United States Fed Funds Rate  1971-2017 | Data | Chart | Calendar

The Federal Reserve left the target range for its federal funds rate unchanged at 1 percent to 1.25 percent during its July 2017 meeting and said it will start reducing its USD 4.5 trillion portfolio relatively soon. The committee considered near-term risks to the economic outlook as roughly balanced, but said it will closely monitor inflation. Interest Rate in the United States averaged 5.78 percent from 1971 until 2017, 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
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Fed Policymakers Divided Over Stimulus Unwind

Several Fed policymakers were prepared to announce a start date for the shrinking of the US central bank’s balance sheet at the latest rate-setting meeting, but most preferred to wait for additional information on the economic outlook and developments potentially affecting financial markets, minutes from last FOMC meeting showed.

Excerpts from the minutes of the FOMC's July 25-26 meeting:

With respect to the economic outlook and its implications for monetary policy, members continued to expect that, with gradual adjustments in the stance of monetary policy, economic activity would expand at a moderate pace, and labor market conditions would strengthen somewhat further. Inflation on a 12-month basis was expected to remain somewhat below 2 percent in the near term but to stabilize around the Committee’s 2 percent objective over the medium term. Members saw the near-term risks to the economic outlook as roughly balanced, but, in light of their concern about the recent slowing in inflation, they agreed to continue to monitor inflation developments closely.

Members agreed that the timing and size of future adjustments to the target range for the federal funds rate would depend on their assessment of realized and expected economic conditions relative to the Committee’s objectives of maximum employment and 2 percent inflation. They expected that economic conditions would evolve in a manner that would warrant gradual increases in the federal funds rate, and that the federal funds rate was likely to remain, for some time, below levels that are expected to prevail in the longer run. They also again stated that the actual path of the federal funds rate would depend on the economic outlook as informed by incoming data. In particular, they reaffirmed that they would carefully monitor actual and expected inflation developments relative to the Committee’s symmetric inflation goal. Some members stressed the importance of underscoring the Committee’s commitment to its inflation objective. These members emphasized that, in considering the timing of further adjustments in the federal funds rate, they would be evaluating incoming information to assess the likelihood that recent low readings on inflation were transitory and that inflation was again on a trajectory consistent with achieving the Committee’s 2 percent objective over the medium term.

Participants also discussed the appropriate time to implement the plan for reducing the Federal Reserve's securities holdings that was announced in June in the Committee's postmeeting statement and its Addendum to the Policy Normalization Principles and Plans. Participants generally agreed that, in light of their current assessment of economic conditions and the outlook, it was appropriate to signal that implementation of the program likely would begin relatively soon, absent significant adverse developments in the economy or in financial markets. Many noted that the program was expected to contribute only modestly to the reduction in policy accommodation. Several reiterated that, once the program was under way, further adjustments to the stance of monetary policy in response to economic developments would be centered on changes in the target range for the federal funds rate. Al­though several participants were prepared to announce a starting date for the program at the current meeting, most preferred to defer that decision until an upcoming meeting while accumulating additional information on the economic outlook and developments potentially affecting financial markets.

Federal Reserve | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/16/2017 6:24:19 PM

Calendar GMT Actual Previous Consensus Forecast (i)
2017-05-03 06:00 PM Fed Interest Rate Decision 1% 1% 1% 1%
2017-06-14 06:00 PM Fed Interest Rate Decision 1.25% 1% 1.25% 1.25%
2017-07-26 06:00 PM Fed Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2017-09-20 06:00 PM FOMC Economic Projections
2017-09-20 06:00 PM Fed Interest Rate Decision 1.25% 1.25%
2017-09-20 06:30 PM Fed Press Conference

United States Money Last Previous Highest Lowest Unit
Interest Rate 1.25 1.25 20.00 0.25 percent [+]
Interbank Rate 1.31 1.31 10.63 0.22 percent [+]
Money Supply M0 3795425.00 3762757.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3497.60 3504.20 3504.20 138.90 USD Billion [+]
Money Supply M2 13519.30 13495.50 13519.30 286.60 USD Billion [+]
Foreign Exchange Reserves 122015.00 121706.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4440435.00 4426734.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16313900.00 16313100.00 16313900.00 697581.70 USD Million [+]
Loans to Private Sector 2105.82 2103.46 2105.82 13.65 USD Billion [+]
Private Debt to GDP 199.60 198.70 213.40 155.70 percent [+]
Foreign Bond Investment 19732.00 46367.00 118012.00 -74329.00 USD Million [+]

United States Fed Funds Rate Notes

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 August of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.25 1.25 20.00 0.25 1971 - 2017 percent Daily

interest rate by Country

Brazil 9.25 Jul/17
Russia 9.00 Jul/17
Turkey 8.00 Jul/17
Mexico 7.00 Aug/17
India 6.00 Aug/17
Indonesia 4.75 Jul/17
China 4.35 Jun/17
Australia 1.50 Aug/17
South Korea 1.25 Jul/17
United States 1.25 Jul/17
Canada 0.75 Jul/17
United Kingdom 0.25 Aug/17
Euro Area 0.00 Aug/17
France 0.00 Aug/17
Germany 0.00 Aug/17
Italy 0.00 Aug/17
Netherlands 0.00 Aug/17
Spain 0.00 Aug/17
Japan -0.10 Jul/17
Switzerland -0.75 Jul/17