Mar 31, 2010
Jun 30, 20100.09%2.97% Jun 30, 2010
Sep 30, 20100.15%2.53% Sep 30, 2010
Dec 31, 20100.13%3.30% Dec 31, 2010
Mar 31, 20110.10%3.47% Mar 31, 2011
Jun 30, 20110.07%3.18% Jun 30, 2011
Sep 30, 20110.06%1.92% Sep 30, 2011
Dec 30, 20110.04%1.89% Dec 30, 2011
Mar 30, 20120.09%2.23% Mar 30, 2012
Jun 29, 20120.09%1.67% Jun 29, 2012
Sep 28, 20120.09%1.65% Sep 28, 2012
Dec 31, 20120.09%1.78% Dec 31, 2012
Mar 29, 20130.09%1.87% Mar 28, 2013
Jun 28, 20130.07%2.52% Jun 28, 2013
Sep 30, 20130.06%2.64% Sep 30, 2013
Dec 31, 20130.07%3.04% Dec 31, 2013
Mar 31, 20140.06%2.73% Mar 31, 2014
Jun 30, 20140.09%2.53% Jun 30, 2014
Sep 30, 20140.07%2.52% Sep 30, 2014
Dec 31, 20140.06%2.17% Dec 31, 2014
Mar 31, 20150.06%1.94% Mar 31, 2015
Jun 30, 20150.08%2.35% Jun 30, 2015
Sep 30, 20150.07%2.06% Sep 30, 2015
Dec 31, 20150.20%2.27% Dec 31, 2015
Mar 31, 20160.25%1.78% Mar 31, 2016
Jun 30, 20160.30%1.49% Jun 30, 2016
Sep 30, 20160.29%1.60% Sep 30, 2016
Dec 30, 20160.55%2.45% Dec 30, 2016
Mar 31, 20170.82%2.40% Mar 31, 2017
Jun 30, 20171.06%2.31% Jun 30, 2017
Sep 29, 20171.06%2.33% Sep 29, 2017
Dec 29, 20171.33%2.40% Dec 29, 2017
Mar 30, 20181.67%2.74% Mar 29, 2018
Jun 29, 20181.91%2.85% Jun 29, 2018
Sep 28, 20182.18%3.05% Sep 28, 2018
Dec 31, 20182.40%2.69% Dec 31, 2018
Mar 29, 20192.43%2.41% Mar 29, 2019
Jun 28, 20192.40%2.00% Jun 28, 2019
Sep 30, 20191.90%1.68% Sep 30, 2019
Dec 31, 20191.55%1.92% Dec 31, 2019
Mar 31, 20200.08%0.70% Mar 31, 2020
Jun 30, 20200.08%0.66% Jun 30, 2020
Sep 30, 20200.09%0.69% Sep 30, 2020
Dec 31, 20200.09%0.93% Dec 31, 2020
Mar 31, 20210.06%1.74% Mar 31, 2021
Jun 30, 20210.08%1.45% Jun 30, 2021
Sep 30, 20210.06%1.52% Sep 30, 2021
Dec 31, 20210.07%1.52% Dec 31, 2021
Mar 31, 20220.33%2.32% Mar 31, 2022
Jun 30, 20221.58%2.98% Jun 30, 2022
Sep 30, 20223.08%3.83% Sep 30, 2022
Dec 30, 20224.33%3.88% Dec 30, 2022
Mar 31, 20234.83%3.48% Mar 31, 2023
Jun 30, 20235.08%3.81% Jun 30, 2023
Sep 29, 20235.33%4.59% Sep 29, 2023
Dec 29, 20235.33%3.88% Dec 29, 2023
Mar 29, 20245.33%4.20% Mar 28, 2024
Jun 28, 20245.33%4.36% Jun 28, 2024
Sep 30, 20244.83%3.81% Sep 30, 2024
Dec 31, 20244.33%4.58% Dec 31, 2024
Mar 31, 20254.33%4.23% Mar 31, 2025
Jun 30, 20254.33%4.24% Jun 30, 2025
Sep 30, 20254.09%4.16% Sep 30, 2025
Dec 31, 20253.64%4.18% Dec 31, 2025
Mar 31, 20263.64%4.30% Mar 31, 2026
Jun 30, 20263.63%4.44% Jun 30, 2026
Sep 30, 20263.88%5.29% Sep 30, 2026
Oct 2, 20263.88%5.28% Oct 2, 2026

Rate changes

Every date the target range printed in the New York Fed effective federal funds rate file differed from the previous printed range, newest first. The ranges are the stored values, shown to two decimal places. This paper does not compute the size of a change.

Date printedRange beforeRange after
3.50% to 3.75%3.75% to 4.00%
3.75% to 4.00%3.50% to 3.75%
4.00% to 4.25%3.75% to 4.00%
4.25% to 4.50%4.00% to 4.25%
4.50% to 4.75%4.25% to 4.50%
4.75% to 5.00%4.50% to 4.75%
5.25% to 5.50%4.75% to 5.00%
5.00% to 5.25%5.25% to 5.50%
4.75% to 5.00%5.00% to 5.25%
4.50% to 4.75%4.75% to 5.00%
4.25% to 4.50%4.50% to 4.75%
3.75% to 4.00%4.25% to 4.50%
3.00% to 3.25%3.75% to 4.00%
2.25% to 2.50%3.00% to 3.25%
1.50% to 1.75%2.25% to 2.50%
0.75% to 1.00%1.50% to 1.75%
0.25% to 0.50%0.75% to 1.00%
0.00% to 0.25%0.25% to 0.50%
1.00% to 1.25%0.00% to 0.25%
1.50% to 1.75%1.00% to 1.25%
1.75% to 2.00%1.50% to 1.75%
2.00% to 2.25%1.75% to 2.00%
2.25% to 2.50%2.00% to 2.25%
2.00% to 2.25%2.25% to 2.50%
1.75% to 2.00%2.00% to 2.25%
1.50% to 1.75%1.75% to 2.00%
1.25% to 1.50%1.50% to 1.75%
1.00% to 1.25%1.25% to 1.50%
0.75% to 1.00%1.00% to 1.25%
0.50% to 0.75%0.75% to 1.00%
0.25% to 0.50%0.50% to 0.75%
0.00% to 0.25%0.25% to 0.50%
None printed earlier in the feed0.00% to 0.25%

Source: Federal Reserve Bank of New York, Markets Data API, effective federal funds rate · as of Oct 2, 2026