Tracker
Federal Funds Rate
The interest rate the Fed sets to steer the economy.
3.63%
Percent · latest, May 2026
Source: FRED · FEDFUNDS · series · Jul 1954 to May 2026
· latest-revised
Reading it. The Fed's policy rate. Monthly average of the daily effective rate.
About the bands. Shaded spans are NBER-dated US recessions, drawn as factual overlays. They mark when the economy contracted, not why. Lining an event or policy up with a move on this chart is not evidence that it caused the move.