United States Fed Funds Rate  1971-2017 | Data | Chart | Calendar

The Federal Reserve kept the target range for its federal funds steady at 0.5 percent to 0.75 percent during its February 2017 meeting, in line with market expectations and following a 25bps hike in December. Policymakers noted the improvement in business and consumer confidence and the rise in consumer prices and said near-term risks to the economic outlook appear roughly balanced. Interest Rate in the United States averaged 5.81 percent from 1971 until 2017, reaching an all time high of 20 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)
2016-11-02 06:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-12-14 07:00 PM Fed Interest Rate Decision 0.75% 0.5% 0.75% 0.75%
2017-02-01 07:00 PM Fed Interest Rate Decision 0.75% 0.75% 0.75% 0.75%
2017-02-21 01:50 PM Fed Kashkari Speech
2017-02-21 05:00 PM Fed Harker Speech
2017-02-21 08:30 PM Fed Williams Speech




Fed Might Raise Rates Relatively Soon


The US economy is expected to continue to expand at a moderate pace and wait too long to raise rates would be unwise, Fed Chair Yellen said in prepared remarks to the Congress. However, the economic outlook and fiscal policy face uncertainty and monetary policy is not on a preset course thus any changes will depend on incoming data, Fed Chair added.

Excerpts from Fed Chair Yellen Testimony Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. February 14, 2017:

My colleagues on the FOMC and I expect the economy to continue to expand at a moderate pace, with the job market strengthening somewhat further and inflation gradually rising to 2 percent. This judgment reflects our view that U.S. monetary policy remains accommodative, and that the pace of global economic activity should pick up over time, supported by accommodative monetary policies abroad. 

As always, considerable uncertainty attends the economic outlook. Among the sources of uncertainty are possible changes in U.S. fiscal and other policies, the future path of productivity growth, and developments abroad.

At its December meeting, the Committee raised the target range for the federal funds rate by 1/4 percentage point, to 1/2 to 3/4 percent. In doing so, the Committee recognized the considerable progress the economy had made toward the FOMC's dual objectives. The Committee judged that even after this increase in the federal funds rate target, monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a return to 2 percent inflation.

At its meeting that concluded early this month, the Committee left the target range for the federal funds rate unchanged but reiterated that it expects the evolution of the economy to warrant further gradual increases in the federal funds rate to achieve and maintain its employment and inflation objectives. As I noted on previous occasions, waiting too long to remove accommodation would be unwise, potentially requiring the FOMC to eventually raise rates rapidly, which could risk disrupting financial markets and pushing the economy into recession. Incoming data suggest that labor market conditions continue to strengthen and inflation is moving up to 2 percent, consistent with the Committee's expectations. At our upcoming meetings, the Committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate.

That said, the economic outlook is uncertain, and monetary policy is not on a preset course. FOMC participants will adjust their assessments of the appropriate path for the federal funds rate in response to changes to the economic outlook and associated risks as informed by incoming data. Also, changes in fiscal policy or other economic policies could potentially affect the economic outlook. Of course, it is too early to know what policy changes will be put in place or how their economic effects will unfold. While it is not my intention to opine on specific tax or spending proposals, I would point to the importance of improving the pace of longer-run economic growth and raising American living standards with policies aimed at improving productivity. I would also hope that fiscal policy changes will be consistent with putting U.S. fiscal accounts on a sustainable trajectory. In any event, it is important to remember that fiscal policy is only one of the many factors that can influence the economic outlook and the appropriate course of monetary policy. Overall, the FOMC's monetary policy decisions will be directed to the attainment of its congressionally mandated objectives of maximum employment and price stability.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
2/14/2017 3:30:43 PM



United States Money Last Previous Highest Lowest Unit
Interest Rate 0.75 0.75 20.00 0.25 percent [+]
Interbank Rate 1.05 1.06 10.63 0.22 percent [+]
Money Supply M0 3595455.00 3531576.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3396.20 3320.70 3396.20 138.90 USD Billion [+]
Money Supply M2 13270.10 13246.90 13270.10 286.60 USD Billion [+]
Foreign Exchange Reserves 117332.00 118219.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4415090.00 4419160.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16088300.00 16013300.00 16168600.00 697581.70 USD Million [+]
Loans to Private Sector 2100.46 2099.67 2104.76 13.65 USD Billion [+]
Private Debt to GDP 197.12 196.94 213.03 155.67 percent [+]
Foreign Bond Investment -21900.00 -205.00 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 February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.75 0.75 20.00 0.25 1971 - 2017 percent Daily



Last
Ghana 25.50 Jan/17
Argentina 24.75 Feb/17
Malawi 24.00 Dec/16
Mozambique 23.25 Feb/17
Gambia 23.00 Dec/16
Venezuela 22.49 Dec/16
Haiti 20.00 Jan/17
Iran 20.00 Dec/16
Belarus 17.00 Jan/17
Angola 16.00 Jan/17
Zambia 15.50 Dec/16
Afghanistan 15.00 Dec/16
Azerbaijan 15.00 Dec/16
Yemen 15.00 Dec/16
Egypt 14.75 Feb/17
Sudan 14.20 Jan/17
Congo 14.00 Jan/17
Mongolia 14.00 Jan/17
Nigeria 14.00 Jan/17
Ukraine 14.00 Jan/17
Liberia 13.70 Dec/16
Brazil 13.00 Jan/17
Guinea 12.50 Dec/16
Suriname 12.50 Dec/15
Seychelles 12.42 Dec/16
Tanzania 12.00 Jan/17
Djibouti 11.60 Dec/15
Uganda 11.50 Feb/17
Kazakhstan 11.00 Feb/17
Sierra Leone 11.00 Jan/17
Tajikistan 11.00 Dec/16
Zimbabwe 10.68 Dec/16
Kenya 10.00 Jan/17
Lebanon 10.00 Dec/16
Myanmar 10.00 Dec/16
Russia 10.00 Feb/17
Sao Tome and Principe 10.00 Dec/16
Uruguay 9.25 Dec/16
Mauritania 9.00 Dec/16
Moldova 9.00 Jan/17
Uzbekistan 9.00 Feb/17
Madagascar 8.30 Dec/16
Ecuador 8.10 Dec/16
Turkey 8.00 Jan/17
Burundi 7.95 Dec/16
Cape Verde 7.50 Dec/16
Colombia 7.50 Jan/17
Swaziland 7.25 Jan/17
Maldives 7.00 Dec/16
Namibia 7.00 Feb/17
Nepal 7.00 Dec/16
South Africa 7.00 Jan/17
Sri Lanka 7.00 Feb/17
Bangladesh 6.75 Dec/16
Georgia 6.75 Jan/17
Lesotho 6.64 Sep/16
Vietnam 6.50 Dec/16
India 6.25 Feb/17
Mexico 6.25 Feb/17
Papua New Guinea 6.25 Jan/17
Rwanda 6.25 Jan/17
Armenia 6.00 Feb/17
Bhutan 6.00 Dec/16
Pakistan 5.75 Jan/17
Botswana 5.50 Jan/17
Brunei 5.50 Dec/16
Dominican Republic 5.50 Jan/17
Honduras 5.50 Feb/17
Paraguay 5.50 Jan/17
Bosnia and Herzegovina 5.21 Nov/16
Ethiopia 5.00 Dec/16
Guyana 5.00 Dec/16
Iceland 5.00 Feb/17
Jamaica 5.00 Dec/16
Kyrgyzstan 5.00 Jan/17
Indonesia 4.75 Feb/17
Qatar 4.75 Jan/17
Trinidad and Tobago 4.75 Dec/16
Benin 4.50 Jan/17
Burkina Faso 4.50 Jan/17
Guinea Bissau 4.50 Jan/17
Ivory Coast 4.50 Jan/17
Mali 4.50 Jan/17
Niger 4.50 Jan/17
Senegal 4.50 Jan/17
Togo 4.50 Dec/16
El Salvador 4.47 Nov/16
China 4.35 Jan/17
Laos 4.25 Dec/16
Peru 4.25 Feb/17
Tunisia 4.25 Jan/17
Bahamas 4.00 Jan/17
Iraq 4.00 Dec/16
Mauritius 4.00 Dec/16
Serbia 4.00 Feb/17
Jordan 3.75 Dec/16
Macedonia 3.75 Dec/16
Algeria 3.50 Dec/16
Barbados 3.40 Jan/17
Chile 3.25 Feb/17
Guatemala 3.00 Jan/17
Libya 3.00 Dec/16
Malaysia 3.00 Jan/17
Philippines 3.00 Feb/17
Belize 2.50 Jan/17
Croatia 2.50 Dec/16
Kuwait 2.50 Jan/17
Cameroon 2.45 Dec/16
Central African Republic 2.45 Dec/16
Chad 2.45 Dec/16
Equatorial Guinea 2.45 Dec/16
Gabon 2.45 Dec/16
Republic of the Congo 2.45 Dec/16
Cuba 2.25 Dec/16
Morocco 2.25 Jan/17
Saudi Arabia 2.00 Dec/16
Bolivia 1.96 Dec/16
Costa Rica 1.75 Dec/16
New Zealand 1.75 Feb/17
Romania 1.75 Feb/17
Australia 1.50 Feb/17
Poland 1.50 Feb/17
Thailand 1.50 Feb/17
United Arab Emirates 1.50 Jan/17
Cambodia 1.45 Nov/16
Taiwan 1.38 Jan/17
Albania 1.25 Feb/17
South Korea 1.25 Jan/17
Oman 1.24 Dec/16
Comoros 1.15 Dec/16
Bahrain 1.00 Jan/17
Hong Kong 1.00 Jan/17
Macau 1.00 Jan/17
Hungary 0.90 Jan/17
United States 0.75 Feb/17
Canada 0.50 Jan/17
Fiji 0.50 Jan/17
Norway 0.50 Jan/17
Panama 0.48 Nov/16
Singapore 0.46 Dec/16
New Caledonia 0.25 Jan/17
United Kingdom 0.25 Feb/17
Israel 0.10 Jan/17
Czech Republic 0.05 Feb/17
Austria 0.00 Jan/17
Belgium 0.00 Jan/17
Bulgaria 0.00 Feb/17
Cyprus 0.00 Jan/17
Estonia 0.00 Jan/17
Euro Area 0.00 Jan/17
Finland 0.00 Jan/17
France 0.00 Jan/17
Germany 0.00 Jan/17
Greece 0.00 Jan/17
Ireland 0.00 Jan/17
Italy 0.00 Jan/17
Latvia 0.00 Jan/17
Lithuania 0.00 Jan/17
Luxembourg 0.00 Jan/17
Malta 0.00 Jan/17
Netherlands 0.00 Jan/17
Portugal 0.00 Jan/17
Slovakia 0.00 Jan/17
Slovenia 0.00 Jan/17
Spain 0.00 Jan/17
Japan -0.10 Jan/17
Sweden -0.50 Feb/17
Denmark -0.65 Jan/17
Switzerland -0.75 Jan/17