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 seventh time during its November 2016 meeting, saying the labor market has continued to strengthen and growth of economic activity has picked up. Policymakers also added that the case for an increase in the federal funds rate has continued to strengthen. Interest Rate in the United States averaged 5.83 percent from 1971 until 2016, 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.

United States Fed Funds Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-07-27 06:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-09-21 06:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-11-02 06:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-12-14 06:00 PM FOMC Economic Projections
2016-12-14 07:00 PM Fed Interest Rate Decision 0.5% 0.75%
2017-01-06 07:00 PM FOMC Minutes

Fed Says Case for Rate Hike Strengthened

Federal Reserve policymakers consider the case for a rate hike continued to strengthen and that it would be appropriate to raise rates relatively soon, depending on further evidence of progress on inflation and employment, minutes from FOMC meeting held on November 1-2 showed.

Extracts From the Minutes of the Federal Open Market Committee:

Against the backdrop of their views of the economic outlook, participants discussed whether the available information warranted taking another step to reduce policy accommodation at this meeting. Based on the relatively limited information received since the September FOMC meeting, participants generally agreed that the case for increasing the target range for the federal funds rate had continued to strengthen. Participants saw recent information as indicating that labor market conditions had improved further and considered the firming in inflation and inflation compensation to be positive developments, consistent with continued progress toward the Committee's 2 percent inflation objective. 

Most participants expressed a view that it could well become appropriate to raise the target range for the federal funds rate relatively soon, so long as incoming data provided some further evidence of continued progress toward the Committee's objectives. Some participants noted that recent Committee communications were consistent with an increase in the target range for the federal funds rate in the near term or argued that to preserve credibility, such an increase should occur at the next meeting. A few participants advocated an increase at this meeting; they viewed recent economic developments as indicating that labor market conditions were at or close to those consistent with maximum employment and expected that recent progress toward the Committee's inflation objective would continue, even with further gradual steps to remove monetary policy accommodation. In addition, many judged that risks to economic and financial stability could increase over time if the labor market overheated appreciably, or expressed concern that an extended period of low interest rates risked intensifying incentives for investors to reach for yield, potentially leading to a mispricing of risk and misallocation of capital. In contrast, some others judged that allowing the unemployment rate to fall below its longer-run normal level for a time could result in favorable supply-side effects or help hasten the return of inflation to the Committee's 2 percent objective; noted that proximity of the federal funds rate to the effective lower bound places potential constraints on monetary policy; or stressed that global developments could pose risks to U.S. economic activity. More generally, it was emphasized that decisions regarding near-term adjustments of the stance of monetary policy would appropriately remain dependent on the outlook as informed by incoming data, and participants expected that economic conditions would evolve in a manner that would warrant only gradual increases in the federal funds rate.

After assessing the outlook for economic activity, the labor market, and inflation, as well as the risks around that outlook, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent at this meeting. Members generally agreed that the case for an increase in the policy rate had continued to strengthen. But a majority of members judged that the Committee should, for the time being, await some further evidence of progress toward its objectives of maximum employment and 2 percent inflation before increasing the target range for the federal funds rate. 

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
11/23/2016 7:32:13 PM

United States Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 20.00 0.25 percent [+]
Interbank Rate 0.95 0.95 10.63 0.22 percent [+]
Money Supply M0 3571983.00 3735753.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3340.50 3317.90 3340.50 138.90 USD Billion [+]
Money Supply M2 13137.50 13070.60 13137.50 286.60 USD Billion [+]
Foreign Exchange Reserves 120142.00 122431.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4419790.00 4414730.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16059000.00 16051500.00 16168600.00 697581.70 USD Million [+]
Loans to Private Sector 2094.47 2076.68 2094.47 13.65 USD Billion [+]
Private Debt to GDP 197.12 196.94 213.03 155.67 percent [+]
Foreign Bond Investment -76586.00 -24784.00 118012.00 -76586.00 USD Million [+]

United States Fed Funds Rate Notes

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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 20.00 0.25 1971 - 2016 percent Daily

Argentina 130.51 Dec/16
Ghana 25.50 Nov/16
Malawi 24.00 Nov/16
Mozambique 23.25 Oct/16
Gambia 23.00 Aug/16
Venezuela 21.73 Sep/16
Haiti 20.00 Oct/16
Iran 20.00 Dec/16
Belarus 18.00 Oct/16
Angola 16.00 Nov/16
Zambia 15.50 Nov/16
Afghanistan 15.00 Oct/16
Azerbaijan 15.00 Nov/16
Mongolia 15.00 Oct/16
Yemen 15.00 Oct/16
Egypt 14.75 Nov/16
Sudan 14.20 Sep/16
Nigeria 14.00 Nov/16
Uganda 14.00 Oct/16
Ukraine 14.00 Oct/16
Brazil 13.75 Nov/16
Liberia 13.57 Jun/16
Djibouti 12.70 Dec/14
Guinea 12.50 Oct/16
Suriname 12.50 Dec/15
Seychelles 12.30 Sep/16
Kazakhstan 12.00 Nov/16
Tanzania 12.00 Oct/16
Tajikistan 11.00 Oct/16
Zimbabwe 10.71 Oct/16
Sierra Leone 10.50 Oct/16
Kenya 10.00 Nov/16
Lebanon 10.00 Oct/16
Myanmar 10.00 Oct/16
Russia 10.00 Oct/16
Sao Tome and Principe 10.00 Oct/16
Uruguay 9.25 Sep/16
Mauritania 9.00 Sep/16
Moldova 9.00 Oct/16
Uzbekistan 9.00 Oct/16
Burundi 8.85 Oct/16
Ecuador 8.71 Oct/16
Madagascar 8.30 Oct/16
Turkey 8.00 Nov/16
Colombia 7.75 Nov/16
Cape Verde 7.50 Oct/16
Congo 7.00 Oct/16
Lesotho 7.00 Sep/16
Maldives 7.00 Oct/16
Namibia 7.00 Dec/16
Nepal 7.00 Oct/16
South Africa 7.00 Nov/16
Sri Lanka 7.00 Nov/16
Swaziland 7.00 Nov/16
Bangladesh 6.75 Nov/16
Armenia 6.50 Nov/16
Georgia 6.50 Oct/16
Rwanda 6.50 Oct/16
Vietnam 6.50 Oct/16
India 6.25 Dec/16
Papua New Guinea 6.25 Oct/16
Bhutan 6.00 Oct/16
Pakistan 5.75 Nov/16
Botswana 5.50 Oct/16
Brunei 5.50 Oct/16
Dominican Republic 5.50 Nov/16
Honduras 5.50 Nov/16
Kyrgyzstan 5.50 Nov/16
Paraguay 5.50 Nov/16
Iceland 5.25 Oct/16
Mexico 5.25 Nov/16
Bosnia and Herzegovina 5.24 Sep/16
Ethiopia 5.00 Oct/16
Guyana 5.00 Sep/16
Jamaica 5.00 Sep/16
Indonesia 4.75 Nov/16
Trinidad and Tobago 4.75 Sep/16
Bahamas 4.50 Sep/16
Laos 4.50 Oct/16
Qatar 4.50 Oct/16
El Salvador 4.48 Jun/16
China 4.35 Nov/16
Peru 4.25 Nov/16
Tunisia 4.25 Oct/16
Algeria 4.00 Oct/16
Iraq 4.00 Oct/16
Macedonia 4.00 Oct/16
Mauritius 4.00 Nov/16
Serbia 4.00 Nov/16
Jordan 3.75 Oct/16
Benin 3.50 Oct/16
Burkina Faso 3.50 Oct/16
Chile 3.50 Nov/16
Guinea Bissau 3.50 Oct/16
Ivory Coast 3.50 Sep/16
Mali 3.50 Sep/16
Niger 3.50 Oct/16
Senegal 3.50 Sep/16
Togo 3.50 Sep/16
Barbados 3.33 Oct/16
Guatemala 3.00 Nov/16
Libya 3.00 Oct/16
Malaysia 3.00 Nov/16
Philippines 3.00 Nov/16
Belize 2.50 Aug/16
Croatia 2.50 Oct/16
Cameroon 2.45 Oct/16
Central African Republic 2.45 Oct/16
Chad 2.45 Oct/16
Equatorial Guinea 2.45 Oct/16
Gabon 2.45 Oct/16
Republic of the Congo 2.45 Oct/16
Cuba 2.25 Nov/16
Kuwait 2.25 Oct/16
Morocco 2.25 Oct/16
Saudi Arabia 2.00 Oct/16
Bolivia 1.96 Sep/16
Costa Rica 1.75 Oct/16
New Zealand 1.75 Nov/16
Romania 1.75 Nov/16
Australia 1.50 Dec/16
Poland 1.50 Dec/16
Thailand 1.50 Nov/16
Cambodia 1.45 Sep/16
Taiwan 1.38 Oct/16
Albania 1.25 Nov/16
South Korea 1.25 Nov/16
United Arab Emirates 1.25 Oct/16
Comoros 1.16 Oct/16
Oman 1.00 Oct/16
Hungary 0.90 Nov/16
Bahrain 0.75 Nov/16
Hong Kong 0.75 Oct/16
Macau 0.75 Oct/16
Panama 0.54 Sep/16
Canada 0.50 Dec/16
Fiji 0.50 Nov/16
Norway 0.50 Oct/16
United States 0.50 Nov/16
New Caledonia 0.25 Oct/16
United Kingdom 0.25 Nov/16
Israel 0.10 Nov/16
Singapore 0.07 Oct/16
Czech Republic 0.05 Nov/16
Austria 0.00 Nov/16
Belgium 0.00 Nov/16
Bulgaria 0.00 Dec/16
Cyprus 0.00 Nov/16
Estonia 0.00 Nov/16
Euro Area 0.00 Nov/16
Finland 0.00 Nov/16
France 0.00 Nov/16
Germany 0.00 Nov/16
Greece 0.00 Nov/16
Ireland 0.00 Nov/16
Italy 0.00 Nov/16
Latvia 0.00 Nov/16
Lithuania 0.00 Nov/16
Luxembourg 0.00 Nov/16
Malta 0.00 Nov/16
Netherlands 0.00 Nov/16
Portugal 0.00 Nov/16
Slovakia 0.00 Nov/16
Slovenia 0.00 Nov/16
Spain 0.00 Nov/16
Japan -0.10 Nov/16
Sweden -0.50 Oct/16
Denmark -0.65 Oct/16
Switzerland -0.75 Oct/16