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 fourth time during its June 2016 meeting. Yet, future rate assessment suggests policymakers still expect two interest-rate hikes this year. GDP growth forecasts were lowered for 2016 and 2017. Interest Rate in the United States averaged 5.87 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 June of 2016.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-03-16 06:00 PM Fed Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
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%
2016-07-01 03:00 PM Fed Mester Speech
2016-07-27 06:00 PM Fed Interest Rate Decision 0.5% 0.5%
2016-09-21 06:00 PM Fed Interest Rate Decision 0.5%

Fed To Remain Cautious in Hiking Rates

A cautious approach to monetary policy remains appropriate amid a hiring slowdown and uncertain economic outlook, Fed Chair Yellen said in a testimony before the Senate Banking Committee.

Excerpts from the Chair Janet L. Yellen Testimony Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate:

Since my last appearance before this Committee in February, the economy has made further progress toward the Federal Reserve's objective of maximum employment. And while inflation has continued to run below our 2 percent objective, the Federal Open Market Committee (FOMC) expects inflation to rise to that level over the medium term. However, the pace of improvement in the labor market appears to have slowed more recently, suggesting that our cautious approach to adjusting monetary policy remains appropriate.

The Committee's actions reflect a careful assessment of the appropriate setting for monetary policy, taking into account continuing below-target inflation and the mixed readings on the labor market and economic growth seen this year. Proceeding cautiously in raising the federal funds rate will allow us to keep the monetary support to economic growth in place while we assess whether growth is returning to a moderate pace, whether the labor market will strengthen further, and whether inflation will continue to make progress toward our 2 percent objective. Another factor that supports taking a cautious approach in raising the federal funds rate is that the federal funds rate is still near its effective lower bound. If inflation were to remain persistently low or the labor market were to weaken, the Committee would have only limited room to reduce the target range for the federal funds rate. However, if the economy were to overheat and inflation seemed likely to move significantly or persistently above 2 percent, the FOMC could readily increase the target range for the federal funds rate.

The FOMC continues to anticipate that economic conditions will improve further and that the economy 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 because headwinds--which include restraint on U.S. economic activity from economic and financial developments abroad, subdued household formation, and meager productivity growth--mean that the interest rate needed to keep the economy operating near its potential is low by historical standards. If these headwinds slowly fade over time, as the Committee expects, then gradual increases in the federal funds rate are likely to be needed. In line with that view, most FOMC participants, based on their projections prepared for the June meeting, anticipate that values for the federal funds rate of less than 1 percent at the end of this year and less than 2 percent at the end of next year will be consistent with their assessment of appropriate monetary policy.

Of course, the economic outlook is uncertain, so monetary policy is by no means on a preset course and FOMC participants' projections for the federal funds rate are not a predetermined plan for future policy. The actual path of the federal funds rate will depend on economic and financial developments and their implications for the outlook and associated risks. Stronger growth or a more rapid increase in inflation than the Committee currently anticipates would likely make it appropriate to raise the federal funds rate more quickly. 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 their attainment over time.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
6/21/2016 3:20:20 PM

United States Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 20.00 0.25 percent [+]
Interbank Rate 0.65 0.63 10.63 0.22 percent [+]
Money Supply M0 3836463.00 3872940.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3237.00 3184.80 3237.00 138.90 USD Billion [+]
Money Supply M2 12733.00 12652.20 12733.00 286.60 USD Billion [+]
Foreign Exchange Reserves 119190.00 121035.00 153075.00 12128.00 USD Million [+]
Banks Balance Sheet 15947100.00 15967600.00 15967600.00 697581.70 USD Million [+]
Central Bank Balance Sheet 4431680.00 4423010.00 4473860.00 672444.00 USD Million [+]
Loans to Private Sector 2053.27 2047.49 2053.27 13.65 USD Billion [+]
Foreign Bond Investment -74600.00 23628.00 118012.00 -74600.00 USD Million [+]

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