United States Fed Funds Rate  1971-2016 | Data | Chart | Calendar

The Federal Reserve left the target range for its federal funds rate unchanged at 0.25 percent to 0.5 percent during its FOMC meeting held in January 2016, following last month’s hike. Policymakers didn’t rule out a March rate increase but said they are monitoring the impacts of global economic and financial developments on US outlook. Interest Rate in the United States averaged 5.90 percent from 1971 until 2016, reaching an all time high of 20 percent in March of 1980 and a record low of 0.25 percent in December of 2008. Interest Rate in the United States is reported by the Federal Reserve.

United States Fed Funds Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 20.00 0.25 1971 - 2016 percent Daily
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 February of 2016.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-10-28 06:00 PM Fed Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2015-12-16 07:00 PM Fed Interest Rate Decision 0.5% 0.25% 0.5% 0.5%
2016-01-27 07:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-02-10 03:00 PM Fed Yellen Testimony HFSC
2016-02-10 06:30 PM Fed Williams Speech
2016-02-11 03:00 PM Fed Yellen Testimony SBC

Fed Leaves Funds Rate on Hold

The Federal Reserve left the target range for its federal funds rate unchanged at 0.25 percent to 0.5 percent during its FOMC meeting held in January 2016, following last month’s hike. Policymakers reinforced they expect interest rates to be raised only gradually but said they are monitoring the impacts of global economic and financial developments on US outlook.

FOMC Statement:

Information received since the Federal Open Market Committee met in December suggests that labor market conditions improved further even as economic growth slowed late last year. Household spending and business fixed investment have been increasing at moderate rates in recent months, and the housing sector has improved further; however, net exports have been soft and inventory investment slowed. A range of recent labor market indicators, including strong job gains, points to some additional decline in underutilization of labor resources. Inflation has continued to run below the Committee's 2 percent longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation declined further; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will continue to strengthen. Inflation is expected to remain low in the near term, in part because of the further declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee is closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook.

Given the economic outlook, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.

The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction, and it anticipates doing so until normalization of the level of the federal funds rate is well under way. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
1/27/2016 7:20:34 PM

United States Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 20.00 0.25 percent [+]
Interbank Rate 0.62 0.62 10.63 0.22 Percent [+]
Money Supply M0 3792738.00 3835800.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3076.30 3092.90 3092.90 138.90 USD Billion [+]
Money Supply M2 12330.00 12288.10 12330.00 286.60 USD Billion [+]
Foreign Exchange Reserves 117581.00 116640.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4444886.00 4451298.00 4473864.00 672444.00 USD Million [+]
Banks Balance Sheet 15590400.00 15635100.00 15674900.00 697581.70 USD Million [+]
Loans to Private Sector 1977.11 1952.20 1977.11 13.64 USD Billion [+]
Foreign Bond Investment 38363.00 -55152.00 118012.00 -55152.00 USD Million [+]

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