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

The Federal Reserve kept the target range for the federal funds rate at 1.75 percent to 2 percent during its August 2018 meeting, in line with market expectations. Policymakers said the labor market has continued to strengthen and economic activity has been rising at a strong rate, suggesting a rate hike at its next meeting in September is likely. 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 Further and Gradual Rate Hikes as Appropriate

The economy is strong, inflation is near the 2 percent objective, and most people who want a job are finding one, Fed Chair Powell said at the Jackson Hole symposium, suggesting the Fed is likely to raise rates again next month.

Excerpts from Fed Chairman Jerome H. Powell speech at the symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming:

Let me conclude by returning to the matter of navigating between the two risks I identified--moving too fast and needlessly shortening the expansion, versus moving too slowly and risking a destabilizing overheating. Readers of the minutes of FOMC meetings and other communications will know that our discussions focus keenly on the relative salience of these risks. The diversity of views on the FOMC is one of the great virtues of our system. Despite differing views on these questions and others, we have a long institutional tradition of finding common ground in coalescing around a policy stance.

I see the current path of gradually raising interest rates as the FOMC's approach to taking seriously both of these risks. While the unemployment rate is below the Committee's estimate of the longer-run natural rate, estimates of this rate are quite uncertain. The same is true of estimates of the neutral interest rate. We therefore refer to many indicators when judging the degree of slack in the economy or the degree of accommodation in the current policy stance. We are also aware that, over time, inflation has become much less responsive to changes in resource utilization.

While inflation has recently moved up near 2 percent, we have seen no clear sign of an acceleration above 2 percent, and there does not seem to be an elevated risk of overheating. This is good news, and we believe that this good news results in part from the ongoing normalization process, which has moved the stance of policy gradually closer to the FOMC's rough assessment of neutral as the expansion has continued. As the most recent FOMC statement indicates, if the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate.

The economy is strong. Inflation is near our 2 percent objective, and most people who want a job are finding one. My colleagues and I are carefully monitoring incoming data, and we are setting policy to do what monetary policy can do to support continued growth, a strong labor market, and inflation near 2 percent.

Federal Reserve | Joana Taborda | joana.taborda@tradingeconomics.com
8/24/2018 2:25:59 PM

Calendar GMT Actual Previous Consensus TEForecast
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% 2% 2%
2018-09-26 06:00 PM Fed Interest Rate Decision 2% 2.25% 2.25%
2018-09-26 06:00 PM FOMC Economic Projections
2018-09-26 06:30 PM Fed Press Conference

United States Money Last Previous Highest Lowest Unit
Interest Rate 2.00 2.00 20.00 0.25 percent [+]
Interbank Rate 2.37 2.35 10.63 0.22 percent [+]
Money Supply M0 3584502.00 3618339.00 4075024.00 48362.00 USD Million [+]
Money Supply M1 3702.80 3667.70 3702.80 138.90 USD Billion [+]
Money Supply M2 14217.00 14147.30 14217.00 286.60 USD Billion [+]
Foreign Exchange Reserves 124694.00 125099.00 153075.00 12128.00 USD Million [+]
Central Bank Balance Sheet 4170556.00 4169309.00 4473864.00 672444.00 USD Million [+]
Banks Balance Sheet 16794750.00 16749343.00 16853499.00 697581.70 USD Million [+]
Loans to Private Sector 2217.37 2226.87 2226.87 13.65 USD Billion [+]
Foreign Bond Investment 18938.00 -48573.00 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 September of 2018.

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

interest rate by Country
Country Last
Argentina 60.00 Sep/18
Turkey 24.00 Sep/18
Mexico 7.75 Aug/18
Russia 7.50 Sep/18
Brazil 6.50 Sep/18
India 6.50 Aug/18
South Africa 6.50 Sep/18
Indonesia 5.50 Aug/18
China 4.35 Aug/18
Saudi Arabia 2.50 Aug/18
United States 2.00 Aug/18
Australia 1.50 Sep/18
Canada 1.50 Sep/18
South Korea 1.50 Aug/18
Singapore 1.06 Aug/18
United Kingdom 0.75 Sep/18
Euro Area 0.00 Sep/18
France 0.00 Sep/18
Germany 0.00 Sep/18
Italy 0.00 Sep/18
Netherlands 0.00 Sep/18
Spain 0.00 Sep/18
Japan -0.10 Sep/18
Switzerland -0.75 Sep/18