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. 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 August 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 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%
2026-08-27 12:00 AM Jackson Hole Symposium
2026-08-28 12:00 AM Jackson Hole Symposium
2026-08-29 12:00 AM Jackson Hole Symposium


Related Last Previous Unit Reference
Banks Balance Sheet 25663.90 25597.80 USD Billion Aug 2026
Fed Balance Sheet 6759955.00 6748567.00 USD Million Aug 2026
Foreign Exchange Reserves 37797.00 38587.00 USD Million Jun 2026
Inflation Rate YoY 3.40 3.50 percent Jul 2026
Fed Interest Rate 3.75 3.75 percent Jul 2026
Loans to Private Sector 2894.70 2885.90 USD Billion Jun 2026
Money Supply M0 5488400.00 5538600.00 USD Million Jun 2026
Money Supply M1 19831.50 19751.00 USD Billion Jun 2026
Money Supply M2 23155.20 23055.60 USD Billion Jun 2026
Unemployment Rate 4.10 4.20 percent Jul 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 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
Fed to Keep Rates Steady, but Odds of a Hike Persist
The Federal Reserve is widely expected to leave the federal funds rate unchanged at 3.50%–3.75% for a fifth consecutive meeting in July 2026. However, the decision remains a close call, with markets assigning nearly a 30% probability to a rate hike. Policymakers continue to navigate heightened uncertainty driven by renewed tensions between the US and Iran and elevated oil prices, even as inflation has come in softer than expected and the labor market has remained resilient. US inflation eased to 3.5% in June, marking its first decline in five months. Investors will closely monitor both the voting split which has highlighted growing divisions within the Federal Reserve, and Chair Warsh's second press conference for clues about the likelihood of a rate hike in September. Markets are currently pricing in roughly a 77% probability of an increase at that meeting. Chair Warsh has repeatedly emphasized that restoring price stability remains the Federal Reserve's foremost priority.
2026-07-29