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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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 September of 2016.

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 05:00 PM Fed Interest Rate Decision 0.5% 0.5%
2016-12-14 06:00 PM FOMC Economic Projections
2016-12-14 07:00 PM Fed Interest Rate Decision 0.75%

Fed Keeps Rates on Hold

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.

The committee lowered its GDP growth forecasts for 2016 to 1.8 percent from 2 percent in the June projection. The unemployment rate is expected to be higher at 4.8 percent this year (4.7 percent in June) and PCE inflation is estimated to be lower at 1.3 percent (1.4 percent in June). For 2017, forecasts were left unchanged: the GDP is expected to grow 2 percent; the unemployment rate is seen at 4.6 percent and PCE inflation at 1.9 percent.

FOMC Statement: 

Information received since the Federal Open Market Committee met in July indicates that the labor market has continued to strengthen and growth of economic activity has picked up from the modest pace seen in the first half of this year. Although the unemployment rate is little changed in recent months, job gains have been solid, on average. Household spending has been growing strongly but business fixed investment has remained soft. Inflation has continued to run below the Committee's 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation remain low; most survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market conditions will strengthen somewhat further. Inflation is 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 dissipate and the labor market strengthens further. Near-term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. This assessment 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 light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
9/21/2016 6:29:17 PM

United States Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 20.00 0.25 percent [+]
Interbank Rate 0.84 0.85 10.63 0.22 percent [+]
Money Supply M0 3816517.00 3772402.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3314.10 3242.80 3314.10 138.90 USD Billion [+]
Money Supply M2 13005.80 12893.30 13005.80 286.60 USD Billion [+]
Foreign Exchange Reserves 120411.00 120202.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4423220.00 4418520.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16143100.00 16152700.00 16152700.00 697581.70 USD Million [+]
Loans to Private Sector 2057.64 2064.14 2064.14 13.65 USD Billion [+]
Private Debt to GDP 197.51 197.32 212.98 155.67 percent [+]
Foreign Bond Investment -13100.00 -32921.00 118012.00 -74582.00 USD Million [+]

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