Federal funds rate, 1954 to 2026
Federal funds rate stood at 3.63% in 2026, up 0bp on the previous period.
The latest reading is 3.63 percent, for June 2026, against 3.63 percent in May 2026. The series is monthly (FRED series FEDFUNDS) and runs from July 1954.
How it is measured
The effective federal funds rate: what banks charge each other for overnight loans of reserves, averaged over the month. It is the rate the Federal Reserve actually steers, and every other dollar interest rate is built on top of it. The data reaches us through FRED, the Federal Reserve Bank of St. Louis's data service, and originates with the Federal Reserve's H.15 release.
What the curve shows
The window runs from 0.05 percent (April 2020) to 19.1 percent (June 1981). The staircase shape is deliberate: the Fed moves in discrete steps at scheduled meetings, holds, and reverses course only when the economy forces it.
How does this rate reach ordinary borrowers?
Why are there long flat stretches at zero?
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