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%
2017-03-01 11:00 PM Fed Brainard Speech
2017-03-03 12:00 AM Fed Mester Speech
2017-03-03 03:15 PM Fed Evans Speech




Fed May Raise Rates Soon


Many Fed officials said it might be appropriate to raise rates again fairly soon, depending on incoming data for labour market and inflation, minutes from FOMC meeting held on January 31-February 1 showed. However, policymakers emphasized uncertainty regarding fiscal policies and showed concerns over the dollar appreciation.

Extracts From the Minutes of the Federal Open Market Committee:

Participants generally indicated that their economic forecasts had changed little since the December FOMC meeting. They continued to anticipate that, with gradual adjustments in the stance of monetary policy, economic activity would expand at a moderate pace, labor market conditions would strengthen somewhat further, and inflation would rise to 2 percent over the medium term. They also judged that near-term risks to the economic outlook appeared roughly balanced. Participants again emphasized their considerable uncertainty about the prospects for changes in fiscal and other government policies as well as about the timing and magnitude of the net effects of such changes on economic activity. In discussing the risks to the economic outlook, participants continued to view the possibility of more expansionary fiscal policy as having increased the upside risks to their economic forecasts, although some noted that several potential changes in government policies could pose downside risks. In addition, several viewed the downside risks from weaker economic activity abroad as having diminished somewhat. But several indicated that they continued to be concerned about the downside risks to economic activity associated with the possibility of additional appreciation of the foreign exchange value of the dollar or financial vulnerabilities in some foreign economies, together with the proximity of the federal funds rate to the effective lower bound. 

In discussing the outlook for monetary policy over the period ahead, many participants expressed the view that it might be appropriate to raise the federal funds rate again fairly soon if incoming information on the labor market and inflation was in line with or stronger than their current expectations or if the risks of overshooting the Committee's maximum-employment and inflation objectives increased. A few participants noted that continuing to remove policy accommodation in a timely manner, potentially at an upcoming meeting, would allow the Committee greater flexibility in responding to subsequent changes in economic conditions. Several judged that the risk of a sizable undershooting of the longer-run normal unemployment rate was high, particularly if economic growth was faster than currently expected. If that situation developed, the Committee might need to raise the federal funds rate more quickly than most participants currently anticipated to limit the buildup of inflationary pressures. However, with inflation still short of the Committee's objective and inflation expectations remaining low, a few others continued to see downside risks to inflation or anticipated only a gradual return of inflation to the 2 percent objective as the labor market strengthened further. A couple of participants expressed concern that the Committee's communications about a gradual pace of policy firming might be misunderstood as a commitment to only one or two rate hikes per year and stressed the importance of communicating that policy will respond to the evolving economic outlook as appropriate to achieve the Committee's objectives. Participants also generally agreed that the Committee should begin discussions at upcoming meetings about the economic conditions that could warrant changes in the existing policy of reinvesting proceeds from maturing Treasury securities and principal payments from agency debt and mortgage-backed securities, as well as how those changes would be implemented and communicated.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
2/22/2017 7:33:42 PM



United States Money Last Previous Highest Lowest Unit
Interest Rate 0.75 0.75 20.00 0.25 percent [+]
Interbank Rate 1.06 1.05 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 4424490.00 4416720.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16138600.00 16090700.00 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 March 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
Angola 16.00 Feb/17
Belarus 16.00 Feb/17
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
Zambia 14.00 Feb/17
Liberia 13.70 Dec/16
Guinea 12.50 Dec/16
Suriname 12.50 Dec/15
Seychelles 12.42 Dec/16
Brazil 12.25 Mar/17
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 Feb/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 7.25 Feb/17
Swaziland 7.25 Feb/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 Feb/17
Brunei 5.50 Dec/16
Dominican Republic 5.50 Feb/17
Honduras 5.50 Feb/17
Paraguay 5.50 Feb/17
Ethiopia 5.00 Dec/16
Guyana 5.00 Dec/16
Iceland 5.00 Feb/17
Jamaica 5.00 Dec/16
Kyrgyzstan 5.00 Feb/17
Bosnia and Herzegovina 4.97 Dec/16
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 Feb/17
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 Feb/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 Dec/16
Taiwan 1.38 Jan/17
Albania 1.25 Feb/17
South Korea 1.25 Feb/17
Oman 1.24 Dec/16
Comoros 1.15 Dec/16
Bahrain 1.00 Feb/17
Hong Kong 1.00 Jan/17
Macau 1.00 Jan/17
Hungary 0.90 Feb/17
United States 0.75 Feb/17
Panama 0.58 Dec/16
Canada 0.50 Mar/17
Fiji 0.50 Feb/17
Norway 0.50 Jan/17
Singapore 0.46 Dec/16
New Caledonia 0.25 Jan/17
United Kingdom 0.25 Feb/17
Israel 0.10 Feb/17
Czech Republic 0.05 Feb/17
Austria 0.00 Jan/17
Belgium 0.00 Jan/17
Bulgaria 0.00 Mar/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