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. 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
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%
2026-03-18 06:00 PM Fed Interest Rate Decision 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


Related Last Previous Unit Reference
Banks Balance Sheet 24941.80 24954.30 USD Billion Mar 2026
Fed Balance Sheet 6646344.00 6628894.00 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 Feb 2026
Loans to Private Sector 2743.00 2709.74 USD Billion Jan 2026
Money Supply M0 5402500.00 5373700.00 USD Million Jan 2026
Money Supply M1 19194.40 19089.60 USD Billion Jan 2026
Money Supply M2 22442.10 22366.20 USD Billion Jan 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 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
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