United States Fed Funds Rate 1971-2018 | Data | Chart | Calendar

The Federal Reserve raised the target range for the federal funds rate by a quarter point to 1.25-1.5 percent during its December 2017 meeting, saying that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. The central bank has forecast three rate hikes in 2018. Interest Rate in the United States averaged 5.75 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 Sees Tax Bill Impact as Uncertain

Fed officials expect the tax legislation to boost growth although the magnitude of the effects remains uncertain, minutes from last FOMC meeting showed. Last month, the Fed raised the target range for the federal funds rate by a quarter point to 1.25-1.5 percent as expected. Most participants reiterated their support for continuing a gradual tightening, noting that this approach helped to balance risks to growth and inflation.

Excerpts from the minutes of the FOMC's December 12-13, 2017:

Participants expected moderate growth in consumer spending in the near term, underpinned by ongoing strength in the labor market, further improvements in households' net worth, and buoyant consumer sentiment. Business contacts in a few Districts reported strong pre-holiday sales. Many participants expected the proposed cuts in personal taxes to provide some boost to consumer spending. A few participants noted that expectations of tax reform may have already raised consumer spending somewhat to the extent that those expectations had spurred increases in asset valuations and household net worth. A number of participants expressed uncertainty about the magnitude of the effects of tax reform on consumer spending.

Many participants judged that the proposed changes in business taxes, if enacted, would likely provide a modest boost to capital spending, al­though the magnitude of the effects was uncertain. The resulting increase in the capital stock could contribute to positive supply-side effects, including an expansion of potential output over the next few years. However, some business contacts and respondents to business surveys suggested that firms were cautious about expanding capital spending in response to the proposed tax changes or noted that the increase in cash flow that would result from corporate tax cuts was more likely to be used for mergers and acquisitions or for debt reduction and stock buybacks.

In their discussion of monetary policy, participants saw the outlook for economic activity and the labor market as having remained strong or having strengthened since their previous meeting, in part reflecting a modest boost from the expected passage of the tax legislation under consideration. Regarding inflation, participants generally viewed the medium-term outlook as little changed, and a majority commented that they continued to expect inflation to gradually return to the Committee's 2 percent longer-run objective. A few participants again noted that transitory factors had likely held down inflation earlier this year. However, several participants observed that survey-based measures of inflation expectations or market-based measures of inflation compensation remained low, or that other persistent factors may be holding down inflation, which would present challenges for the Committee in promoting a return of inflation to 2 percent over the medium term.

Members acknowledged that hurricane-related disruptions and rebuilding had affected economic activity, employment, and inflation in recent months but had not materially altered the outlook for the national economy. They 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 remain strong. Members expected inflation on a 12-month basis to remain somewhat below 2 percent in the near term. They also expected inflation to stabilize around the Committee's 2 percent objective over the medium term, but a couple of members expressed concern about whether inflation would return to 2 percent on a sustained basis in the medium term if the Committee increased the target range for the federal funds rate at the pace that is implied by the medians of the projections from the December SEP. Members saw the near-term risks to the economic outlook as roughly balanced, but they agreed to monitor inflation developments closely.

Federal Reserve | Joana Taborda |
1/3/2018 7:34:52 PM

Calendar GMT Actual Previous Consensus TEForecast
2017-09-20 06:00 PM Fed Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2017-11-01 06:00 PM Fed Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2017-12-13 07:00 PM Fed Interest Rate Decision 1.5% 1.25% 1.5% 1.5%
2018-01-31 07:00 PM Fed Interest Rate Decision 1.5% 1.5% 1.5%
2018-03-21 06:00 PM FOMC Economic Projections
2018-03-21 06:00 PM Fed Interest Rate Decision

United States Money Last Previous Highest Lowest Unit
Interest Rate 1.50 1.25 20.00 0.25 percent [+]
Interbank Rate 1.76 1.76 10.63 0.22 percent [+]
Money Supply M0 3850961.00 3907715.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3614.60 3617.70 3617.70 138.90 USD Billion [+]
Money Supply M2 13844.50 13785.40 13844.50 286.60 USD Billion [+]
Foreign Exchange Reserves 123429.00 122632.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4396552.00 4405898.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16709900.00 16721000.00 16744300.00 697581.70 USD Million [+]
Loans to Private Sector 2123.73 2119.37 2126.32 13.65 USD Billion [+]
Private Debt to GDP 199.60 198.70 213.40 155.70 percent [+]
Foreign Bond Investment -18825.00 -22264.00 118012.00 -74329.00 USD Million [+]

United States Fed Funds 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. 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 January of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.25 20.00 0.25 1971 - 2017 percent Daily

interest rate by Country
Country Last
Turkey 8.00 Jan/18
Russia 7.75 Dec/17
Mexico 7.25 Dec/17
Brazil 7.00 Dec/17
India 6.00 Dec/17
China 4.35 Dec/17
Indonesia 4.25 Jan/18
Australia 1.50 Dec/17
South Korea 1.50 Jan/18
United States 1.50 Dec/17
Canada 1.25 Jan/18
United Kingdom 0.50 Dec/17
Euro Area 0.00 Jan/18
France 0.00 Jan/18
Germany 0.00 Jan/18
Italy 0.00 Jan/18
Netherlands 0.00 Jan/18
Spain 0.00 Jan/18
Japan -0.10 Jan/18
Switzerland -0.75 Dec/17