The Federal Reserve left the fed funds target range steady at 5.25%-5.50% for a 7th consecutive meeting in June 2024, in line with forecasts. Policymakers do not expect it will be appropriate to reduce rates until they gained greater confidence that inflation is moving sustainably toward 2%. Meanwhile, the dot plot showed policymakers see only one rate cut this year and four reductions in 2025. Back in March, the Fed was still seeing three rate cuts in 2024. The Fed made no revisions to GDP growth projections and still sees the economy expanding 2.1% in 2024, 2% in both 2025 and 2026. Meanwhile, PCE inflation was revised higher for this year (2.6% vs 2.4% in the March projection), next year (4.2% vs 4.1%) and 2026 (4.1% vs 4%). Core PCE inflation was also revised up to 2.8% in 2024 (vs 2.6%) and 2025 (2.3% vs 2.2%) but was kept at 2% for 2026. The unemployment rate is projected at 4% for 2024, the same as expected in March, but is seen slightly higher at 4.2% in 2025 (vs 4.1%). source: Federal Reserve

The benchmark interest rate in the United States was last recorded at 5.50 percent. Interest Rate in the United States averaged 5.42 percent from 1971 until 2024, reaching an all time high of 20 percent in March of 1980 and a record low of 0.25 percent in December of 2008. 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 Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2024.

The benchmark interest rate in the United States was last recorded at 5.50 percent. Interest Rate in the United States is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Fed Funds Interest Rate is projected to trend around 4.25 percent in 2025 and 3.25 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-06-12 06:00 PM Interest Rate Projection - Longer 2.8% 2.6%
2024-06-12 06:00 PM Interest Rate Projection - Current 5.1% 4.6%
2024-06-12 06:00 PM Interest Rate Projection - 2nd Yr 3.1% 3.1%
2024-06-26 08:30 PM Bank Stress Tests
2024-07-17 06:00 PM Fed Beige Book
2024-07-31 06:00 PM Fed Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 23315.00 23221.70 USD Billion May 2024
Central Bank Balance Sheet 7255687.00 7284319.00 USD Million Jun 2024
Foreign Exchange Reserves 35990.00 36077.00 USD Million Mar 2024
Inflation Rate YoY 3.30 3.40 percent May 2024
Fed Interest Rate 5.50 5.50 percent Jun 2024
Loans to Private Sector 2753.00 2755.50 USD Billion Apr 2024
Money Supply M0 5775200.00 5883000.00 USD Million Apr 2024
Money Supply M1 17987.10 17997.60 USD Billion Apr 2024
Money Supply M2 20867.30 20841.20 USD Billion Apr 2024
Unemployment Rate 4.00 3.90 percent May 2024

United States Fed Funds Interest 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.
Actual Previous Highest Lowest Dates Unit Frequency
5.50 5.50 20.00 0.25 1971 - 2024 percent Daily


News Stream
Fed Signals Just One Cut This Year
The Federal Reserve left the fed funds target range steady at 5.25%-5.50% for a 7th consecutive meeting in June 2024, in line with forecasts. Policymakers do not expect it will be appropriate to reduce rates until they gained greater confidence that inflation is moving sustainably toward 2%. Meanwhile, the dot plot showed policymakers see only one rate cut this year and four reductions in 2025. Back in March, the Fed was still seeing three rate cuts in 2024. The Fed made no revisions to GDP growth projections and still sees the economy expanding 2.1% in 2024, 2% in both 2025 and 2026. Meanwhile, PCE inflation was revised higher for this year (2.6% vs 2.4% in the March projection), next year (4.2% vs 4.1%) and 2026 (4.1% vs 4%). Core PCE inflation was also revised up to 2.8% in 2024 (vs 2.6%) and 2025 (2.3% vs 2.2%) but was kept at 2% for 2026. The unemployment rate is projected at 4% for 2024, the same as expected in March, but is seen slightly higher at 4.2% in 2025 (vs 4.1%).
2024-06-12
Fed May Deliver Three Rate Cuts This Year
The Federal Reserve is expected to keep the Fed funds target range steady at 5.25%-5.50% for a seventh consecutive meeting today, but investors will closely monitor the so-called dot-plot projections after a soft CPI report opened the door for multiple Fed rate cuts this year. After the CPI release, markets see more than a 70% chance of a September reduction compared to 52% a day ago, according to the CME FedWatch tool. Also, the probability of cuts increased to 84% in November and to 96% in December.
2024-06-12
Fed Set to Keep Rates Steady and Signal Fewer Cuts This Year
The Federal Reserve is expected to keep the fed funds target range steady at 5.25%-5.50% for a seventh consecutive meeting in June 2024, amid stickier-than-expected inflation and a robust job market and economy. Attention will be focused on any indications of when policymakers plan to reduce borrowing costs, although no firm commitment is expected. The so-called dot plot will likely show policymakers reduced their expected cuts this year to two, or fewer, compared to three projected in December. The Fed is also set to release new economic projections. In April, annual PCE inflation steadied at 2.7%, with core PCE inflation also unchanged at 2.8%. The US economy expanded an annualized 1.3% in Q1, the lowest growth since the contractions in the first half of 2022. Despite this, nonfarm payrolls have surpassed expectations in four months this year.
2024-06-12