1955:
120:
128:
402:. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields. In October 2019 the target range for the Federal Funds Rate was 1.50–1.75%. On March 15, 2020, the target range for Federal Funds Rate was 0.00–0.25%, a full percentage point drop less than two weeks after being lowered to 1.00–1.25%.
416:
87:
333:
22:
409:, the Federal Reserve has raised the FFR aggressively. In the latter half of 2022, the FOMC had hiked the FFR by 0.75 percentage points on 4 different consecutive occasions, and in its final meeting of 2022, hiked the FFR a further 0.5 percentage points. The FFR sat around 4.4% in 2022, and at the time the Fed foreshadowed that the rate would not be lowered until 2024 at the earliest.
221:. An institution that is below its desired level of liquidity can address this temporarily by borrowing from institutions that have Federal Reserve deposits in excess of their requirement. The interest rate that a borrowing bank pays to a lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the
431:. When additional supply is added and everything else remains constant, the price of borrowed funds – the federal funds rate – falls. Conversely, when the Committee wishes to increase the federal funds rate, they will instruct the Desk Manager to sell government securities, thereby taking the money they earn on the proceeds of those sales out of circulation and reducing the
593:
higher rate in the end of 2015 investments in the United States became more attractive and the rate of investment in developing countries began to fall. The rate also affects the value of currency, a higher rate slowing the decrease of the U.S. dollar and decreasing the value of currencies such as the
393:
The last full cycle of rate increases occurred between June 2004 and June 2006 as rates steadily rose from 1.00% to 5.25%. The target rate remained at 5.25% for over a year, until the
Federal Reserve began lowering rates in September 2007. The last cycle of easing monetary policy through the rate was
258:
Raising the federal funds rate will dissuade banks from taking out such inter-bank loans, which in turn will make cash that much harder to procure. Conversely, dropping the interest rates will encourage banks to borrow money and therefore invest more freely. This interest rate is used as a regulatory
254:
is essentially a way for banks to quickly raise money. For example, a bank may want to finance a major industrial effort but may not have the time to wait for deposits or interest (on loan payments) to come in. In such cases the bank will quickly raise this amount from other banks at an interest rate
228:
The
Federal Open Market Committee regularly sets a target range for the federal funds rate according to its policy goals and the economic conditions of the United States. It directs the Federal Reserve Banks to influence the rate toward that range with adjustments to their own deposit interest rates.
592:
such as China or Mexico more attractive. A high federal funds rate makes investments outside the United States less attractive. The long period of a very low federal funds rate from 2009 forward resulted in an increase in investment in developing countries. As the United States began to return to a
442:
and other periods of lower growth. In fact, the committee's lowering has recently predated recessions, in order to stimulate the economy and cushion the fall. Reducing the federal funds rate makes money cheaper, allowing an influx of credit into the economy through all types of loans.
192:
The
Federal Reserve adjusts its administratively set interest rates, mainly the interest on reserve balances (IORB), to bring the effective rate into the target range. The target range is chosen to influence market interest rates generally and in turn ultimately the level of activity,
305:
Considering the wide impact a change in the federal funds rate can have on the value of the dollar and the amount of lending going to new economic activity, the
Federal Reserve is closely watched by the market. The prices of Option contracts on fed funds futures (traded on the
394:
conducted from
September 2007 to December 2008 as the target rate fell from 5.25% to a range of 0.00–0.25%. Between December 2008 and December 2015 the target rate remained at 0.00–0.25%, the lowest rate in the Federal Reserve's history, as a reaction to the
310:) can be used to infer the market's expectations of future Fed policy changes. Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market's views on the likelihood of changes in U.S. monetary policy, the
229:
Although this is commonly referred to as "setting interest rates," the effect is not immediate and depends on the banks' response to money market conditions. Separately, the
Federal Reserve lends directly to institutions through its
289:
The (effective) federal funds rate is achieved through open market operations at the
Domestic Trading Desk at the Federal Reserve Bank of New York which deals primarily in domestic securities (U.S. Treasury and federal agencies'
159:. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets and central to the conduct of
178:) is calculated as the effective median interest rate of overnight federal funds transactions during the previous business day. It is published daily by the Federal Reserve Bank of New York.
2332:
2242:
189:(FOMC) which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings and implement target rate changes outside of its normal schedule.
2291:
1844:
2315:
2248:
2208:
2309:
217:
assets that can be used to cover sustained net cash outflows. Among these assets are the deposits that the institutions maintain, directly or indirectly, with a
1084:
1811:
Rising interest rates in the United States are driving money out of many developing countries, straining governments and pinching consumers around the globe.
2215:
262:
By setting a higher discount rate the
Federal Reserve discourages banks from requisitioning funds from Federal Reserve Banks, yet positions itself as a
1304:
2260:
2142:
1881:
495:
327:
2692:
2039:
1110:
947:
2699:
1849:
282:(SOFR) and the federal funds rate are concerned with the same action, i.e. interbank loans, they are distinct from one another, as follows:
2266:
867:
2298:
1240:
1226:
1212:
1198:
1184:
1170:
1156:
1142:
1128:
1058:
929:
2303:
455:
296:
LIBOR may or may not be used to derive business terms. It is not fixed beforehand and is not meant to have macroeconomic ramifications.
1835:
Federal
Reserve Web Site: Federal Funds Rate Historical Data (including the current rate), Monetary Policy, and Open Market Operations
2737:
2196:
846:
825:
80:
1979:
1795:
657:
293:
LIBOR is based on a questionnaire where a selection of banks guess the rates at which they could borrow money from other banks.
251:
1834:
1088:
2640:
2272:
2130:
2034:
2687:
2550:
1874:
160:
1845:
Historical data (since 1954) comparing the US GDP growth rate versus the US Fed Funds Rate - in the form of a chart/graph
1255:
2836:
2620:
2610:
1974:
1033:
286:
The target federal funds rate is a target interest rate that is set by the FOMC for implementing U.S. monetary policies.
2453:
2184:
1911:
380:
72:
2600:
2560:
2487:
2477:
2325:
2278:
2202:
1906:
1829:
395:
243:(CBOT), and the financial press refer to these contracts when estimating the probabilities of upcoming FOMC actions.
93:
interest rates compared to
Federal Funds Rate. The Federal Funds Rate pushes up shorter term treasuries to cause an
2901:
2662:
2570:
2540:
2483:
2236:
803:
716:
482:
suggested that in the prior 15 years ending in 2007, in each instance where the fed funds rate was higher than the
2954:
2590:
2580:
1867:
428:
90:
1766:
1741:
1716:
1691:
1666:
1641:
1616:
1591:
1566:
1541:
1516:
1502:
1488:
1474:
1460:
1446:
1432:
1418:
1404:
1390:
1376:
1362:
1348:
993:
979:
965:
2861:
2630:
2530:
2284:
2254:
607:
2856:
2730:
1921:
637:
406:
275:
186:
438:
The Federal Reserve has responded to a potential slow-down by lowering the target federal funds rate during
2536:
2526:
2467:
2344:
2190:
2172:
2166:
2054:
1901:
202:
1308:
1323:
1276:
951:
769:
632:
435:. When supply is taken away and everything else remains constant, the interest rate will normally rise.
311:
2178:
1008:
893:
2846:
2364:
1944:
1114:
692:
412:
In Sept. 2024, the Fed lowered its benchmark rate for the first time since 2020 by 50 basis points.
2770:
2723:
2400:
2376:
2136:
2048:
908:
2959:
2765:
314:
allows market participants to view the probability of an upcoming Fed Rate hike. One set of such
147:(banks and credit unions) lend reserve balances to other depository institutions overnight on an
2775:
2125:
1290:
647:
483:
427:
When the FOMC wishes to reduce interest rates they will increase the supply of money by buying
307:
240:
144:
933:
2896:
2682:
2358:
2352:
2160:
2090:
1854:
465:
263:
712:
415:
2148:
2119:
1939:
1916:
642:
627:
342:
218:
164:
148:
119:
94:
798:
127:
8:
2382:
2223:
2114:
2060:
2498:
2388:
2084:
2078:
1825:
672:
667:
662:
589:
2556:
2546:
2412:
1034:"Federal Reserve boosts interest rates — again. Here's what it means for your wallet"
617:
1111:"Historical Changes of the Target Federal Funds and Discount Rates, 1971 to present"
2949:
2473:
2394:
2319:
2108:
2102:
1791:
214:
2596:
2586:
2493:
2406:
1995:
1890:
739:
652:
399:
371:
236:
230:
156:
98:
1855:
Federal Funds Rate Data including Daily effective overnight rate and Target rate
1839:
2780:
2746:
2626:
2616:
2576:
2508:
2424:
2024:
2017:
1790:
86:
2943:
2606:
2566:
2463:
2442:
2230:
2007:
475:
152:
140:
39:
30:
2657:
2636:
2503:
2436:
2430:
2418:
2370:
2096:
594:
432:
2154:
2066:
1859:
687:
2926:
2906:
1969:
1449:. Board of Governors of The Federal Reserve System. September 18, 2019.
1407:. Board of Governors of The Federal Reserve System. September 26, 2018.
968:. Board of Governors of The Federal Reserve System. September 18, 2019.
447:
362:
194:
1840:
MoneyCafe.com page with Fed Funds Rate and historical chart and graph
1421:. Board of Governors of The Federal Reserve System. December 19, 2018.
1365:. Board of Governors of The Federal Reserve System. December 13, 2017.
1293:. Board of Governors of The Federal Reserve System. December 16, 2015.
1279:. Board of Governors of The Federal Reserve System. December 16, 2008.
2760:
2704:
2667:
2000:
1463:. Board of Governors of The Federal Reserve System. October 30, 2019.
1009:"Fed raises interest rates half a point to highest level in 15 years"
747:. Washington, D.C.: Federal Reserve Board. August 24, 2011. p. 4
612:
439:
352:
198:
106:
16:
Interest rates to maintain banks' Federal Reserve balance in the U.S.
1113:. New York Federal Reserve Branch. February 19, 2010. Archived from
2811:
2672:
2072:
1931:
1505:. Board of Governors of The Federal Reserve System. March 16, 2022.
1491:. Board of Governors of The Federal Reserve System. March 15, 2020.
1379:. Board of Governors of The Federal Reserve System. March 21, 2018.
2715:
1796:"The Fed Acts. Workers in Mexico and Merchants in Malaysia Suffer"
1477:. Board of Governors of The Federal Reserve System. March 3, 2020.
1435:. Board of Governors of The Federal Reserve System. July 31, 2019.
1393:. Board of Governors of The Federal Reserve System. June 13, 2018.
1351:. Board of Governors of The Federal Reserve System. June 14, 2017.
1307:. Board of Governors of The Federal Reserve System. Archived from
332:
21:
2866:
2826:
2816:
2801:
2677:
868:"How Does the Fed Influence Interest Rates Using Its New Tools?"
233:, at a rate that is usually higher than the federal funds rate.
2881:
2871:
102:
932:. British Bankers' Association. March 21, 2006. Archived from
422:
2921:
2911:
2886:
2876:
2851:
2841:
2831:
2806:
2796:
682:
677:
622:
479:
1850:
Federal Reserve Bank of Cleveland: Fed Fund Rate Predictions
489:
2916:
2891:
279:
336:
Prime Rate floats about 3% above the Federal funds rate
1059:"Yun: Fed Rate Cut May Have Little Impact on Mortgages"
446:
The charts referenced below show the relation between
259:
tool to control how freely the U.S. economy operates.
950:. Associated Press. December 16, 2008. Archived from
486:
growth rate, assets such as stocks and housing fell.
123:
Inflation (blue) compared to federal funds rate (red)
1305:"Decisions Regarding Monetary Policy Implementation"
1085:"An Explanation of How The Fed Moves Interest Rates"
741:
The Federal Reserve System: Purposes & Functions
213:
Financial institutions are obligated by law to hold
2310:
Public–Private Investment Program for Legacy Assets
847:"12 CFR 249.20: High-quality liquid asset criteria"
454:July 13, 1990 – Sept 4, 1992: 8.00–3.00% (Includes
1794:, Keith Bradsher and Neil Gough (March 16, 2017).
1256:"The Bond Yield Curve as an Economic Crystal Ball"
464:May 16, 2000 – June 25, 2003: 6.50–1.00 (Includes
906:
779:. Federal Reserve System Publication. August 2021
185:is determined by a meeting of the members of the
2941:
1771:Board of Governors of the Federal Reserve System
1746:Board of Governors of the Federal Reserve System
1721:Board of Governors of the Federal Reserve System
1696:Board of Governors of the Federal Reserve System
1671:Board of Governors of the Federal Reserve System
1646:Board of Governors of the Federal Reserve System
1621:Board of Governors of the Federal Reserve System
1596:Board of Governors of the Federal Reserve System
1571:Board of Governors of the Federal Reserve System
1546:Board of Governors of the Federal Reserve System
1521:Board of Governors of the Federal Reserve System
496:History of Federal Open Market Committee actions
328:History of Federal Open Market Committee actions
255:equal to or higher than the Federal funds rate.
1241:"$ SPX 2006-06-29 2008-06-01 (rate drop chart)"
1227:"$ SPX 2003-06-25 2006-06-29 (rate rise chart)"
1213:"$ SPX 2002-01-01 2003-07-25 (rate drop chart)"
1199:"$ SPX 2000-04-16 2002-01-01 (rate drop chart)"
1185:"$ SPX 1998-09-17 2000-06-16 (rate rise chart)"
1171:"$ SPX 1996-12-01 1998-10-17 (rate drop chart)"
1157:"$ SPX 1995-01-01 1997-01-01 (rate drop chart)"
1143:"$ SPX 1992-08-04 1995-03-01 (rate rise chart)"
1129:"$ SPX 1990-06-12 1992-10-04 (rate drop chart)"
770:"The Fed Explained: What the Central Bank Does"
588:A low federal funds rate makes investments in
2731:
2700:Personal consumption expenditures price index
1875:
1826:Historical Data: Effective Federal Funds Rate
1082:
300:
2299:2009 Supervisory Capital Assessment Program
2216:Federal Reserve v. Investment Co. Institute
423:Explanation of federal funds rate decisions
2738:
2724:
2304:Term Asset-Backed Securities Loan Facility
1889:
1882:
1868:
1784:
826:"12 CFR 249.10: Liquidity coverage ratio"
738:"The Implementation of Monetary Policy".
490:Rates since 2008 global economic downturn
930:"BBA LIBOR - Frequently asked questions"
583:
331:
269:
126:
118:
85:
20:
1767:"Federal Reserve issues FOMC statement"
1742:"Federal Reserve issues FOMC statement"
1717:"Federal Reserve issues FOMC statement"
1692:"Federal Reserve issues FOMC statement"
1667:"Federal Reserve issues FOMC statement"
1642:"Federal Reserve issues FOMC statement"
1617:"Federal Reserve issues FOMC statement"
1592:"Federal Reserve issues FOMC statement"
1567:"Federal Reserve issues FOMC statement"
1542:"Federal Reserve issues FOMC statement"
1517:"Federal Reserve issues FOMC statement"
1503:"Federal Reserve issues FOMC statement"
1489:"Federal Reserve issues FOMC statement"
1475:"Federal Reserve issues FOMC statement"
1461:"Federal Reserve issues FOMC statement"
1447:"Federal Reserve issues FOMC statement"
1433:"Federal Reserve issues FOMC statement"
1419:"Federal Reserve issues FOMC statement"
1405:"Federal Reserve issues FOMC statement"
1391:"Federal Reserve issues FOMC statement"
1377:"Federal Reserve issues FOMC statement"
1363:"Federal Reserve issues FOMC statement"
1349:"Federal Reserve issues FOMC statement"
966:"Federal Reserve issues FOMC statement"
471:June 29, 2006 – Oct 29, 2008: 5.25–1.00
239:in the federal funds rate trade on the
131:Federal funds rate vs unemployment rate
2942:
1980:Monetary Policy Report to the Congress
658:Mortgage industry of the United States
461:Feb 1, 1995 – Nov 17, 1998: 6.00–4.75
2719:
2273:Unfair or Deceptive Acts or Practices
1863:
909:"Open Market Operations in the 1990s"
764:
762:
2688:Monetary policy of the United States
2267:Emergency Economic Stabilization Act
2224:Northeast Bancorp v. Federal Reserve
2197:Humphrey–Hawkins Full Employment Act
1253:
1103:
1087:. InformedTrades.com. Archived from
161:monetary policy in the United States
2745:
1975:Federal Reserve Statistical Release
1324:"Fed raises rates at March meeting"
1321:
907:Cheryl L. Edwards (November 1997).
321:
318:is published by the Cleveland Fed.
65: Effective Federal Funds Rate
13:
2261:Subprime mortgage crisis responses
1411:
1083:David Waring (February 19, 2008).
958:
759:
414:
381:United States Consumer Price Index
14:
2971:
2326:Commercial Paper Funding Facility
2279:Commercial Paper Funding Facility
1830:Federal Reserve Bank of St. Louis
1819:
1254:Shaw, Richard (January 7, 2007).
355:interest rate 48 months new autos
163:as it influences a wide range of
2663:Criticism of the Federal Reserve
2237:Expedited Funds Availability Act
1953:
804:Federal Reserve Bank of New York
717:Federal Reserve Bank of New York
407:2021–2022 global inflation surge
280:Secured Overnight Financing Rate
2131:U.S. Treasury Department Accord
1759:
1734:
1709:
1684:
1659:
1634:
1609:
1584:
1559:
1534:
1509:
1495:
1481:
1467:
1453:
1439:
1425:
1397:
1383:
1369:
1355:
1341:
1315:
1297:
1283:
1269:
1247:
1233:
1219:
1205:
1191:
1177:
1163:
1149:
1135:
1121:
1076:
1051:
1026:
1006:
1000:
994:"Federal reserve press release"
986:
980:"Federal reserve press release"
972:
940:
922:
246:
2333:Corner Post v. Federal Reserve
2285:Primary Dealer Credit Facility
900:
886:
860:
839:
818:
799:"Effective Federal Funds Rate"
791:
731:
705:
608:Austrian Business Cycle Theory
1:
1922:Federal Open Market Committee
1828:(interactive graph) from the
948:"4:56 p.m. US-Closing Stocks"
699:
638:Federal Reserve Economic Data
396:Financial crisis of 2007–2008
276:London Interbank Offered Rate
187:Federal Open Market Committee
2292:Bloomberg v. Federal Reserve
2191:Electronic Fund Transfer Act
2173:Home Mortgage Disclosure Act
2167:Equal Credit Opportunity Act
2055:National Monetary Commission
1322:Cox, Jeff (March 15, 2017).
896:. Bankrate, Inc. March 2016.
208:
172:effective federal funds rate
59: 3 month Treasury Bond
47: 10 Year Treasury Bond
7:
633:Euro Interbank Offered Rate
600:
53: 2 Year Treasury Bond
10:
2976:
2488:Vice Chair for Supervision
2185:Federal Reserve Reform Act
2179:Community Reinvestment Act
713:"Fedpoints: Federal Funds"
493:
325:
183:federal funds target range
135:In the United States, the
2789:
2753:
2650:
2517:
2452:
2343:
2203:International Banking Act
2033:
1988:
1962:
1951:
1945:Federal Reserve Bank Note
1930:
1897:
693:Zero interest rate policy
388: Federal funds rate
301:Predictions by the market
2771:Interbank lending market
2137:Bank Holding Company Act
1291:"Open Market Operations"
916:Federal Reserve Bulletin
155:are amounts held at the
114: Federal Funds Rate
31:30 year mortgage average
2766:Effective interest rate
579:Sep 18, 2024: 4.75–5.00
576:Jul 26, 2023: 5.25–5.50
570:Mar 22, 2023: 4.75–5.00
564:Dec 14, 2022: 4.25–4.50
558:Sep 21, 2022: 3.00–3.25
555:Jul 27, 2022: 2.25–2.50
552:Jun 15, 2022: 1.50–1.75
546:Mar 16, 2022: 0.25–0.50
543:Mar 15, 2020: 0.00–0.25
537:Oct 30, 2019: 1.50–1.75
534:Sep 18, 2019: 1.75–2.00
531:Jul 31, 2019: 2.00–2.25
528:Dec 19, 2018: 2.25–2.50
525:Sep 26, 2018: 2.00–2.25
522:Jun 13, 2018: 1.75–2.00
519:Mar 21, 2018: 1.50–1.75
516:Dec 13, 2017: 1.25–1.50
513:Jun 14, 2017: 1.00–1.25
510:Mar 15, 2017: 0.75–1.00
507:Dec 14, 2016: 0.50–0.75
504:Dec 16, 2015: 0.25–0.50
312:CME Group FedWatch tool
145:depository institutions
2955:Federal Reserve System
2776:Overnight indexed swap
2255:Gramm–Leach–Bliley Act
2126:Employment Act of 1946
1891:Federal Reserve System
918:(PDF). Gerard Sinzdak.
777:www.federalreserve.gov
648:Modern Monetary Theory
573:May 3, 2023: 5.00–5.25
567:Feb 1, 2023: 4.50–4.75
561:Nov 2, 2022: 3.75–4.00
549:May 4, 2022: 0.75–1.00
540:Mar 3, 2020: 1.00–1.25
501:Dec 16, 2008: 0.0–0.25
419:
390:
308:Chicago Board of Trade
241:Chicago Board of Trade
132:
124:
116:
83:
2683:Lender of last resort
2359:William P. G. Harding
2161:Smithsonian Agreement
2091:Emergency Banking Act
1917:Federal Reserve Banks
1311:on December 15, 2016.
1117:on December 21, 2008.
936:on February 16, 2007.
584:International effects
429:government securities
418:
372:10 year Treasury bond
335:
316:implied probabilities
270:Comparison with LIBOR
264:lender of last resort
165:market interest rates
130:
122:
89:
40:30 Year Treasury Bond
24:
2365:Daniel R. Crissinger
2249:FDIC Improvement Act
2149:Truth in Lending Act
2120:Bretton Woods system
2049:Aldrich–Vreeland Act
1940:Federal Reserve Note
643:Inverted yield curve
628:Equation of exchange
590:developing countries
450:and interest rates.
343:Credit card interest
225:federal funds rate.
219:Federal Reserve Bank
95:inverted yield curve
2115:Banking Act of 1935
2061:Federal Reserve Act
456:1990–1991 recession
252:Interbank borrowing
2822:Federal funds rate
2518:Current presidents
2499:Christopher Waller
2389:Marriner S. Eccles
2103:Glass–Steagall Act
2013:Federal funds rate
1800:The New York Times
1243:. StockCharts.com.
1229:. StockCharts.com.
1215:. StockCharts.com.
1201:. StockCharts.com.
1187:. StockCharts.com.
1173:. StockCharts.com.
1159:. StockCharts.com.
1145:. StockCharts.com.
1131:. StockCharts.com.
872:www.stlouisfed.org
673:Real interest rate
668:Official bank rate
663:Official cash rate
420:
391:
137:federal funds rate
133:
125:
117:
84:
2937:
2936:
2887:Singaporean SIBOR
2713:
2712:
2557:Loretta J. Mester
2547:Patrick T. Harker
2413:G. William Miller
2401:William M. Martin
2353:Charles S. Hamlin
954:on July 18, 2012.
618:Demand Management
2967:
2740:
2733:
2726:
2717:
2716:
2474:Philip Jefferson
2395:Thomas B. McCabe
2320:Durbin amendment
2109:Gold Reserve Act
1957:
1956:
1884:
1877:
1870:
1861:
1860:
1814:
1813:
1808:
1806:
1792:Peter S. Goodman
1788:
1782:
1781:
1779:
1777:
1763:
1757:
1756:
1754:
1752:
1738:
1732:
1731:
1729:
1727:
1713:
1707:
1706:
1704:
1702:
1688:
1682:
1681:
1679:
1677:
1663:
1657:
1656:
1654:
1652:
1638:
1632:
1631:
1629:
1627:
1613:
1607:
1606:
1604:
1602:
1588:
1582:
1581:
1579:
1577:
1563:
1557:
1556:
1554:
1552:
1538:
1532:
1531:
1529:
1527:
1513:
1507:
1506:
1499:
1493:
1492:
1485:
1479:
1478:
1471:
1465:
1464:
1457:
1451:
1450:
1443:
1437:
1436:
1429:
1423:
1422:
1415:
1409:
1408:
1401:
1395:
1394:
1387:
1381:
1380:
1373:
1367:
1366:
1359:
1353:
1352:
1345:
1339:
1338:
1336:
1334:
1319:
1313:
1312:
1301:
1295:
1294:
1287:
1281:
1280:
1273:
1267:
1266:
1264:
1262:
1251:
1245:
1244:
1237:
1231:
1230:
1223:
1217:
1216:
1209:
1203:
1202:
1195:
1189:
1188:
1181:
1175:
1174:
1167:
1161:
1160:
1153:
1147:
1146:
1139:
1133:
1132:
1125:
1119:
1118:
1107:
1101:
1100:
1098:
1096:
1080:
1074:
1073:
1071:
1069:
1055:
1049:
1048:
1046:
1044:
1030:
1024:
1023:
1021:
1019:
1004:
998:
997:
990:
984:
983:
976:
970:
969:
962:
956:
955:
944:
938:
937:
926:
920:
919:
913:
904:
898:
897:
894:"Fed funds rate"
890:
884:
883:
881:
879:
874:. August 5, 2020
864:
858:
857:
855:
853:
843:
837:
836:
834:
832:
822:
816:
815:
813:
811:
795:
789:
788:
786:
784:
774:
766:
757:
756:
754:
752:
746:
735:
729:
728:
726:
724:
709:
405:In light of the
387:
378:
369:
360:
350:
340:
322:Historical rates
237:Future contracts
153:Reserve balances
149:uncollateralized
113:
79:
70:
64:
58:
52:
46:
37:
28:
2975:
2974:
2970:
2969:
2968:
2966:
2965:
2964:
2940:
2939:
2938:
2933:
2847:Ukrainian KIBOR
2842:Pakistani KIBOR
2785:
2749:
2747:Reference rates
2744:
2714:
2709:
2646:
2597:Alberto Musalem
2587:Austan Goolsbee
2519:
2513:
2494:Michelle Bowman
2455:
2448:
2407:Arthur F. Burns
2383:Eugene R. Black
2339:
2037:
2029:
1996:Discount window
1984:
1958:
1954:
1949:
1926:
1893:
1888:
1822:
1817:
1804:
1802:
1789:
1785:
1775:
1773:
1765:
1764:
1760:
1750:
1748:
1740:
1739:
1735:
1725:
1723:
1715:
1714:
1710:
1700:
1698:
1690:
1689:
1685:
1675:
1673:
1665:
1664:
1660:
1650:
1648:
1640:
1639:
1635:
1625:
1623:
1615:
1614:
1610:
1600:
1598:
1590:
1589:
1585:
1575:
1573:
1565:
1564:
1560:
1550:
1548:
1540:
1539:
1535:
1525:
1523:
1515:
1514:
1510:
1501:
1500:
1496:
1487:
1486:
1482:
1473:
1472:
1468:
1459:
1458:
1454:
1445:
1444:
1440:
1431:
1430:
1426:
1417:
1416:
1412:
1403:
1402:
1398:
1389:
1388:
1384:
1375:
1374:
1370:
1361:
1360:
1356:
1347:
1346:
1342:
1332:
1330:
1320:
1316:
1303:
1302:
1298:
1289:
1288:
1284:
1277:"Press Release"
1275:
1274:
1270:
1260:
1258:
1252:
1248:
1239:
1238:
1234:
1225:
1224:
1220:
1211:
1210:
1206:
1197:
1196:
1192:
1183:
1182:
1178:
1169:
1168:
1164:
1155:
1154:
1150:
1141:
1140:
1136:
1127:
1126:
1122:
1109:
1108:
1104:
1094:
1092:
1081:
1077:
1067:
1065:
1063:www.nar.realtor
1057:
1056:
1052:
1042:
1040:
1038:www.cbsnews.com
1032:
1031:
1027:
1017:
1015:
1005:
1001:
992:
991:
987:
978:
977:
973:
964:
963:
959:
946:
945:
941:
928:
927:
923:
911:
905:
901:
892:
891:
887:
877:
875:
866:
865:
861:
851:
849:
845:
844:
840:
830:
828:
824:
823:
819:
809:
807:
797:
796:
792:
782:
780:
772:
768:
767:
760:
750:
748:
744:
737:
736:
732:
722:
720:
711:
710:
706:
702:
697:
653:Monetary policy
603:
586:
498:
492:
425:
389:
385:
383:
376:
374:
367:
365:
358:
356:
348:
346:
338:
330:
324:
303:
272:
249:
231:discount window
211:
157:Federal Reserve
115:
111:
99:Federal Reserve
77:
76:
68:
66:
62:
60:
56:
54:
50:
48:
44:
42:
35:
33:
26:
17:
12:
11:
5:
2973:
2963:
2962:
2960:Interest rates
2957:
2952:
2935:
2934:
2932:
2931:
2930:
2929:
2919:
2914:
2909:
2904:
2899:
2894:
2889:
2884:
2879:
2874:
2869:
2864:
2859:
2854:
2849:
2844:
2839:
2834:
2829:
2824:
2819:
2814:
2809:
2804:
2799:
2793:
2791:
2787:
2786:
2784:
2783:
2781:Overnight rate
2778:
2773:
2768:
2763:
2757:
2755:
2751:
2750:
2743:
2742:
2735:
2728:
2720:
2711:
2710:
2708:
2707:
2702:
2697:
2696:
2695:
2685:
2680:
2675:
2670:
2665:
2660:
2654:
2652:
2648:
2647:
2645:
2644:
2634:
2624:
2614:
2604:
2594:
2584:
2577:Raphael Bostic
2574:
2564:
2554:
2544:
2534:
2523:
2521:
2515:
2514:
2512:
2511:
2509:Adriana Kugler
2506:
2501:
2496:
2491:
2481:
2471:
2460:
2458:
2450:
2449:
2447:
2446:
2445:(2018–present)
2440:
2434:
2428:
2425:Alan Greenspan
2422:
2416:
2410:
2404:
2398:
2392:
2386:
2380:
2374:
2368:
2362:
2356:
2349:
2347:
2341:
2340:
2338:
2337:
2329:
2323:
2316:Dodd–Frank Act
2313:
2307:
2301:
2296:
2288:
2282:
2276:
2270:
2264:
2258:
2252:
2246:
2240:
2234:
2228:
2220:
2212:
2206:
2200:
2194:
2188:
2182:
2176:
2170:
2164:
2158:
2152:
2146:
2145:(1961–present)
2140:
2134:
2128:
2123:
2117:
2112:
2106:
2100:
2094:
2088:
2082:
2076:
2070:
2064:
2058:
2052:
2045:
2043:
2031:
2030:
2028:
2027:
2025:Primary dealer
2022:
2021:
2020:
2018:Overnight rate
2010:
2005:
2004:
2003:
1992:
1990:
1986:
1985:
1983:
1982:
1977:
1972:
1966:
1964:
1960:
1959:
1952:
1950:
1948:
1947:
1942:
1936:
1934:
1928:
1927:
1925:
1924:
1919:
1914:
1909:
1904:
1898:
1895:
1894:
1887:
1886:
1879:
1872:
1864:
1858:
1857:
1852:
1847:
1842:
1837:
1832:
1821:
1820:External links
1818:
1816:
1815:
1783:
1758:
1733:
1708:
1683:
1658:
1633:
1608:
1583:
1558:
1533:
1508:
1494:
1480:
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1452:
1438:
1424:
1410:
1396:
1382:
1368:
1354:
1340:
1314:
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1282:
1268:
1246:
1232:
1218:
1204:
1190:
1176:
1162:
1148:
1134:
1120:
1102:
1091:on May 5, 2015
1075:
1050:
1025:
999:
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971:
957:
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547:
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541:
538:
535:
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523:
520:
517:
514:
511:
508:
505:
502:
494:Main article:
491:
488:
473:
472:
469:
466:2001 recession
462:
459:
424:
421:
384:
375:
366:
357:
347:
337:
323:
320:
302:
299:
298:
297:
294:
291:
287:
271:
268:
248:
245:
210:
207:
110:
101:wants to tame
67:
61:
55:
49:
43:
34:
25:
15:
9:
6:
4:
3:
2:
2972:
2961:
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2888:
2885:
2883:
2880:
2878:
2875:
2873:
2870:
2868:
2865:
2863:
2862:Russian MIBOR
2860:
2858:
2855:
2853:
2850:
2848:
2845:
2843:
2840:
2838:
2835:
2833:
2830:
2828:
2825:
2823:
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2818:
2815:
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2800:
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2788:
2782:
2779:
2777:
2774:
2772:
2769:
2767:
2764:
2762:
2759:
2758:
2756:
2752:
2748:
2741:
2736:
2734:
2729:
2727:
2722:
2721:
2718:
2706:
2703:
2701:
2698:
2694:
2691:
2690:
2689:
2686:
2684:
2681:
2679:
2676:
2674:
2671:
2669:
2666:
2664:
2661:
2659:
2656:
2655:
2653:
2649:
2642:
2641:San Francisco
2638:
2635:
2632:
2628:
2625:
2622:
2618:
2615:
2612:
2608:
2607:Neel Kashkari
2605:
2602:
2598:
2595:
2592:
2588:
2585:
2582:
2578:
2575:
2572:
2568:
2567:Thomas Barkin
2565:
2562:
2558:
2555:
2552:
2548:
2545:
2542:
2538:
2537:John Williams
2535:
2532:
2528:
2527:Susan Collins
2525:
2524:
2522:
2520:(by district)
2516:
2510:
2507:
2505:
2502:
2500:
2497:
2495:
2492:
2489:
2485:
2482:
2479:
2475:
2472:
2469:
2465:
2464:Jerome Powell
2462:
2461:
2459:
2457:
2451:
2444:
2443:Jerome Powell
2441:
2438:
2435:
2432:
2429:
2426:
2423:
2420:
2417:
2414:
2411:
2408:
2405:
2402:
2399:
2396:
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2378:
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2372:
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2366:
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2360:
2357:
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2348:
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2342:
2335:
2334:
2330:
2327:
2324:
2321:
2317:
2314:
2311:
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2300:
2297:
2294:
2293:
2289:
2286:
2283:
2280:
2277:
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2268:
2265:
2262:
2259:
2256:
2253:
2250:
2247:
2244:
2241:
2238:
2235:
2232:
2231:Greenspan put
2229:
2226:
2225:
2221:
2218:
2217:
2213:
2210:
2207:
2204:
2201:
2198:
2195:
2192:
2189:
2186:
2183:
2180:
2177:
2174:
2171:
2168:
2165:
2162:
2159:
2156:
2153:
2150:
2147:
2144:
2141:
2138:
2135:
2132:
2129:
2127:
2124:
2121:
2118:
2116:
2113:
2110:
2107:
2104:
2101:
2098:
2095:
2092:
2089:
2086:
2083:
2080:
2077:
2074:
2071:
2068:
2065:
2062:
2059:
2056:
2053:
2050:
2047:
2046:
2044:
2041:
2036:
2032:
2026:
2023:
2019:
2016:
2015:
2014:
2011:
2009:
2008:Federal funds
2006:
2002:
1999:
1998:
1997:
1994:
1993:
1991:
1989:Federal funds
1987:
1981:
1978:
1976:
1973:
1971:
1968:
1967:
1965:
1961:
1946:
1943:
1941:
1938:
1937:
1935:
1933:
1929:
1923:
1920:
1918:
1915:
1913:
1910:
1908:
1905:
1903:
1900:
1899:
1896:
1892:
1885:
1880:
1878:
1873:
1871:
1866:
1865:
1862:
1856:
1853:
1851:
1848:
1846:
1843:
1841:
1838:
1836:
1833:
1831:
1827:
1824:
1823:
1812:
1801:
1797:
1793:
1787:
1776:September 18,
1772:
1768:
1762:
1747:
1743:
1737:
1722:
1718:
1712:
1697:
1693:
1687:
1672:
1668:
1662:
1647:
1643:
1637:
1622:
1618:
1612:
1601:September 21,
1597:
1593:
1587:
1572:
1568:
1562:
1547:
1543:
1537:
1522:
1518:
1512:
1504:
1498:
1490:
1484:
1476:
1470:
1462:
1456:
1448:
1442:
1434:
1428:
1420:
1414:
1406:
1400:
1392:
1386:
1378:
1372:
1364:
1358:
1350:
1344:
1329:
1325:
1318:
1310:
1306:
1300:
1292:
1286:
1278:
1272:
1257:
1250:
1242:
1236:
1228:
1222:
1214:
1208:
1200:
1194:
1186:
1180:
1172:
1166:
1158:
1152:
1144:
1138:
1130:
1124:
1116:
1112:
1106:
1090:
1086:
1079:
1068:September 18,
1064:
1060:
1054:
1039:
1035:
1029:
1014:
1010:
1003:
995:
989:
981:
975:
967:
961:
953:
949:
943:
935:
931:
925:
917:
910:
903:
895:
889:
873:
869:
863:
848:
842:
827:
821:
806:
805:
800:
794:
778:
771:
765:
763:
743:
742:
734:
719:. August 2007
718:
714:
708:
704:
694:
691:
689:
686:
684:
681:
679:
676:
674:
671:
669:
666:
664:
661:
659:
656:
654:
651:
649:
646:
644:
641:
639:
636:
634:
631:
629:
626:
624:
621:
619:
616:
614:
611:
609:
606:
605:
598:
596:
591:
578:
575:
572:
569:
566:
563:
560:
557:
554:
551:
548:
545:
542:
539:
536:
533:
530:
527:
524:
521:
518:
515:
512:
509:
506:
503:
500:
499:
497:
487:
485:
481:
477:
470:
467:
463:
460:
457:
453:
452:
451:
449:
444:
441:
436:
434:
430:
417:
413:
410:
408:
403:
401:
397:
382:
373:
364:
354:
344:
334:
329:
319:
317:
313:
309:
295:
292:
288:
285:
284:
283:
281:
278:(LIBOR), the
277:
267:
265:
260:
256:
253:
244:
242:
238:
234:
232:
226:
224:
220:
216:
206:
204:
200:
196:
190:
188:
184:
179:
177:
173:
168:
166:
162:
158:
154:
150:
146:
142:
141:interest rate
138:
129:
121:
108:
104:
100:
96:
92:
88:
82:
74:
73:CPI inflation
41:
32:
23:
19:
2857:Indian MIBOR
2821:
2658:Central bank
2637:Mary C. Daly
2551:Philadelphia
2504:Lisa D. Cook
2484:Michael Barr
2437:Janet Yellen
2431:Ben Bernanke
2419:Paul Volcker
2377:Eugene Meyer
2371:Roy A. Young
2331:
2290:
2222:
2214:
2143:FOMC actions
2097:Regulation Q
2085:Regulation D
2012:
1810:
1803:. Retrieved
1799:
1786:
1774:. Retrieved
1770:
1761:
1749:. Retrieved
1745:
1736:
1724:. Retrieved
1720:
1711:
1699:. Retrieved
1695:
1686:
1674:. Retrieved
1670:
1661:
1651:December 14,
1649:. Retrieved
1645:
1636:
1624:. Retrieved
1620:
1611:
1599:. Retrieved
1595:
1586:
1574:. Retrieved
1570:
1561:
1549:. Retrieved
1545:
1536:
1524:. Retrieved
1520:
1511:
1497:
1483:
1469:
1455:
1441:
1427:
1413:
1399:
1385:
1371:
1357:
1343:
1331:. Retrieved
1327:
1317:
1309:the original
1299:
1285:
1271:
1259:. Retrieved
1249:
1235:
1221:
1207:
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290:securities).
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247:Applications
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203:U.S. economy
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2754:Terminology
2627:Lorie Logan
2621:Kansas City
2617:Jeff Schmid
2611:Minneapolis
2439:(2014–2018)
2433:(2006–2014)
2427:(1987–2006)
2421:(1979–1987)
2415:(1978–1979)
2409:(1970–1978)
2403:(1951–1970)
2397:(1948–1951)
2391:(1934–1948)
2385:(1933–1934)
2379:(1930–1933)
2373:(1927–1930)
2367:(1923–1927)
2361:(1916–1922)
2355:(1914–1916)
2328:(2020–2021)
2306:(2009–2010)
2287:(2008–2010)
2281:(2008–2010)
2263:(2007–2010)
2155:Nixon shock
2122:(1944–1971)
2067:Pittman Act
2057:(1909–1912)
2040:Antecedents
1676:February 1,
1626:November 2,
1007:Cox, Jeff.
688:Taylor rule
484:nominal GDP
448:S&P 500
274:Though the
91:US Treasury
2944:Categories
2927:Mutan rate
2907:TED spread
2478:Vice Chair
2079:Phelan Act
1970:Beige Book
1907:Vice Chair
751:October 2,
723:October 2,
700:References
476:Bill Gross
440:recessions
363:Prime Rate
326:See also:
195:employment
81:Recessions
2761:Bank rate
2705:Sahm rule
2668:Fed model
2601:St. Louis
2561:Cleveland
2456:governors
2243:FIRRE Act
2209:DIDMC Act
2087:(c. 1930)
2001:Bank rate
1932:Banknotes
1912:Governors
1805:March 18,
1701:March 22,
1333:March 15,
878:August 4,
783:August 3,
613:Bank Rate
400:aftermath
353:Auto loan
223:effective
209:Mechanism
199:inflation
143:at which
107:inflation
97:when the
75:year/year
2673:Fedspeak
2571:Richmond
2541:New York
2073:Edge Act
1751:July 26,
1576:July 27,
1551:June 15,
1261:April 3,
1095:July 20,
852:July 29,
831:July 29,
601:See also
398:and its
2950:Banking
2867:RIGIBOR
2827:Helibor
2817:EURONIA
2802:Euribor
2693:History
2678:Fed put
2651:Related
2591:Chicago
2581:Atlanta
2454:Current
2318:(2010;
2312:(2009–)
2035:History
1963:Reports
201:in the
151:basis.
139:is the
71:
2902:STIBOR
2882:Shibor
2872:SAIBOR
2631:Dallas
2531:Boston
2345:Chairs
2336:(2024)
2295:(2009)
2275:(2008)
2269:(2008)
2257:(1999)
2251:(1991)
2245:(1989)
2239:(1987)
2233:(1987)
2227:(1985)
2219:(1981)
2211:(1980)
2205:(1978)
2199:(1978)
2193:(1978)
2187:(1977)
2181:(1977)
2175:(1975)
2169:(1974)
2163:(1971)
2157:(1971)
2151:(1968)
2139:(1956)
2133:(1951)
2111:(1934)
2105:(1933)
2099:(1933)
2093:(1933)
2081:(1920)
2075:(1919)
2069:(1918)
2063:(1913)
2051:(1908)
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810:May 1,
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2922:TONAR
2912:TIBOR
2897:SONIA
2877:SARON
2852:Libor
2837:JIBAR
2832:HIBOR
2807:EONIA
2797:EIBOR
2790:Rates
2468:Chair
1902:Chair
912:(PDF)
773:(PDF)
745:(PDF)
683:SONIA
678:SARON
623:Eonia
480:PIMCO
345:rates
2917:TIIE
2892:SOFR
2812:€STR
1807:2017
1778:2024
1753:2023
1728:2023
1703:2023
1678:2023
1653:2022
1628:2022
1603:2022
1578:2022
1553:2022
1528:2022
1335:2017
1328:CNBC
1263:2011
1097:2009
1070:2024
1045:2022
1020:2022
1013:CNBC
880:2023
854:2022
833:2022
812:2021
785:2023
753:2011
725:2011
197:and
181:The
176:EFFR
170:The
105:and
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