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 that pushed borrowing costs to their lowest level since 2022. Governors Stephen Miran and Christopher Waller however, voted against the hold, with both advocating another 25bps cut. Policymakers noted that economic activity has been expanding at a solid pace, job gains have remained low, and the unemployment rate has shown some signs of stabilization, while inflation remains somewhat elevated. The central bank also reinforced that it will carefully assess incoming data, the evolving outlook, and the balance of risks when considering the next adjustments to the fed funds rate. During the regular press conference, Chair Powell said the US economy is coming into 2026 on a firm footing and that interest rates right now are appropriate to promote progress toward both of the Fed’s goals. 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 February 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
2025-12-10 07:00 PM Interest Rate Projection - 1st Yr 3.4% 3.4%
2025-12-10 07:00 PM Fed Interest Rate Decision 3.75% 4.0% 3.75% 3.75%
2026-01-28 07:00 PM Fed Interest Rate Decision 3.75% 3.75% 3.75% 3.75%
2026-03-04 07:00 PM Fed Beige Book
2026-03-18 06:00 PM Fed Interest Rate Decision 3.75% 3.75%
2026-04-15 06:00 PM Fed Beige Book


Related Last Previous Unit Reference
Banks Balance Sheet 24755.70 24807.20 USD Billion Feb 2026
Fed Balance Sheet 6622382.00 6605909.00 USD Million Feb 2026
Foreign Exchange Reserves 38641.00 38330.00 USD Million Dec 2025
Inflation Rate YoY 2.40 2.70 percent Jan 2026
Fed Interest Rate 3.75 3.75 percent Jan 2026
Loans to Private Sector 2709.74 2698.59 USD Billion Dec 2025
Money Supply M0 5373700.00 5302100.00 USD Million Dec 2025
Money Supply M1 19111.80 19025.40 USD Billion Dec 2025
Money Supply M2 22411.00 22322.10 USD Billion Dec 2025
Unemployment Rate 4.30 4.40 percent Jan 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
Tight Monetary Policy Risks Growth: Fed Miran
The current policy stance risks slowing U.S. growth, Federal Reserve Governor Stephen Miran said in a speech. He argued rates may be tighter than necessary despite supportive measures from the Trump administration, including tax cuts. Speaking at the Federal Reserve Bank of Dallas, Miran warned that “the biggest risk… is that we’re misconstruing just how tight monetary policy is,” and reiterated his call for further rate cuts. Miran said he does not see a significant inflation threat, noting that very low shelter inflation could offset price pressures elsewhere. “I have a hard time being concerned about inflation,” he said. As long as inflation remains contained, he believes the Fed should continue supporting the labor market with looser policy, especially as supply growth outpaces demand, allowing the economy to expand without reigniting price pressures.
2026-02-13
Fed Pauses Rate Cuts
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 that pushed borrowing costs to their lowest level since 2022. Governors Stephen Miran and Christopher Waller however, voted against the hold, with both advocating another 25bps cut. Policymakers noted that economic activity has been expanding at a solid pace, job gains have remained low, and the unemployment rate has shown some signs of stabilization, while inflation remains somewhat elevated. The central bank also reinforced that it will carefully assess incoming data, the evolving outlook, and the balance of risks when considering the next adjustments to the fed funds rate. During the regular press conference, Chair Powell said the US economy is coming into 2026 on a firm footing and that interest rates right now are appropriate to promote progress toward both of the Fed’s goals.
2026-01-28
Fed Set to Pause Rate Cuts
The Federal Reserve is widely expected to leave the federal funds rate unchanged at the 3.5%–3.75% target range in its January 2026 meeting, pausing its easing cycle after three consecutive rate cuts last year that pushed borrowing costs to their lowest level since 2022. Investors will be watching closely for guidance on the timing of the next rate cut, although policymakers may signal an extended pause. Job growth has slowed sharply, the unemployment rate has stabilized, and inflation remains stubbornly above the Fed’s 2% target. In its December projections, the Fed signaled just one 25-basis-point rate cut in 2026. Markets currently expect that cut to come in June, while pricing in a smaller probability of an additional move in December. Meanwhile, Chair Powell’s first press conference since the Fed received grand jury subpoenas is likely to feature questions about political pressure and central bank independence.
2026-01-28