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 sixth time during its September 2016 meeting. Policymakers said that the case for a rate hike has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives. Three out of ten members voted for a rate hike. Fed Chair Janet Yellen, speaking after the central bank's latest policy statement, said US growth has strengthen and rate hikes would be necessary to keep the economy from overheating and fueling high inflation. Interest Rate in the United States averaged 5.85 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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Calendar GMT Reference Actual Previous Consensus Forecast (i)
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%
2016-09-21 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%
2016-11-23 06:00 PM FOMC Minutes
2016-12-14 06:00 PM FOMC Economic Projections

Fed Continues to Leave 2016 Rate Hike Option Open

Fed's decision to leave the target for the federal funds rate on hold in September was a close call and policymakers generally agreed that the case for a rate hike had strengthened in recent months, minutes from FOMC meeting held on September 20-21st showed.

Extracts From the Minutes of the Federal Open Market Committee:

Participants generally expected that, with gradual adjustments in the stance of monetary policy, economic activity would expand at a moderate pace and labor market conditions would strengthen somewhat further. Inflation was expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipated and the labor market strengthened further. A number of participants indicated that there had been little change in their economic outlooks over recent months. A substantial majority now viewed the near-term risks to the economic outlook as roughly balanced, with several of them indicating the risks from Brexit had receded. However, a few still judged that overall risks were weighted to the downside, citing various factors that included the possibility of weaker-than-expected growth in foreign economies, continued uncertainty associated with Brexit, the proximity of policy interest rates to the effective lower bound, or persistent headwinds to economic growth. Participants agreed that the Committee should continue to closely monitor inflation indicators and global economic and financial developments.

Against the backdrop of their economic projections, participants discussed whether available information warranted taking another step to reduce policy accommodation at this meeting. Participants generally agreed that the case for increasing the target range for the federal funds rate had strengthened in recent months. Many of them, however, expressed the view that recent evidence suggested that some slack remained in the labor market. With inflation continuing to run below the Committee's 2 percent objective and few signs of increased pressure on wages and prices, most of these participants thought it would be appropriate to await further evidence of continued progress toward the Committee's statutory objectives. In contrast, some other participants believed that the economy was at or near full employment and inflation was moving toward 2 percent. They maintained that a further delay in raising the target range would unduly increase the risk of the unemployment rate falling markedly below its longer-run normal level, necessitating a more rapid removal of monetary policy accommodation that could shorten the economic expansion. In addition, several participants expressed concern that continuing to delay an increase in the target range implied a further divergence from policy benchmarks based on the Committee's past behavior or risked eroding its credibility, especially given that recent economic data had largely corroborated the Committee's economic outlook.

Among the participants who supported awaiting further evidence of continued progress toward the Committee's objectives, several stated that the decision at this meeting was a close call. Some participants believed that it would be appropriate to raise the target range for the federal funds rate relatively soon if the labor market continued to improve and economic activity strengthened, while some others preferred to wait for more convincing evidence that inflation was moving toward the Committee's 2 percent objective. Some participants noted the importance of clearly communicating to the public the conditions that would warrant an increase in the policy rate.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
10/12/2016 6:26:54 PM

United States Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 20.00 0.25 percent [+]
Interbank Rate 0.88 0.88 10.63 0.22 percent [+]
Money Supply M0 3735753.00 3816517.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3317.90 3314.10 3317.90 138.90 USD Billion [+]
Money Supply M2 13070.60 13005.80 13070.60 286.60 USD Billion [+]
Foreign Exchange Reserves 120313.00 120411.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4417420.00 4418320.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 15910100.00 15912400.00 16168600.00 697581.70 USD Million [+]
Loans to Private Sector 2076.68 2057.64 2076.68 13.65 USD Billion [+]
Private Debt to GDP 197.51 197.32 212.98 155.67 percent [+]
Foreign Bond Investment -24784.00 -13100.00 118012.00 -74582.00 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 October of 2016.

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

Malawi 27.00 Sep/16
Argentina 26.75 Oct/16
Ghana 26.00 Sep/16
Mozambique 23.25 Oct/16
Gambia 23.00 Aug/16
Venezuela 21.99 Aug/16
Haiti 20.00 Sep/16
Iran 20.00 Dec/16
Belarus 18.00 Sep/16
Angola 16.00 Sep/16
Zambia 15.50 Sep/16
Afghanistan 15.00 Sep/16
Azerbaijan 15.00 Sep/16
Mongolia 15.00 Sep/16
Ukraine 15.00 Sep/16
Yemen 15.00 Sep/16
Sudan 14.20 Apr/16
Brazil 14.00 Oct/16
Nigeria 14.00 Sep/16
Uganda 14.00 Sep/16
Liberia 13.57 Jun/16
Djibouti 12.70 Dec/14
Guinea 12.50 Sep/16
Kazakhstan 12.50 Oct/16
Suriname 12.50 Dec/15
Seychelles 12.34 Aug/16
Tanzania 12.00 Sep/16
Egypt 11.75 Sep/16
Tajikistan 11.00 Sep/16
Zimbabwe 10.69 Jul/16
Sierra Leone 10.50 Sep/16
Kenya 10.00 Sep/16
Lebanon 10.00 Sep/16
Myanmar 10.00 Sep/16
Russia 10.00 Sep/16
Sao Tome and Principe 10.00 Sep/16
Moldova 9.50 Sep/16
Uruguay 9.25 Sep/16
Mauritania 9.00 Sep/16
Uzbekistan 9.00 Sep/16
Burundi 8.89 Sep/16
Ecuador 8.78 Sep/16
Madagascar 8.30 Sep/16
Colombia 7.75 Sep/16
Cape Verde 7.50 Sep/16
Turkey 7.50 Oct/16
Congo 7.00 Sep/16
Maldives 7.00 Sep/16
Namibia 7.00 Oct/16
Nepal 7.00 Sep/16
South Africa 7.00 Sep/16
Sri Lanka 7.00 Sep/16
Swaziland 7.00 Sep/16
Armenia 6.75 Sep/16
Bangladesh 6.75 Sep/16
Lesotho 6.69 Jun/16
Georgia 6.50 Sep/16
Rwanda 6.50 Sep/16
Vietnam 6.50 Sep/16
India 6.25 Oct/16
Papua New Guinea 6.25 Oct/16
Bhutan 6.00 Sep/16
Kyrgyzstan 6.00 Sep/16
Pakistan 5.75 Sep/16
Botswana 5.50 Oct/16
Brunei 5.50 Sep/16
Honduras 5.50 Sep/16
Paraguay 5.50 Oct/16
Iceland 5.25 Oct/16
Bosnia and Herzegovina 5.20 Aug/16
Dominican Republic 5.00 Oct/16
Ethiopia 5.00 Sep/16
Guyana 5.00 Sep/16
Jamaica 5.00 Sep/16
Indonesia 4.75 Oct/16
Mexico 4.75 Sep/16
Trinidad and Tobago 4.75 Sep/16
Bahamas 4.50 Aug/16
Laos 4.50 Sep/16
Qatar 4.50 Sep/16
El Salvador 4.48 Jun/16
China 4.35 Sep/16
Peru 4.25 Oct/16
Tunisia 4.25 Sep/16
Algeria 4.00 Sep/16
Iraq 4.00 Sep/16
Macedonia 4.00 Sep/16
Mauritius 4.00 Sep/16
Serbia 4.00 Oct/16
Jordan 3.75 Sep/16
Benin 3.50 Sep/16
Burkina Faso 3.50 Sep/16
Chile 3.50 Oct/16
Guinea Bissau 3.50 Sep/16
Ivory Coast 3.50 Sep/16
Mali 3.50 Sep/16
Niger 3.50 Sep/16
Senegal 3.50 Sep/16
Togo 3.50 Sep/16
Barbados 3.13 Sep/16
Guatemala 3.00 Sep/16
Libya 3.00 Sep/16
Malaysia 3.00 Sep/16
Philippines 3.00 Sep/16
Belize 2.50 Aug/16
Croatia 2.50 Aug/16
Cameroon 2.45 Sep/16
Central African Republic 2.45 Sep/16
Chad 2.45 Sep/16
Equatorial Guinea 2.45 Sep/16
Gabon 2.45 Sep/16
Republic of the Congo 2.45 Sep/16
Cuba 2.25 Sep/16
Kuwait 2.25 Sep/16
Morocco 2.25 Sep/16
Bolivia 2.10 Aug/16
New Zealand 2.00 Sep/16
Saudi Arabia 2.00 Sep/16
Costa Rica 1.75 Sep/16
Romania 1.75 Sep/16
Australia 1.50 Oct/16
Poland 1.50 Oct/16
Thailand 1.50 Sep/16
Cambodia 1.45 Aug/16
Taiwan 1.38 Sep/16
Albania 1.25 Oct/16
South Korea 1.25 Oct/16
United Arab Emirates 1.25 Sep/16
Comoros 1.16 Sep/16
Oman 1.00 Sep/16
Hungary 0.90 Oct/16
Bahrain 0.75 Sep/16
Hong Kong 0.75 Sep/16
Macau 0.75 Sep/16
Canada 0.50 Oct/16
Fiji 0.50 Sep/16
Norway 0.50 Sep/16
United States 0.50 Sep/16
Panama 0.47 Jul/16
New Caledonia 0.25 Sep/16
United Kingdom 0.25 Sep/16
Singapore 0.12 Sep/16
Israel 0.10 Sep/16
Czech Republic 0.05 Sep/16
Austria 0.00 Oct/16
Belgium 0.00 Oct/16
Bulgaria 0.00 Sep/16
Cyprus 0.00 Oct/16
Estonia 0.00 Oct/16
Euro Area 0.00 Oct/16
Finland 0.00 Oct/16
France 0.00 Oct/16
Germany 0.00 Oct/16
Greece 0.00 Oct/16
Ireland 0.00 Oct/16
Italy 0.00 Oct/16
Latvia 0.00 Oct/16
Lithuania 0.00 Oct/16
Luxembourg 0.00 Oct/16
Malta 0.00 Oct/16
Netherlands 0.00 Oct/16
Portugal 0.00 Oct/16
Slovakia 0.00 Oct/16
Slovenia 0.00 Oct/16
Spain 0.00 Oct/16
Japan -0.10 Sep/16
Sweden -0.50 Sep/16
Denmark -0.65 Sep/16
Switzerland -0.75 Sep/16