Monthly history
Fed funds rate history by month and year
Every monthly average of the effective federal funds rate from Jul 1954 to Aug 2026, with yearly averages, highs and lows.
Latest monthly average
3.63%
Aug 2026
- Latest daily (EFFR)
- 3.88%24 September 2026
- Highest monthly average
- 19.10%Jun 1981
- Lowest monthly average
- 0.05%Apr 2020
Monthly average, Jul 1954 to Aug 2026
Source: Board of Governors of the Federal Reserve System via FRED series FEDFUNDS · Monthly average of daily figures · Latest observation Aug 2026. Figures are subject to revision by the publishing agency.
Fed funds rate by year
The average of each year's monthly averages, the range, and the change from the previous year-end, in basis points. The current year is year to date.
| Year | Average | Low | High | Year-end | Change |
|---|---|---|---|---|---|
| 2026(8 mo) | 3.63% | 3.63% | 3.64% | 3.63% | −9bp |
| 2025 | 4.21% | 3.72% | 4.33% | 3.72% | −76bp |
| 2024 | 5.14% | 4.48% | 5.33% | 4.48% | −85bp |
| 2023 | 5.02% | 4.33% | 5.33% | 5.33% | +123bp |
| 2022 | 1.68% | 0.08% | 4.10% | 4.10% | +402bp |
| 2021 | 0.08% | 0.06% | 0.10% | 0.08% | −1bp |
| 2020 | 0.38% | 0.05% | 1.58% | 0.09% | −146bp |
| 2019 | 2.16% | 1.55% | 2.42% | 1.55% | −72bp |
| 2018 | 1.83% | 1.41% | 2.27% | 2.27% | +97bp |
| 2017 | 1.00% | 0.65% | 1.30% | 1.30% | +76bp |
| 2016 | 0.40% | 0.34% | 0.54% | 0.54% | +30bp |
| 2015 | 0.13% | 0.11% | 0.24% | 0.24% | +12bp |
| 2014 | 0.09% | 0.07% | 0.12% | 0.12% | +3bp |
| 2013 | 0.11% | 0.08% | 0.15% | 0.09% | −7bp |
| 2012 | 0.14% | 0.08% | 0.16% | 0.16% | +9bp |
| 2011 | 0.10% | 0.07% | 0.17% | 0.07% | −11bp |
| 2010 | 0.17% | 0.11% | 0.20% | 0.18% | +6bp |
| 2009 | 0.16% | 0.12% | 0.22% | 0.12% | −4bp |
| 2008 | 1.93% | 0.16% | 3.94% | 0.16% | −408bp |
| 2007 | 5.02% | 4.24% | 5.26% | 4.24% | −100bp |
| 2006 | 4.96% | 4.29% | 5.25% | 5.24% | +108bp |
| 2005 | 3.21% | 2.28% | 4.16% | 4.16% | +200bp |
| 2004 | 1.35% | 1.00% | 2.16% | 2.16% | +118bp |
| 2003 | 1.13% | 0.98% | 1.26% | 0.98% | −26bp |
| 2002 | 1.67% | 1.24% | 1.75% | 1.24% | −58bp |
| 2001 | 3.89% | 1.82% | 5.98% | 1.82% | −458bp |
| 2000 | 6.24% | 5.45% | 6.54% | 6.40% | +110bp |
| 1999 | 4.97% | 4.63% | 5.42% | 5.30% | +62bp |
| 1998 | 5.35% | 4.68% | 5.56% | 4.68% | −82bp |
| 1997 | 5.46% | 5.19% | 5.56% | 5.50% | +21bp |
| 1996 | 5.30% | 5.22% | 5.56% | 5.29% | −31bp |
| 1995 | 5.84% | 5.53% | 6.05% | 5.60% | +15bp |
| 1994 | 4.20% | 3.05% | 5.45% | 5.45% | +249bp |
| 1993 | 3.02% | 2.96% | 3.09% | 2.96% | +4bp |
| 1992 | 3.52% | 2.92% | 4.06% | 2.92% | −151bp |
| 1991 | 5.69% | 4.43% | 6.91% | 4.43% | −288bp |
| 1990 | 8.10% | 7.31% | 8.29% | 7.31% | −114bp |
| 1989 | 9.22% | 8.45% | 9.85% | 8.45% | −31bp |
| 1988 | 7.57% | 6.58% | 8.76% | 8.76% | +199bp |
| 1987 | 6.66% | 6.10% | 7.29% | 6.77% | −14bp |
| 1986 | 6.81% | 5.85% | 8.14% | 6.91% | −136bp |
| 1985 | 8.10% | 7.53% | 8.58% | 8.27% | −11bp |
| 1984 | 10.22% | 8.38% | 11.64% | 8.38% | −109bp |
| 1983 | 9.09% | 8.51% | 9.56% | 9.47% | +52bp |
| 1982 | 12.26% | 8.95% | 14.94% | 8.95% | −342bp |
| 1981 | 16.38% | 12.37% | 19.10% | 12.37% | −653bp |
| 1980 | 13.36% | 9.03% | 18.90% | 18.90% | +512bp |
| 1979 | 11.19% | 10.01% | 13.78% | 13.78% | +375bp |
| 1978 | 7.93% | 6.70% | 10.03% | 10.03% | +347bp |
| 1977 | 5.54% | 4.61% | 6.56% | 6.56% | +191bp |
| 1976 | 5.04% | 4.65% | 5.48% | 4.65% | −55bp |
| 1975 | 5.82% | 5.20% | 7.13% | 5.20% | −333bp |
| 1974 | 10.50% | 8.53% | 12.92% | 8.53% | −142bp |
| 1973 | 8.73% | 5.94% | 10.78% | 9.95% | +462bp |
| 1972 | 4.43% | 3.30% | 5.33% | 5.33% | +119bp |
| 1971 | 4.66% | 3.71% | 5.57% | 4.14% | −76bp |
| 1970 | 7.18% | 4.90% | 8.98% | 4.90% | −407bp |
| 1969 | 8.20% | 6.30% | 9.19% | 8.97% | +295bp |
| 1968 | 5.66% | 4.61% | 6.12% | 6.02% | +151bp |
| 1967 | 4.22% | 3.79% | 5.00% | 4.51% | −89bp |
| 1966 | 5.11% | 4.42% | 5.76% | 5.40% | +108bp |
| 1965 | 4.07% | 3.90% | 4.32% | 4.32% | +47bp |
| 1964 | 3.50% | 3.36% | 3.85% | 3.85% | +47bp |
| 1963 | 3.18% | 2.90% | 3.50% | 3.38% | +45bp |
| 1962 | 2.71% | 2.15% | 2.94% | 2.93% | +60bp |
| 1961 | 1.96% | 1.17% | 2.61% | 2.33% | +35bp |
| 1960 | 3.22% | 1.98% | 3.99% | 1.98% | −201bp |
| 1959 | 3.31% | 2.43% | 4.00% | 3.99% | +157bp |
| 1958 | 1.57% | 0.63% | 2.72% | 2.42% | −56bp |
| 1957 | 3.10% | 2.84% | 3.50% | 2.98% | +4bp |
| 1956 | 2.73% | 2.45% | 2.96% | 2.94% | +46bp |
| 1955 | 1.78% | 1.29% | 2.48% | 2.48% | +120bp |
| 1954(6 mo) | 1.01% | 0.80% | 1.28% | 1.28% |
Fed funds rate by month
Monthly averages of the daily effective rate, in percent. A blank cell is a month not yet published.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.64 | 3.64 | 3.64 | 3.64 | 3.63 | 3.63 | 3.63 | 3.63 | ||||
| 2025 | 4.33 | 4.33 | 4.33 | 4.33 | 4.33 | 4.33 | 4.33 | 4.33 | 4.22 | 4.09 | 3.88 | 3.72 |
| 2024 | 5.33 | 5.33 | 5.33 | 5.33 | 5.33 | 5.33 | 5.33 | 5.33 | 5.13 | 4.83 | 4.64 | 4.48 |
| 2023 | 4.33 | 4.57 | 4.65 | 4.83 | 5.06 | 5.08 | 5.12 | 5.33 | 5.33 | 5.33 | 5.33 | 5.33 |
| 2022 | 0.08 | 0.08 | 0.20 | 0.33 | 0.77 | 1.21 | 1.68 | 2.33 | 2.56 | 3.08 | 3.78 | 4.10 |
| 2021 | 0.09 | 0.08 | 0.07 | 0.07 | 0.06 | 0.08 | 0.10 | 0.09 | 0.08 | 0.08 | 0.08 | 0.08 |
| 2020 | 1.55 | 1.58 | 0.65 | 0.05 | 0.05 | 0.08 | 0.09 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 |
| 2019 | 2.40 | 2.40 | 2.41 | 2.42 | 2.39 | 2.38 | 2.40 | 2.13 | 2.04 | 1.83 | 1.55 | 1.55 |
| 2018 | 1.41 | 1.42 | 1.51 | 1.69 | 1.70 | 1.82 | 1.91 | 1.91 | 1.95 | 2.19 | 2.20 | 2.27 |
| 2017 | 0.65 | 0.66 | 0.79 | 0.90 | 0.91 | 1.04 | 1.15 | 1.16 | 1.15 | 1.15 | 1.16 | 1.30 |
| 2016 | 0.34 | 0.38 | 0.36 | 0.37 | 0.37 | 0.38 | 0.39 | 0.40 | 0.40 | 0.40 | 0.41 | 0.54 |
| 2015 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.12 | 0.12 | 0.24 |
| 2014 | 0.07 | 0.07 | 0.08 | 0.09 | 0.09 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.12 |
| 2013 | 0.14 | 0.15 | 0.14 | 0.15 | 0.11 | 0.09 | 0.09 | 0.08 | 0.08 | 0.09 | 0.08 | 0.09 |
| 2012 | 0.08 | 0.10 | 0.13 | 0.14 | 0.16 | 0.16 | 0.16 | 0.13 | 0.14 | 0.16 | 0.16 | 0.16 |
| 2011 | 0.17 | 0.16 | 0.14 | 0.10 | 0.09 | 0.09 | 0.07 | 0.10 | 0.08 | 0.07 | 0.08 | 0.07 |
| 2010 | 0.11 | 0.13 | 0.16 | 0.20 | 0.20 | 0.18 | 0.18 | 0.19 | 0.19 | 0.19 | 0.19 | 0.18 |
| 2009 | 0.15 | 0.22 | 0.18 | 0.15 | 0.18 | 0.21 | 0.16 | 0.16 | 0.15 | 0.12 | 0.12 | 0.12 |
| 2008 | 3.94 | 2.98 | 2.61 | 2.28 | 1.98 | 2.00 | 2.01 | 2.00 | 1.81 | 0.97 | 0.39 | 0.16 |
| 2007 | 5.25 | 5.26 | 5.26 | 5.25 | 5.25 | 5.25 | 5.26 | 5.02 | 4.94 | 4.76 | 4.49 | 4.24 |
| 2006 | 4.29 | 4.49 | 4.59 | 4.79 | 4.94 | 4.99 | 5.24 | 5.25 | 5.25 | 5.25 | 5.25 | 5.24 |
| 2005 | 2.28 | 2.50 | 2.63 | 2.79 | 3.00 | 3.04 | 3.26 | 3.50 | 3.62 | 3.78 | 4.00 | 4.16 |
| 2004 | 1.00 | 1.01 | 1.00 | 1.00 | 1.00 | 1.03 | 1.26 | 1.43 | 1.61 | 1.76 | 1.93 | 2.16 |
| 2003 | 1.24 | 1.26 | 1.25 | 1.26 | 1.26 | 1.22 | 1.01 | 1.03 | 1.01 | 1.01 | 1.00 | 0.98 |
| 2002 | 1.73 | 1.74 | 1.73 | 1.75 | 1.75 | 1.75 | 1.73 | 1.74 | 1.75 | 1.75 | 1.34 | 1.24 |
| 2001 | 5.98 | 5.49 | 5.31 | 4.80 | 4.21 | 3.97 | 3.77 | 3.65 | 3.07 | 2.49 | 2.09 | 1.82 |
| 2000 | 5.45 | 5.73 | 5.85 | 6.02 | 6.27 | 6.53 | 6.54 | 6.50 | 6.52 | 6.51 | 6.51 | 6.40 |
| 1999 | 4.63 | 4.76 | 4.81 | 4.74 | 4.74 | 4.76 | 4.99 | 5.07 | 5.22 | 5.20 | 5.42 | 5.30 |
| 1998 | 5.56 | 5.51 | 5.49 | 5.45 | 5.49 | 5.56 | 5.54 | 5.55 | 5.51 | 5.07 | 4.83 | 4.68 |
| 1997 | 5.25 | 5.19 | 5.39 | 5.51 | 5.50 | 5.56 | 5.52 | 5.54 | 5.54 | 5.50 | 5.52 | 5.50 |
| 1996 | 5.56 | 5.22 | 5.31 | 5.22 | 5.24 | 5.27 | 5.40 | 5.22 | 5.30 | 5.24 | 5.31 | 5.29 |
| 1995 | 5.53 | 5.92 | 5.98 | 6.05 | 6.01 | 6.00 | 5.85 | 5.74 | 5.80 | 5.76 | 5.80 | 5.60 |
| 1994 | 3.05 | 3.25 | 3.34 | 3.56 | 4.01 | 4.25 | 4.26 | 4.47 | 4.73 | 4.76 | 5.29 | 5.45 |
| 1993 | 3.02 | 3.03 | 3.07 | 2.96 | 3.00 | 3.04 | 3.06 | 3.03 | 3.09 | 2.99 | 3.02 | 2.96 |
| 1992 | 4.03 | 4.06 | 3.98 | 3.73 | 3.82 | 3.76 | 3.25 | 3.30 | 3.22 | 3.10 | 3.09 | 2.92 |
| 1991 | 6.91 | 6.25 | 6.12 | 5.91 | 5.78 | 5.90 | 5.82 | 5.66 | 5.45 | 5.21 | 4.81 | 4.43 |
| 1990 | 8.23 | 8.24 | 8.28 | 8.26 | 8.18 | 8.29 | 8.15 | 8.13 | 8.20 | 8.11 | 7.81 | 7.31 |
| 1989 | 9.12 | 9.36 | 9.85 | 9.84 | 9.81 | 9.53 | 9.24 | 8.99 | 9.02 | 8.84 | 8.55 | 8.45 |
| 1988 | 6.83 | 6.58 | 6.58 | 6.87 | 7.09 | 7.51 | 7.75 | 8.01 | 8.19 | 8.30 | 8.35 | 8.76 |
| 1987 | 6.43 | 6.10 | 6.13 | 6.37 | 6.85 | 6.73 | 6.58 | 6.73 | 7.22 | 7.29 | 6.69 | 6.77 |
| 1986 | 8.14 | 7.86 | 7.48 | 6.99 | 6.85 | 6.92 | 6.56 | 6.17 | 5.89 | 5.85 | 6.04 | 6.91 |
| 1985 | 8.35 | 8.50 | 8.58 | 8.27 | 7.97 | 7.53 | 7.88 | 7.90 | 7.92 | 7.99 | 8.05 | 8.27 |
| 1984 | 9.56 | 9.59 | 9.91 | 10.29 | 10.32 | 11.06 | 11.23 | 11.64 | 11.30 | 9.99 | 9.43 | 8.38 |
| 1983 | 8.68 | 8.51 | 8.77 | 8.80 | 8.63 | 8.98 | 9.37 | 9.56 | 9.45 | 9.48 | 9.34 | 9.47 |
| 1982 | 13.22 | 14.78 | 14.68 | 14.94 | 14.45 | 14.15 | 12.59 | 10.12 | 10.31 | 9.71 | 9.20 | 8.95 |
| 1981 | 19.08 | 15.93 | 14.70 | 15.72 | 18.52 | 19.10 | 19.04 | 17.82 | 15.87 | 15.08 | 13.31 | 12.37 |
| 1980 | 13.82 | 14.13 | 17.19 | 17.61 | 10.98 | 9.47 | 9.03 | 9.61 | 10.87 | 12.81 | 15.85 | 18.90 |
| 1979 | 10.07 | 10.06 | 10.09 | 10.01 | 10.24 | 10.29 | 10.47 | 10.94 | 11.43 | 13.77 | 13.18 | 13.78 |
| 1978 | 6.70 | 6.78 | 6.79 | 6.89 | 7.36 | 7.60 | 7.81 | 8.04 | 8.45 | 8.96 | 9.76 | 10.03 |
| 1977 | 4.61 | 4.68 | 4.69 | 4.73 | 5.35 | 5.39 | 5.42 | 5.90 | 6.14 | 6.47 | 6.51 | 6.56 |
| 1976 | 4.87 | 4.77 | 4.84 | 4.82 | 5.29 | 5.48 | 5.31 | 5.29 | 5.25 | 5.02 | 4.95 | 4.65 |
| 1975 | 7.13 | 6.24 | 5.54 | 5.49 | 5.22 | 5.55 | 6.10 | 6.14 | 6.24 | 5.82 | 5.22 | 5.20 |
| 1974 | 9.65 | 8.97 | 9.35 | 10.51 | 11.31 | 11.93 | 12.92 | 12.01 | 11.34 | 10.06 | 9.45 | 8.53 |
| 1973 | 5.94 | 6.58 | 7.09 | 7.12 | 7.84 | 8.49 | 10.40 | 10.50 | 10.78 | 10.01 | 10.03 | 9.95 |
| 1972 | 3.51 | 3.30 | 3.83 | 4.17 | 4.27 | 4.46 | 4.55 | 4.81 | 4.87 | 5.05 | 5.06 | 5.33 |
| 1971 | 4.14 | 3.72 | 3.71 | 4.16 | 4.63 | 4.91 | 5.31 | 5.57 | 5.55 | 5.20 | 4.91 | 4.14 |
| 1970 | 8.98 | 8.98 | 7.76 | 8.10 | 7.95 | 7.61 | 7.21 | 6.62 | 6.29 | 6.20 | 5.60 | 4.90 |
| 1969 | 6.30 | 6.61 | 6.79 | 7.41 | 8.67 | 8.90 | 8.61 | 9.19 | 9.15 | 9.00 | 8.85 | 8.97 |
| 1968 | 4.61 | 4.71 | 5.05 | 5.76 | 6.12 | 6.07 | 6.03 | 6.03 | 5.78 | 5.91 | 5.82 | 6.02 |
| 1967 | 4.94 | 5.00 | 4.53 | 4.05 | 3.94 | 3.98 | 3.79 | 3.90 | 3.99 | 3.88 | 4.13 | 4.51 |
| 1966 | 4.42 | 4.60 | 4.66 | 4.67 | 4.90 | 5.17 | 5.30 | 5.53 | 5.40 | 5.53 | 5.76 | 5.40 |
| 1965 | 3.90 | 3.98 | 4.05 | 4.09 | 4.10 | 4.05 | 4.09 | 4.12 | 4.02 | 4.08 | 4.10 | 4.32 |
| 1964 | 3.48 | 3.48 | 3.43 | 3.47 | 3.50 | 3.50 | 3.42 | 3.50 | 3.45 | 3.36 | 3.52 | 3.85 |
| 1963 | 2.92 | 3.00 | 2.98 | 2.90 | 3.00 | 2.99 | 3.02 | 3.49 | 3.48 | 3.50 | 3.48 | 3.38 |
| 1962 | 2.15 | 2.37 | 2.85 | 2.78 | 2.36 | 2.68 | 2.71 | 2.93 | 2.90 | 2.90 | 2.94 | 2.93 |
| 1961 | 1.45 | 2.54 | 2.02 | 1.49 | 1.98 | 1.73 | 1.17 | 2.00 | 1.88 | 2.26 | 2.61 | 2.33 |
| 1960 | 3.99 | 3.97 | 3.84 | 3.92 | 3.85 | 3.32 | 3.23 | 2.98 | 2.60 | 2.47 | 2.44 | 1.98 |
| 1959 | 2.48 | 2.43 | 2.80 | 2.96 | 2.90 | 3.39 | 3.47 | 3.50 | 3.76 | 3.98 | 4.00 | 3.99 |
| 1958 | 2.72 | 1.67 | 1.20 | 1.26 | 0.63 | 0.93 | 0.68 | 1.53 | 1.76 | 1.80 | 2.27 | 2.42 |
| 1957 | 2.84 | 3.00 | 2.96 | 3.00 | 3.00 | 3.00 | 2.99 | 3.24 | 3.47 | 3.50 | 3.28 | 2.98 |
| 1956 | 2.45 | 2.50 | 2.50 | 2.62 | 2.75 | 2.71 | 2.75 | 2.73 | 2.95 | 2.96 | 2.88 | 2.94 |
| 1955 | 1.39 | 1.29 | 1.35 | 1.43 | 1.43 | 1.64 | 1.68 | 1.96 | 2.18 | 2.24 | 2.35 | 2.48 |
| 1954 | 0.80 | 1.22 | 1.07 | 0.85 | 0.83 | 1.28 |
Fed funds rate history: common questions
- What is the fed funds rate right now?
- The effective federal funds rate was 3.88% on 24 September 2026 (daily, FRED EFFR). Its monthly average was 3.63% in Aug 2026 (FRED FEDFUNDS). Both are published by the Federal Reserve and subject to revision.
- What is the highest the fed funds rate has been?
- The highest monthly average since Jul 1954 was 19.10% in Jun 1981. The lowest was 0.05%, first reached in Apr 2020.
- What was the average fed funds rate in 2025?
- The twelve monthly averages for 2025 average 4.21%. The rate ranged from 3.72% (Dec 2025) to 4.33% (Jan 2025) and ended the year at 3.72%, −76bp on the previous December.
- How many months has the fed funds rate been near zero?
- 109 of the 866 monthly averages since Jul 1954 are below 0.25%, the first in Dec 2008 and the most recent in Mar 2022.
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