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

The Federal Reserve raised the target range for its federal funds by 25 basis points rate to 0.5 percent to 0.75 percent, during its December 2016 meeting. Policymakers said that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year. Inflation is expected to rise to 2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further. The decision was unanimous and widely expected. Interest Rate in the United States averaged 5.83 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.

United States Fed Funds Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
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 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%
2017-03-15 07:00 PM Fed Interest Rate Decision 0.75%
2017-03-15 07:00 PM FOMC Economic Projections




Fed Shows Concerns Over Fiscal Policy Uncertainty


The Federal Reserve might need to raise rates faster than previously anticipated as the "undershooting” of the unemployment rate might help return inflation to the 2 percent target. Policymakers emphasized their uncertainty about the timing, size, and composition of any future fiscal and other economic policy initiatives, minutes from FOMC meeting held on December 13-14 showed. The Fed last hiked the target for the federal funds rate by 25 basis points to between 0.50 percent and 0.75 percent in December.

Extracts From the Minutes of the Federal Open Market Committee:

In their discussion of their economic forecasts, participants emphasized their considerable uncertainty about the timing, size, and composition of any future fiscal and other economic policy initiatives as well as about how those polices might affect aggregate demand and supply. Several participants pointed out that, depending on the mix of tax, spending, regulatory, and other possible policy changes, economic growth might turn out to be faster or slower than they currently anticipated. However, almost all also indicated that the upside risks to their forecasts for economic growth had increased as a result of prospects for more expansionary fiscal policies in coming years. Many participants underscored the need to continue to weigh other risks and uncertainties attending the economic outlook. In that regard, several noted upside risks to U.S. economic activity from the potential for better-than-expected economic growth abroad or an acceleration of domestic business investment. Among the downside risks cited were the possibility of additional appreciation of the foreign exchange value of the dollar, financial vulnerabilities in some foreign economies, and the proximity of the federal funds rate to the effective lower bound. 

Many participants judged that the risk of a sizable undershooting of the longer-run normal unemployment rate had increased somewhat and that the Committee might need to raise the federal funds rate more quickly than currently anticipated to limit the degree of undershooting and stem a potential buildup of inflationary pressures. However, with inflation still below the Committee's 2 percent objective, it was noted that downside risks to inflation remained and that a moderate undershooting of the longer-run normal unemployment rate could help return inflation to 2 percent. 

At this meeting, members continued to expect that, with gradual adjustments in the stance of monetary policy, inflation would rise to the Committee's 2 percent objective over the medium term as the transitory effects of past declines in energy prices and non-energy import prices dissipated and the labor market strengthened further. This view was reinforced by the rise in inflation in recent months and by recent increases in inflation compensation. Against this backdrop and in light of the current shortfall in inflation from 2 percent, members agreed that they would continue to closely monitor actual and expected progress toward the Committee's inflation goal.

After assessing the outlook for economic activity, the labor market, and inflation, members agreed to raise the target range for the federal funds rate to 1/2 to 3/4 percent. This increase in the target range was viewed as appropriate in light of the considerable progress that had been made toward the Committee's objective of maximum employment and, in view of the rise in inflation since earlier in the year, the Committee's confidence that inflation would rise to 2 percent in the medium term. Members judged that, even after this increase in the target range, the stance of monetary policy remained accommodative, thereby supporting some further strengthening in labor market conditions and a return to 2 percent inflation.


Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
1/4/2017 7:29:12 PM



United States Money Last Previous Highest Lowest Unit
Interest Rate 0.75 0.50 20.00 0.25 percent [+]
Interbank Rate 1.04 1.03 10.63 0.22 percent [+]
Money Supply M0 3531576.00 3629728.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3320.70 3354.00 3354.00 138.90 USD Billion [+]
Money Supply M2 13246.90 13223.20 13246.90 286.60 USD Billion [+]
Foreign Exchange Reserves 118219.00 120142.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4414390.00 4427220.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 15951700.00 15955500.00 16168600.00 697581.70 USD Million [+]
Loans to Private Sector 2099.67 2104.76 2104.76 13.65 USD Billion [+]
Private Debt to GDP 197.12 196.94 213.03 155.67 percent [+]
Foreign Bond Investment -205.00 -63537.00 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 January of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.75 0.50 20.00 0.25 1971 - 2016 percent Daily



Last
Ghana 25.50 Dec/16
Argentina 24.75 Jan/17
Malawi 24.00 Dec/16
Mozambique 23.25 Dec/16
Gambia 23.00 Dec/16
Venezuela 22.48 Nov/16
Haiti 20.00 Dec/16
Iran 20.00 Dec/16
Belarus 17.00 Jan/17
Angola 16.00 Dec/16
Zambia 15.50 Dec/16
Afghanistan 15.00 Dec/16
Azerbaijan 15.00 Dec/16
Yemen 15.00 Dec/16
Egypt 14.75 Dec/16
Sudan 14.20 Dec/16
Congo 14.00 Jan/17
Mongolia 14.00 Dec/16
Nigeria 14.00 Dec/16
Ukraine 14.00 Dec/16
Liberia 13.70 Dec/16
Brazil 13.00 Jan/17
Guinea 12.50 Dec/16
Suriname 12.50 Dec/15
Seychelles 12.36 Nov/16
Kazakhstan 12.00 Jan/17
Tanzania 12.00 Oct/16
Uganda 12.00 Dec/16
Djibouti 11.60 Dec/15
Sierra Leone 11.00 Dec/16
Tajikistan 11.00 Dec/16
Zimbabwe 10.68 Dec/16
Kenya 10.00 Dec/16
Lebanon 10.00 Dec/16
Myanmar 10.00 Dec/16
Russia 10.00 Dec/16
Sao Tome and Principe 10.00 Dec/16
Uruguay 9.25 Dec/16
Mauritania 9.00 Dec/16
Moldova 9.00 Dec/16
Uzbekistan 9.00 Dec/16
Madagascar 8.30 Dec/16
Ecuador 8.10 Dec/16
Turkey 8.00 Dec/16
Burundi 7.95 Dec/16
Cape Verde 7.50 Dec/16
Colombia 7.50 Dec/16
Maldives 7.00 Dec/16
Namibia 7.00 Dec/16
Nepal 7.00 Dec/16
South Africa 7.00 Dec/16
Sri Lanka 7.00 Dec/16
Swaziland 7.00 Dec/16
Bangladesh 6.75 Dec/16
Lesotho 6.64 Sep/16
Georgia 6.50 Dec/16
Vietnam 6.50 Dec/16
Armenia 6.25 Dec/16
India 6.25 Dec/16
Papua New Guinea 6.25 Dec/16
Rwanda 6.25 Dec/16
Bhutan 6.00 Dec/16
Mexico 5.75 Dec/16
Pakistan 5.75 Dec/16
Bosnia and Herzegovina 5.69 Oct/16
Botswana 5.50 Dec/16
Brunei 5.50 Dec/16
Dominican Republic 5.50 Dec/16
Honduras 5.50 Dec/16
Paraguay 5.50 Dec/16
Ethiopia 5.00 Dec/16
Guyana 5.00 Dec/16
Iceland 5.00 Dec/16
Jamaica 5.00 Dec/16
Kyrgyzstan 5.00 Dec/16
Indonesia 4.75 Jan/17
Qatar 4.75 Dec/16
Trinidad and Tobago 4.75 Nov/16
Benin 4.50 Dec/16
Burkina Faso 4.50 Dec/16
Guinea Bissau 4.50 Dec/16
Ivory Coast 4.50 Dec/16
Mali 4.50 Dec/16
Niger 4.50 Dec/16
Senegal 4.50 Dec/16
Togo 4.50 Dec/16
El Salvador 4.46 Oct/16
China 4.35 Dec/16
Laos 4.25 Dec/16
Peru 4.25 Jan/17
Tunisia 4.25 Dec/16
Algeria 4.00 Dec/16
Bahamas 4.00 Dec/16
Iraq 4.00 Dec/16
Macedonia 4.00 Nov/16
Mauritius 4.00 Dec/16
Serbia 4.00 Jan/17
Jordan 3.75 Dec/16
Barbados 3.29 Dec/16
Chile 3.25 Jan/17
Guatemala 3.00 Dec/16
Libya 3.00 Dec/16
Malaysia 3.00 Jan/17
Philippines 3.00 Dec/16
Belize 2.50 Dec/16
Croatia 2.50 Nov/16
Kuwait 2.50 Dec/16
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 Dec/16
Bolivia 2.21 Nov/16
Saudi Arabia 2.00 Dec/16
Costa Rica 1.75 Dec/16
New Zealand 1.75 Dec/16
Romania 1.75 Jan/17
Australia 1.50 Dec/16
Poland 1.50 Jan/17
Thailand 1.50 Dec/16
United Arab Emirates 1.50 Dec/16
Cambodia 1.45 Oct/16
Taiwan 1.38 Dec/16
Albania 1.25 Dec/16
South Korea 1.25 Jan/17
Oman 1.24 Dec/16
Comoros 1.15 Dec/16
Bahrain 1.00 Dec/16
Hong Kong 1.00 Dec/16
Macau 1.00 Dec/16
Hungary 0.90 Dec/16
United States 0.75 Dec/16
Canada 0.50 Jan/17
Fiji 0.50 Dec/16
Norway 0.50 Dec/16
Panama 0.48 Oct/16
Singapore 0.46 Dec/16
New Caledonia 0.25 Dec/16
United Kingdom 0.25 Dec/16
Israel 0.10 Dec/16
Czech Republic 0.05 Dec/16
Austria 0.00 Jan/17
Belgium 0.00 Jan/17
Bulgaria 0.00 Jan/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 Dec/16
Sweden -0.50 Dec/16
Denmark -0.65 Dec/16
Switzerland -0.75 Dec/16