Economy · United States · Rates and bonds

US federal funds rate (effective)

3.75% in September 2026, compared with 3.63% in August 2026.

Monthly · % · 4.22% a year earlier · Updated 13 hrs ago

Range, past 10 years52-week and 10-year range The lowest and highest values over a period, with a marker for where the latest value sits between them. Learn more: 0.05% Apr 20205.33% Aug 2023
Over 3 monthsYear on year, month on month, quarter on quarter How a figure compares with the same period a year earlier (y/y), or with the period just before (m/m, q/q). Year-on-year removes seasonal swings; shorter comparisons show turning points sooner. Learn more: +0.12 ptsfrom 3.63%
Over 12 monthsPercentage points and basis points The difference between two percentages. A rate rising from 4.00% to 4.25% is up 0.25 percentage points, or 25 basis points; it is not up 0.25%. Learn more: −0.47 ptsfrom 4.22%
Long-run averageLong-run average The average of every reading in the series' history. A rough guide to what is normal, though economies change and some series never return to their old average. Learn more: 2.16%since 1999
Against its historyPercentile against history Where the latest reading ranks among every reading since the series began. The 90th percentile means it is higher than 90% of past readings. Learn more: 71stpercentile: higher than 71% of readings since 1999

HistorySeasonally adjusted A figure with the regular calendar pattern removed (Christmas, school holidays, harvests), so one month can be compared fairly with the next. Learn more

%, monthly

0.02.04.06.0Sept 2016Sept 2021Sept 2026

Show the data

The latest 24 readings in this range.

The average rate US banks actually charged each other overnight, monthly average.

Shows where policy is in practice, inside the Fed's target range.

What the yield curve is telling youThe gap between short and long-term US bond yields has a long record of turning negative before recessions. Its longest inversion on record was not followed by one. Here is how to read it.