United States Fed Funds Rate  1971-2018 | Data | Chart | Calendar

The Federal Reserve raised the target range for the federal funds rate by a quarter of a percentage point to a range of between 1.75 percent and 2 percent during its June meeting, saying that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Policymakers projected two additional hikes by the end of this year, compared to one previously estimated. Interest Rate in the United States averaged 5.72 percent from 1971 until 2018, 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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Fed Sees Intensified Risks Around Trade Policy

Fed officials reaffirmed their commitment to gradually raising rates but noted that uncertainty and risks associated with trade policy had intensified, which could eventually have negative effects on business sentiment and investment spending, minutes of the Fed's June meeting showed.

Excerpts from the minutes of the FOMC's meeting held on June 12-13, 2018:

Participants reported that business fixed investment had continued to expand at a strong pace in recent months, supported in part by substantial investment growth in the energy sector. Higher oil prices were expected to continue to support investment in that sector, and District contacts in the industry were generally upbeat, though supply constraints for labor and infrastructure were reportedly limiting expansion plans. By contrast, District reports regarding the construction sector were mixed, al­though here, too, some contacts reported that supply constraints were acting as a drag on activity. Conditions in both the manufacturing and service sectors in several Districts were reportedly strong and were seen as contributing to solid investment gains. However, many District contacts expressed concern about the possible adverse effects of tariffs and other proposed trade restrictions, both domestically and abroad, on future investment activity; contacts in some Districts indicated that plans for capital spending had been scaled back or postponed as a result of uncertainty over trade policy. Contacts in the steel and aluminum industries expected higher prices as a result of the tariffs on these products but had not planned any new investments to increase capacity. Conditions in the agricultural sector reportedly improved somewhat, but contacts were concerned about the effect of potentially higher tariffs on their exports.

Participants commented on a number of risks and uncertainties associated with their outlook for economic activity, the labor market, and inflation over the medium term. Most participants noted that uncertainty and risks associated with trade policy had intensified and were concerned that such uncertainty and risks eventually could have negative effects on business sentiment and investment spending. Participants generally continued to see recent fiscal policy changes as supportive of economic growth over the next few years, and a few indicated that fiscal policy posed an upside risk. A few participants raised the concern that fiscal policy is not currently on a sustainable path. Many participants saw potential downside risks to economic growth and inflation associated with political and economic developments in Europe and some EMEs.

With regard to the medium-term outlook for monetary policy, participants generally judged that, with the economy already very strong and inflation expected to run at 2 percent on a sustained basis over the medium term, it would likely be appropriate to continue gradually raising the target range for the federal funds rate to a setting that was at or somewhat above their estimates of its longer-run level by 2019 or 2020. Participants reaffirmed that adjustments to the path for the policy rate would depend on their assessments of the evolution of the economic outlook and risks to the outlook relative to the Committee's statutory objectives.

Federal Reserve | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/5/2018 6:28:12 PM

Calendar GMT Actual Previous Consensus TEForecast
2018-03-21 06:00 PM Fed Interest Rate Decision 1.75% 1.5% 1.75% 1.75%
2018-05-02 06:00 PM Fed Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-06-13 06:00 PM Fed Interest Rate Decision 2% 1.75% 2% 2%
2018-08-01 06:00 PM Fed Interest Rate Decision 2% 2%
2018-08-22 06:00 PM FOMC Minutes
2018-09-26 06:00 PM Fed Interest Rate Decision 2.25%

United States Money Last Previous Highest Lowest Unit
Interest Rate 2.00 1.75 20.00 0.25 percent [+]
Interbank Rate 2.35 2.35 10.63 0.22 percent [+]
Money Supply M0 3650554.00 3674797.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3658.00 3652.00 3664.30 138.90 USD Billion [+]
Money Supply M2 14112.30 14024.70 14112.30 286.60 USD Billion [+]
Foreign Exchange Reserves 122844.00 124540.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4259935.00 4272520.00 4473864.00 672444.00 USD Million [+]
Banks Balance Sheet 16739100.00 16716900.00 16851570.00 697581.70 USD Million [+]
Loans to Private Sector 2209.53 2165.21 2209.53 13.65 USD Billion [+]
Foreign Bond Investment 26699.00 -4776.00 118012.00 -74329.00 USD Million [+]
Private Debt to GDP 202.80 202.00 213.50 155.70 percent [+]

United States Fed Funds Rate

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 July of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.00 1.75 20.00 0.25 1971 - 2018 percent Daily

interest rate by Country
Country Last
Turkey 17.75 Jun/18
Mexico 7.75 Jun/18
Russia 7.25 Jun/18
Brazil 6.50 Jun/18
India 6.25 Jun/18
Indonesia 5.25 Jul/18
China 4.35 Jun/18
United States 2.00 Jun/18
Australia 1.50 Jul/18
Canada 1.50 Jul/18
South Korea 1.50 Jul/18
United Kingdom 0.50 Jul/18
Euro Area 0.00 Jun/18
France 0.00 Jun/18
Germany 0.00 Jun/18
Italy 0.00 Jun/18
Netherlands 0.00 Jun/18
Spain 0.00 Jun/18
Japan -0.10 Jun/18
Switzerland -0.75 Jun/18