The Fed left the federal funds rate steady at the 3.5%–3.75% target range for a 2nd consecutive meeting in March 2026, in line with expectations. Policymakers noted that economic activity has been expanding at a solid pace, job gains have remained low while inflation remains somewhat elevated. The implications of the war with Iran are uncertain. Against this backdrop, policymakers still expect one reduction in the fed funds rate this year and another in 2027, the same as in the December projections, though the timing remains unclear. The Fed also revised its GDP growth forecasts higher for both 2026 (2.4% vs 2.3% seen in December) and 2027 (2.3% vs 2%). Unemployment is projected at 4.4% for 2026, unchanged from December and 4.3% for 2027 (revised up from 4.2%). Both PCE and Core PCE inflation are now expected to be higher this year, at 2.7% each, compared with the December projections of 2.4% and 2.5%, respectively. For 2027, both measures have been revised up to 2.2% from 2.1%. source: Federal Reserve

The benchmark interest rate in the United States was last recorded at 3.75 percent. Interest Rate in the United States averaged 5.40 percent from 1971 until 2026, reaching an all time high of 20.00 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 March of 2026.

The benchmark interest rate in the United States was last recorded at 3.75 percent. Interest Rate in the United States is expected to be 3.75 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 3.25 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-03-18 06:00 PM Interest Rate Projection - 1st Yr 3.1% 3.4%
2026-03-18 06:00 PM Interest Rate Projection - 2nd Yr 3.1% 3.1%
2026-03-18 06:00 PM Fed Interest Rate Decision 3.75% 3.75% 3.75% 3.75%
2026-04-15 06:00 PM Fed Beige Book
2026-04-29 06:00 PM Fed Interest Rate Decision 3.75%
2026-06-03 06:00 PM Fed Beige Book


Related Last Previous Unit Reference
Banks Balance Sheet 25069.30 24941.80 USD Billion Mar 2026
Fed Balance Sheet 6657161.00 6655939.00 USD Million Mar 2026
Foreign Exchange Reserves 39222.00 38641.00 USD Million Jan 2026
Inflation Rate YoY 2.40 2.40 percent Feb 2026
Fed Interest Rate 3.75 3.75 percent Mar 2026
Loans to Private Sector 2789.61 2739.31 USD Billion Feb 2026
Money Supply M0 5388000.00 5402500.00 USD Million Feb 2026
Money Supply M1 19396.90 19201.10 USD Billion Feb 2026
Money Supply M2 22667.30 22442.10 USD Billion Feb 2026
Unemployment Rate 4.40 4.30 percent Feb 2026


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
3.75 3.75 20.00 0.25 1971 - 2026 percent Daily

News Stream
Fed Leaves Rates Steady, Still Expects to Cut in 2026
The Fed left the federal funds rate steady at the 3.5%–3.75% target range for a 2nd consecutive meeting in March 2026, in line with expectations. Policymakers noted that economic activity has been expanding at a solid pace, job gains have remained low while inflation remains somewhat elevated. The implications of the war with Iran are uncertain. Against this backdrop, policymakers still expect one reduction in the fed funds rate this year and another in 2027, the same as in the December projections, though the timing remains unclear. The Fed also revised its GDP growth forecasts higher for both 2026 (2.4% vs 2.3% seen in December) and 2027 (2.3% vs 2%). Unemployment is projected at 4.4% for 2026, unchanged from December and 4.3% for 2027 (revised up from 4.2%). Both PCE and Core PCE inflation are now expected to be higher this year, at 2.7% each, compared with the December projections of 2.4% and 2.5%, respectively. For 2027, both measures have been revised up to 2.2% from 2.1%.
2026-03-18
Fed to Hold Rates Steady, Release Updated Economic Forecasts
The Federal Reserve is widely expected to hold the federal funds rate steady within the 3.5%–3.75% target range for a second consecutive meeting in March 2026, as it navigates a challenging environment marked by the risk of an oil shock, persistent inflation, and signs of a softening labor market. Since the January FOMC meeting, oil prices have surged amid the conflict with Iran, raising concerns that inflation could accelerate before it has returned to the Fed’s target. Against this backdrop, policymakers are likely to signal a continued wait-and-see stance, effectively adhering to a “first, do no harm” approach. The central bank will also release updated economic projections, with markets closely watching for any revisions reflecting the war’s potential impact on inflation, economic growth, and the future path of interest rates.
2026-03-18
Fed Policymakers Split Over Next Moves on Rates
Fed officials are divided over the future path of interest rates, reflecting a tension between the need to contain inflation and the desire to support the labor market, according to the minutes of the January 2026 FOMC meeting. Several participants indicated that further reductions in the fed funds rate would likely be appropriate if inflation continues to decline in line with their expectations. Others argued that it may be prudent to hold the policy rate steady for some time and some even raised the possibility that rate increases could become necessary if inflation remains persistently above target. In addition, a vast majority of participants judged that downside risks to employment had moderated in recent months while the risk of more persistent inflation remained. The Fed left the federal funds rate unchanged at the 3.5%–3.75% target range in its January 2026 meeting, in line with expectations, after three consecutive rate cuts last year.
2026-02-18