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

The Federal Reserve raised the target range for its federal funds by 25bps to 0.75 percent to 1 percent during its March 2017 meeting. The decision came in line with market expectations as the labor market strengthened and economic activity continued to expand at a moderate pace, policymakers said. Interest rate forecasts point to another two rate hikes this year, the same as in the December projection. 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)
2016-12-14 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%
2017-03-15 06:00 PM Fed Interest Rate Decision 1% 0.75% 1% 1%
2017-04-28 05:15 PM Fed Brainard Speech
2017-04-28 06:30 PM Fed Harker Speech
2017-05-03 06:00 PM Fed Interest Rate Decision 1% 1%

Fed Likely To Reduce Balance Sheet This Year

Further increases in the federal funds rate would continue and a cut in the $4.5 trillion in bonds the central bank holds would be appropriate later this year if the economy continues to perform as expected, minutes from last FOMC meeting showed.

Extracts From the Minutes of the Federal Open Market Committee:

Consistent with the Policy Normalization Principles and Plans, nearly all participants preferred that the timing of a change in reinvestment policy depend on an assessment of economic and financial conditions. Several participants indicated that the timing should be based on a quantitative threshold or trigger tied to the target range for the federal funds rate. Some other participants expressed the view that the timing should depend on a qualitative judgment about economic and financial conditions. Such a judgment would importantly encompass an assessment by the Committee of the risks to the outlook, including the degree of confidence that evolving circumstances would not soon require a reversal in the direction of policy. Taking these considerations into account, policymakers discussed the likely level of the federal funds rate when a change in the Committee's reinvestment policy would be appropriate. Provided that the economy continued to perform about as expected, most participants anticipated that gradual increases in the federal funds rate would continue and judged that a change to the Committee's reinvestment policy would likely be appropriate later this year. Many participants emphasized that reducing the size of the balance sheet should be conducted in a passive and predictable manner. Some participants expressed the view that it might be appropriate for the Committee to restart reinvestments if the economy encountered significant adverse shocks that required a reduction in the target range for the federal funds rate.

With respect to the economic outlook and its implications for monetary policy, members continued to expect 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. It was noted that recent increases in consumer energy prices could cause inflation to temporarily reach or even rise a bit above 2 percent in the near term. Members anticipated that inflation would stabilize around 2 percent over the medium term and commented that transitory deviations above and below 2 percent were to be expected. Members continued to judge that there was significant uncertainty about the effects of possible changes in fiscal and other government policies but that near-term risks to the economic outlook appeared roughly balanced. A few members noted that domestic upside risks may have increased somewhat in recent months, partly reflecting potential changes in fiscal policy, while some downside risks from abroad appeared to have diminished. Members agreed that they would continue to closely monitor inflation indicators and global economic and financial developments.

After assessing current conditions and the outlook for economic activity, the labor market, and inflation, all but one member agreed to raise the target range for the federal funds rate to 3/4 to 1 percent. This increase was viewed as appropriate in light of the further progress that had been made toward the Committee's objectives of maximum employment and 2 percent inflation. Members generally noted that the increase in the target range did not reflect changes in their assessments of the economic outlook or the appropriate path of the federal funds rate, adding that the increase was consistent with the gradual pace of removal of accommodation that was anticipated in December, when the Committee last raised the target range.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
4/5/2017 6:33:34 PM

United States Money Last Previous Highest Lowest Unit
Interest Rate 1.00 0.75 20.00 0.25 percent [+]
Interbank Rate 1.16 1.15 10.63 0.22 percent [+]
Money Supply M0 3856260.00 3746400.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3436.50 3374.00 3436.50 138.90 USD Billion [+]
Money Supply M2 13390.60 13313.10 13390.60 286.60 USD Billion [+]
Foreign Exchange Reserves 118281.00 119183.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4436370.00 4436220.00 4473860.00 672444.00 USD Million [+]
Banks Balance Sheet 16138100.00 16169600.00 16257400.00 697581.70 USD Million [+]
Loans to Private Sector 2084.58 2096.03 2104.76 13.65 USD Billion [+]
Private Debt to GDP 198.49 198.37 213.28 155.67 percent [+]
Foreign Bond Investment -13475.00 -7174.00 118012.00 -74329.00 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 April of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.00 0.75 20.00 0.25 1971 - 2017 percent Daily

Argentina 26.25 Apr/17
Ghana 23.50 Mar/17
Gambia 23.00 Mar/17
Malawi 22.00 Mar/17
Venezuela 21.78 Feb/17
Mozambique 21.75 Apr/17
Haiti 20.00 Mar/17
Iran 18.00 Dec/16
Angola 16.00 Apr/17
Tajikistan 16.00 Mar/17
Afghanistan 15.00 Mar/17
Azerbaijan 15.00 Mar/17
Egypt 14.75 Mar/17
Sudan 14.20 Mar/17
Belarus 14.00 Apr/17
Congo 14.00 Mar/17
Mongolia 14.00 Mar/17
Nigeria 14.00 Mar/17
Zambia 14.00 Mar/17
Liberia 13.70 Mar/17
Ukraine 13.00 Apr/17
Guinea 12.50 Mar/17
Suriname 12.50 Dec/15
Seychelles 12.38 Feb/17
Sierra Leone 12.00 Mar/17
Tanzania 12.00 Mar/17
Djibouti 11.60 Dec/15
Brazil 11.25 Apr/17
Kazakhstan 11.00 Apr/17
Uganda 11.00 Apr/17
Zimbabwe 10.68 Dec/16
Kenya 10.00 Mar/17
Lebanon 10.00 Mar/17
Myanmar 10.00 Mar/17
Sao Tome and Principe 10.00 Mar/17
Russia 9.75 Mar/17
Uruguay 9.25 Mar/17
Mauritania 9.00 Mar/17
Moldova 9.00 Mar/17
Uzbekistan 9.00 Mar/17
Madagascar 8.30 Jan/17
Ecuador 8.14 Mar/17
Turkey 8.00 Mar/17
Cape Verde 7.50 Mar/17
Sri Lanka 7.25 Mar/17
Swaziland 7.25 Mar/17
Burundi 7.17 Dec/16
Colombia 7.00 Mar/17
Maldives 7.00 Mar/17
Namibia 7.00 Apr/17
Nepal 7.00 Mar/17
South Africa 7.00 Mar/17
Bangladesh 6.75 Mar/17
Georgia 6.75 Mar/17
Lesotho 6.64 Sep/16
Mexico 6.50 Mar/17
Vietnam 6.50 Mar/17
Yemen 6.50 Mar/17
India 6.25 Apr/17
Papua New Guinea 6.25 Mar/17
Rwanda 6.25 Mar/17
Armenia 6.00 Mar/17
Bhutan 6.00 Mar/17
Dominican Republic 5.75 Apr/17
Pakistan 5.75 Mar/17
Botswana 5.50 Feb/17
Brunei 5.50 Mar/17
Honduras 5.50 Mar/17
Paraguay 5.50 Mar/17
Ethiopia 5.00 Mar/17
Guyana 5.00 Feb/17
Iceland 5.00 Mar/17
Jamaica 5.00 Mar/17
Kyrgyzstan 5.00 Mar/17
Qatar 5.00 Mar/17
Bosnia and Herzegovina 4.91 Jan/17
Indonesia 4.75 Apr/17
Trinidad and Tobago 4.75 Mar/17
Benin 4.50 Mar/17
Burkina Faso 4.50 Mar/17
Guinea Bissau 4.50 Mar/17
Ivory Coast 4.50 Mar/17
Jordan 4.50 Mar/17
Mali 4.50 Mar/17
Niger 4.50 Mar/17
Senegal 4.50 Mar/17
Togo 4.50 Mar/17
El Salvador 4.47 Jan/17
China 4.35 Mar/17
Laos 4.25 Mar/17
Peru 4.25 Apr/17
Tunisia 4.25 Mar/17
Bahamas 4.00 Mar/17
Iraq 4.00 Mar/17
Mauritius 4.00 Mar/17
Serbia 4.00 Apr/17
Algeria 3.50 Mar/17
Macedonia 3.25 Feb/17
Barbados 3.11 Mar/17
Guatemala 3.00 Mar/17
Libya 3.00 Mar/17
Malaysia 3.00 Mar/17
Philippines 3.00 Mar/17
Chile 2.75 Apr/17
Kuwait 2.75 Mar/17
Belize 2.50 Mar/17
Croatia 2.50 Feb/17
Cameroon 2.45 Mar/17
Central African Republic 2.45 Mar/17
Chad 2.45 Mar/17
Equatorial Guinea 2.45 Mar/17
Gabon 2.45 Mar/17
Republic of the Congo 2.45 Mar/17
Cuba 2.25 Mar/17
Morocco 2.25 Mar/17
Saudi Arabia 2.00 Mar/17
Bolivia 1.94 Feb/17
Costa Rica 1.75 Mar/17
New Zealand 1.75 Mar/17
Romania 1.75 Mar/17
United Arab Emirates 1.75 Mar/17
Cambodia 1.55 Jan/17
Australia 1.50 Apr/17
Poland 1.50 Apr/17
Thailand 1.50 Mar/17
Oman 1.48 Mar/17
Taiwan 1.38 Mar/17
Albania 1.25 Mar/17
Bahrain 1.25 Mar/17
Hong Kong 1.25 Mar/17
Macau 1.25 Mar/17
South Korea 1.25 Apr/17
Comoros 1.15 Jan/17
United States 1.00 Mar/17
Hungary 0.90 Mar/17
Panama 0.65 Jan/17
Singapore 0.57 Mar/17
Canada 0.50 Apr/17
Fiji 0.50 Mar/17
Norway 0.50 Mar/17
New Caledonia 0.25 Mar/17
United Kingdom 0.25 Mar/17
Israel 0.10 Apr/17
Czech Republic 0.05 Mar/17
Austria 0.00 Mar/17
Belgium 0.00 Mar/17
Bulgaria 0.00 Apr/17
Cyprus 0.00 Mar/17
Estonia 0.00 Mar/17
Euro Area 0.00 Mar/17
Finland 0.00 Mar/17
France 0.00 Mar/17
Germany 0.00 Mar/17
Greece 0.00 Mar/17
Ireland 0.00 Mar/17
Italy 0.00 Mar/17
Latvia 0.00 Mar/17
Lithuania 0.00 Mar/17
Luxembourg 0.00 Mar/17
Malta 0.00 Mar/17
Netherlands 0.00 Mar/17
Portugal 0.00 Mar/17
Slovakia 0.00 Mar/17
Slovenia 0.00 Mar/17
Spain 0.00 Mar/17
Japan -0.10 Mar/17
Sweden -0.50 Mar/17
Denmark -0.65 Mar/17
Switzerland -0.75 Mar/17