The Federal Reserve’s July meeting minutes showed that policymakers remained concerned about persistent inflation and the possibility that further rate increases could be required if price pressures fail to ease. Several officials judged that financial conditions may not have been restrictive enough, while others noted that tighter market conditions were already contributing to the Fed’s efforts to slow demand. A small group of policymakers who supported raising rates at the July meeting believed an immediate hike could have reduced the need for larger increases later. Officials generally viewed inflation risks as tilted to the upside, although some said financial markets were already doing part of the tightening work. Importantly, the meeting took place before subsequent data showed cooler employment and inflation, meaning the discussion may overstate the degree of tightening currently expected by markets. 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 5.39 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 September 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 4.00 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 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-17 06:00 PM Interest Rate Projection - Longer 3.1% 3.1%
2026-06-17 06:00 PM Fed Interest Rate Decision 3.75% 3.75% 3.75% 3.75%
2026-07-29 06:00 PM Fed Interest Rate Decision 3.75% 3.75% 3.75% 3.75%
2026-09-16 06:00 PM FOMC Economic Projections
2026-09-16 06:00 PM Fed Interest Rate Decision 3.75% 4%
2026-09-16 06:30 PM Fed Press Conference


Related Last Previous Unit Reference
Banks Balance Sheet 25664.40 25650.90 USD Billion Aug 2026
Fed Balance Sheet 6737204.00 6730912.00 USD Million Sep 2026
Foreign Exchange Reserves 38343.00 37797.00 USD Million Jul 2026
Inflation Rate YoY 3.40 3.50 percent Jul 2026
Fed Interest Rate 3.75 3.75 percent Aug 2026
Loans to Private Sector 2892.20 2894.90 USD Billion Jul 2026
Money Supply M0 5523900.00 5488400.00 USD Million Jul 2026
Money Supply M1 19886.40 19793.20 USD Billion Jul 2026
Money Supply M2 23155.20 23055.60 USD Billion Jun 2026
Unemployment Rate 4.10 4.10 percent Aug 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 Chair Warsh Flags Inflation Risks
Federal Reserve Chairman Kevin Warsh flagged that underlying inflation is not slowing, during his speech at the Jackson Hole Economic Symposium. The Chairman reiterated that the PCE price index remains the gauge to be targeted, clarifying doubts from market participants after he downplayed a strict inflation gauge and opted for a more flexible model touted by one of the task forces he created. The Federal Reserve left the federal funds rate unchanged at 3.50%–3.75% for a fifth consecutive meeting in July 2026, in line with expectations, despite markets assigning roughly a one-in-three probability to a rate hike. Three FOMC members dissented for a rate hike. After the decision, Chairman Warsh downplayed the funds rate as the preferred tool to fight inflationary risks in favor of a smaller Fed balance sheet, and continued to criticize forward guidance.
2026-08-28
Fed Minutes Show Inflation Risks and Rate Hike Concerns
The Federal Reserve’s July meeting minutes showed that policymakers remained concerned about persistent inflation and the possibility that further rate increases could be required if price pressures fail to ease. Several officials judged that financial conditions may not have been restrictive enough, while others noted that tighter market conditions were already contributing to the Fed’s efforts to slow demand. A small group of policymakers who supported raising rates at the July meeting believed an immediate hike could have reduced the need for larger increases later. Officials generally viewed inflation risks as tilted to the upside, although some said financial markets were already doing part of the tightening work. Importantly, the meeting took place before subsequent data showed cooler employment and inflation, meaning the discussion may overstate the degree of tightening currently expected by markets.
2026-08-19
Fed Leaves Rates Steady
The Federal Reserve left the federal funds rate unchanged at 3.50%–3.75% for a fifth consecutive meeting in July 2026, in line with expectations, despite markets assigning roughly a one-in-three probability to a rate hike. Notably, three FOMC members dissented, preferring to raise the policy rate by 25 basis points, which leaves the door open to a rate increase in September. The central bank noted that economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated relative to the 2% goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The central bank reiterated its commitment to deliver price stability.
2026-07-29