United States Fed Funds Rate  1971-2018 | Data | Chart | Calendar

The Federal Reserve, meeting for the first time under Chairman Jerome Powell, raised the target range for the federal funds rate by a quarter point to 1.5-1.75 percent during its March 2018 meeting, in line with market expectations. The Fed officials also projected a steeper path of hikes in 2019 and 2020 as the economic outlook is improving. Interest Rate in the United States averaged 5.73 percent from 1971 until 2018, reaching an all time high of 20 percent in March of 1980 and a record low of 0.25 percent in December of 2008.

United States Fed Funds Rate
width
height
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.




Fed Sees Stronger Economy and Inflation


The outlook for the economy strengthened and inflation is expected to move up in coming months, minutes from the last FOMC meeting showed. Almost all officials agreed that a gradual tightening remains appropriate while some participants see a slightly steeper path of rate hikes. The Federal Reserve also mentioned the prospect of retaliatory trade actions by other countries as well as other issues and uncertainties associated with trade policies as downside risks for the economy.

Excerpts from the minutes of the FOMC's meeting held on March 20-21, 2018:

A number of participants reported concern among their business contacts about the possible ramifications of the recent imposition of tariffs on imported steel and aluminum. Participants did not see the steel and aluminum tariffs, by themselves, as likely to have a significant effect on the national economic outlook, but a strong majority of participants viewed the prospect of retaliatory trade actions by other countries, as well as other issues and uncertainties associated with trade policies, as downside risks for the U.S. economy. Contacts in the agricultural sector reported feeling particularly vulnerable to retaliation.

All participants agreed that the outlook for the economy beyond the current quarter had strengthened in recent months. In addition, all participants expected inflation on a 12-month basis to move up in coming months.

Based on their current assessments, almost all participants expressed the view that it would be appropriate for the Committee to raise the target range for the federal funds rate 25 basis points at this meeting. These participants agreed that, even after such an increase in the target range, the stance of monetary policy would remain accommodative, supporting strong labor market conditions and a sustained return to 2 percent inflation. A couple of participants pointed to possible benefits of postponing an increase in the target range for the federal funds rate until a subsequent meeting; these participants suggested that waiting for additional data to provide more evidence of a sustained return of the 12-month inflation rate to 2 percent might more clearly demonstrate the data dependence of the Committee's decisions and its resolve to achieve the price-stability component of its dual mandate.

With regard to the medium-term outlook for monetary policy, all participants saw some further firming of the stance of monetary policy as likely to be warranted. Almost all participants agreed that it remained appropriate to follow a gradual approach to raising the target range for the federal funds rate.

A number of participants indicated that the stronger outlook for economic activity, along with their increased confidence that inflation would return to 2 percent over the medium term, implied that the appropriate path for the federal funds rate over the next few years would likely be slightly steeper than they had previously expected. 

Some participants suggested that, at some point, it might become necessary to revise statement language to acknowledge that, in pursuit of the Committee's statutory mandate and consistent with the median of participants' policy rate projections in the SEP, monetary policy eventually would likely gradually move from an accommodative stance to being a neutral or restraining factor for economic activity. 


Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
4/11/2018 6:27:39 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-12-13 07:00 PM Fed Interest Rate Decision 1.5% 1.25% 1.5% 1.5%
2018-01-31 07:00 PM Fed Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2018-03-21 06:00 PM Fed Interest Rate Decision 1.75% 1.5% 1.75% 1.75%
2018-04-20 01:40 PM Fed Evans Speech
2018-04-20 03:15 PM Fed Williams Speech
2018-05-02 06:00 PM Fed Interest Rate Decision 1.75% 1.75% 1.75%


United States Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.50 20.00 0.25 percent [+]
Interbank Rate 2.36 2.36 10.63 0.22 percent [+]
Money Supply M0 3800660.00 3855088.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3664.30 3614.00 3664.30 138.90 USD Billion [+]
Money Supply M2 13918.10 13858.30 13918.10 286.60 USD Billion [+]
Foreign Exchange Reserves 125725.00 126214.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4357353.00 4361534.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16590300.00 16701100.00 16838211.00 697581.70 USD Million [+]
Loans to Private Sector 2138.46 2132.54 2138.46 13.65 USD Billion [+]
Foreign Bond Investment 43186.00 8350.00 118012.00 -74329.00 USD Million [+]
Private Debt to GDP 201.00 198.60 212.40 155.70 percent [+]


United States Fed Funds Rate

In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate. This page provides the latest reported value for - United States Fed Funds Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Fed Funds Rate - actual data, historical chart and calendar of releases - was last updated on April of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.75 1.50 20.00 0.25 1971 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 8.00 Mar/18
Mexico 7.50 Apr/18
Russia 7.25 Mar/18
Brazil 6.50 Mar/18
India 6.00 Apr/18
China 4.35 Mar/18
Indonesia 4.25 Apr/18
United States 1.75 Mar/18
Australia 1.50 Apr/18
South Korea 1.50 Apr/18
Canada 1.25 Apr/18
United Kingdom 0.50 Mar/18
Euro Area 0.00 Mar/18
France 0.00 Mar/18
Germany 0.00 Mar/18
Italy 0.00 Mar/18
Netherlands 0.00 Mar/18
Spain 0.00 Mar/18
Japan -0.10 Mar/18
Switzerland -0.75 Mar/18


Related

Latest