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 for the fifth time during its July 2016 meeting. Policymakers said that the labor market strengthened and near-term risks to growth decreased, suggesting a rate hike is still possible this year although dependent on incoming economic data. Interest Rate in the United States averaged 5.86 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 August of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-04-27 06:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-06-15 06:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-07-27 06:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-08-31 07:15 AM Fed Rosengren Speech
2016-08-31 12:00 PM Fed Kashkari Speech
2016-08-31 07:15 PM Fed Evans Speech

Yellen Leaves 2016 Rate Hike Option Open


The US economy continues to expand and the case for raising the interest rate has strengthened in recent months, Fed Chair Yelllen said in a speech at the Jackson Hole Symposium, suggesting a rate hike this year is still on the table.

Excerpts from the speech by Chair Janet L. Yellen at "Designing Resilient Monetary Policy Frameworks for the Future," a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming:

U.S. economic activity continues to expand, led by solid growth in household spending. But business investment remains soft and subdued foreign demand and the appreciation of the dollar since mid-2014 continue to restrain exports. While economic growth has not been rapid, it has been sufficient to generate further improvement in the labor market.

Looking ahead, the FOMC expects moderate growth in real gross domestic product (GDP), additional strengthening in the labor market, and inflation rising to 2 percent over the next few years. Based on this economic outlook, the FOMC continues to anticipate that gradual increases in the federal funds rate will be appropriate over time to achieve and sustain employment and inflation near our statutory objectives. Indeed, in light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months. Of course, our decisions always depend on the degree to which incoming data continues to confirm the Committee's outlook.

And, as ever, the economic outlook is uncertain, and so monetary policy is not on a preset course. Our ability to predict how the federal funds rate will evolve over time is quite limited because monetary policy will need to respond to whatever disturbances may buffet the economy. In addition, the level of short-term interest rates consistent with the dual mandate varies over time in response to shifts in underlying economic conditions that are often evident only in hindsight. For these reasons, the range of reasonably likely outcomes for the federal funds rate is quite wide--a point illustrated by figure 1 in your handout. The line in the center is the median path for the federal funds rate based on the FOMC's Summary of Economic Projections in June.1 The shaded region, which is based on the historical accuracy of private and government forecasters, shows a 70 percent probability that the federal funds rate will be between 0 and 3-1/4 percent at the end of next year and between 0 and 4-1/2 percent at the end of 2018.2 The reason for the wide range is that the economy is frequently buffeted by shocks and thus rarely evolves as predicted. When shocks occur and the economic outlook changes, monetary policy needs to adjust. What we do know, however, is that we want a policy toolkit that will allow us to respond to a wide range of possible conditions.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
8/26/2016 3:15:20 PM

United States Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 20.00 0.25 percent [+]
Interbank Rate 0.83 0.83 10.63 0.22 percent [+]
Money Supply M0 3772402.00 3825373.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3242.80 3242.40 3242.80 138.90 USD Billion [+]
Money Supply M2 12893.30 12807.60 12893.30 286.60 USD Billion [+]
Foreign Exchange Reserves 120202.00 119190.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4427880.00 4426100.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16081200.00 16074500.00 16081200.00 697581.70 USD Million [+]
Loans to Private Sector 2064.14 2056.93 2064.14 13.65 USD Billion [+]
Private Debt to GDP 197.51 197.32 212.98 155.67 percent [+]
Foreign Bond Investment -32921.00 -18295.00 118012.00 -74582.00 USD Million [+]




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