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%
2016-02-16 01:30 PM Fed Harker Speech
2016-02-16 03:30 PM Fed Kashkari Speech
2016-02-17 12:30 AM Fed Rosengren Speech

Fed Yellen Shows Concerns Over Financial Conditions

Tighter financial conditions and foreign developments could weigh down on the United States growth outlook, Fed Yellen said on Wednesday in prepared testimony to Congress, reinforcing interest rates will be raised only gradually and any change will be data dependent.

Excerpts Fed Chair Janet Yellen Testimony before the Committee on Financial Services, U.S. House of Representatives on February 10, 2016: 

Financial conditions in the United States have recently become less supportive of growth, with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers, and a further appreciation of the dollar. These developments, if they prove persistent, could weigh on the outlook for economic activity and the labor market, although declines in longer-term interest rates and oil prices provide some offset. Still, ongoing employment gains and faster wage growth should support the growth of real incomes and therefore consumer spending, and global economic growth should pick up over time, supported by highly accommodative monetary policies abroad. Against this backdrop, the Committee expects that with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace in coming years and that labor market indicators will continue to strengthen.

As is always the case, the economic outlook is uncertain. Foreign economic developments, in particular, pose risks to U.S. economic growth. Most notably, although recent economic indicators do not suggest a sharp slowdown in Chinese growth, declines in the foreign exchange value of the renminbi have intensified uncertainty about China's exchange rate policy and the prospects for its economy. This uncertainty led to increased volatility in global financial markets and, against the background of persistent weakness abroad, exacerbated concerns about the outlook for global growth. These growth concerns, along with strong supply conditions and high inventories, contributed to the recent fall in the prices of oil and other commodities. In turn, low commodity prices could trigger financial stresses in commodity-exporting economies, particularly in vulnerable emerging market economies, and for commodity-producing firms in many countries. Should any of these downside risks materialize, foreign activity and demand for U.S. exports could weaken and financial market conditions could tighten further.

It is important to note that even after this increase, the stance of monetary policy remains accommodative. The FOMC anticipates that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate. In addition, the Committee expects that the federal funds rate is likely to remain, for some time, below the levels that are expected to prevail in the longer run.

Of course, monetary policy is by no means on a preset course. The actual path of the federal funds rate will depend on what incoming data tell us about the economic outlook, and we will regularly reassess what level of the federal funds rate is consistent with achieving and maintaining maximum employment and 2 percent inflation. In doing so, we 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 particular, stronger growth or a more rapid increase in inflation than the Committee currently anticipates would suggest that the neutral federal funds rate was rising more quickly than expected, making it appropriate to raise the federal funds rate more quickly as well. Conversely, if the economy were to disappoint, a lower path of the federal funds rate would be appropriate. We are committed to our dual objectives, and we will adjust policy as appropriate to foster financial conditions consistent with the attainment of our objectives over time.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
2/10/2016 2:09:58 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 3091.90 3076.30 3092.90 138.90 USD Billion [+]
Money Supply M2 12418.30 12330.00 12418.30 286.60 USD Billion [+]
Foreign Exchange Reserves 117581.00 116640.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4446480.00 4444886.00 4473864.00 672444.00 USD Million [+]
Banks Balance Sheet 15590400.00 15635100.00 15674900.00 697581.70 USD Million [+]
Loans to Private Sector 1984.39 1977.11 1984.39 13.64 USD Billion [+]
Foreign Bond Investment 38363.00 -55152.00 118012.00 -55152.00 USD Million [+]

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