Federal Reserve · FOMC
Fed interest rate decisions
The Federal Reserve's target range for the federal funds rate is 3.75%–4.00%. The latest move, on Sep 17, 2026, was part of a run of 1 hike since Sep 17, 2026 totalling 25 basis points.
3.75–4.00%
target range
as of Nov 6, 2026Current cycle+25 bp1 hike since Sep 17, 2026
Last changeSep 17, 2026+25 bp
Next decisionTBAsee the Fed's FOMC calendar
Every change in the Fed's target
| Effective | New target | Change |
|---|---|---|
| Sep 17, 2026 | 3.75–4.00% | +25 bp |
| Dec 11, 2025 | 3.50–3.75% | -25 bp |
| Oct 30, 2025 | 3.75–4.00% | -25 bp |
| Sep 18, 2025 | 4.00–4.25% | -25 bp |
| Dec 19, 2024 | 4.25–4.50% | -25 bp |
| Nov 8, 2024 | 4.50–4.75% | -25 bp |
| Sep 19, 2024 | 4.75–5.00% | -50 bp |
| Jul 27, 2023 | 5.25–5.50% | +25 bp |
| May 4, 2023 | 5.00–5.25% | +25 bp |
| Mar 23, 2023 | 4.75–5.00% | +25 bp |
| Feb 2, 2023 | 4.50–4.75% | +25 bp |
| Dec 15, 2022 | 4.25–4.50% | +50 bp |
| Nov 3, 2022 | 3.75–4.00% | +75 bp |
| Sep 22, 2022 | 3.00–3.25% | +75 bp |
| Jul 28, 2022 | 2.25–2.50% | +75 bp |
| Jun 16, 2022 | 1.50–1.75% | +75 bp |
| May 5, 2022 | 0.75–1.00% | +50 bp |
| Mar 17, 2022 | 0.25–0.50% | +25 bp |
| Mar 16, 2020 | 0.00–0.25% | -100 bp |
| Mar 4, 2020 | 1.00–1.25% | -50 bp |
| Oct 31, 2019 | 1.50–1.75% | -25 bp |
| Sep 19, 2019 | 1.75–2.00% | -25 bp |
| Aug 1, 2019 | 2.00–2.25% | -25 bp |
| Dec 20, 2018 | 2.25–2.50% | +25 bp |
| Sep 27, 2018 | 2.00–2.25% | +25 bp |
| Jun 14, 2018 | 1.75–2.00% | +25 bp |
| Mar 22, 2018 | 1.50–1.75% | +25 bp |
| Dec 14, 2017 | 1.25–1.50% | +25 bp |
| Jun 15, 2017 | 1.00–1.25% | +25 bp |
| Mar 16, 2017 | 0.75–1.00% | +25 bp |
| Dec 14, 2016 | 0.50–0.75% | +25 bp |
| Dec 16, 2015 | 0.25–0.50% | +25 bp |
| Dec 16, 2008 | 0.00–0.25% | -75 bp (range adopted) |
| Oct 29, 2008 | 1.00% | -50 bp |
| Oct 8, 2008 | 1.50% | -50 bp |
| Apr 30, 2008 | 2.00% | -25 bp |
| Mar 18, 2008 | 2.25% | -75 bp |
| Jan 30, 2008 | 3.00% | -50 bp |
| Jan 22, 2008 | 3.50% | -75 bp |
| Dec 11, 2007 | 4.25% | -25 bp |
| Oct 31, 2007 | 4.50% | -25 bp |
| Sep 18, 2007 | 4.75% | -50 bp |
| Jun 29, 2006 | 5.25% | +25 bp |
| May 10, 2006 | 5.00% | +25 bp |
| Mar 28, 2006 | 4.75% | +25 bp |
| Jan 31, 2006 | 4.50% | +25 bp |
| Dec 13, 2005 | 4.25% | +25 bp |
| Nov 1, 2005 | 4.00% | +25 bp |
| Sep 20, 2005 | 3.75% | +25 bp |
| Aug 9, 2005 | 3.50% | +25 bp |
| Jun 30, 2005 | 3.25% | +25 bp |
| May 3, 2005 | 3.00% | +25 bp |
| Mar 22, 2005 | 2.75% | +25 bp |
| Feb 2, 2005 | 2.50% | +25 bp |
| Dec 14, 2004 | 2.25% | +25 bp |
| Nov 10, 2004 | 2.00% | +25 bp |
| Sep 21, 2004 | 1.75% | +25 bp |
| Aug 10, 2004 | 1.50% | +25 bp |
| Jun 30, 2004 | 1.25% | +25 bp |
| Jun 25, 2003 | 1.00% | -25 bp |
| Nov 6, 2002 | 1.25% | -50 bp |
| Dec 11, 2001 | 1.75% | -25 bp |
| Nov 6, 2001 | 2.00% | -50 bp |
| Oct 2, 2001 | 2.50% | -50 bp |
| Sep 17, 2001 | 3.00% | -50 bp |
| Aug 21, 2001 | 3.50% | -25 bp |
| Jun 27, 2001 | 3.75% | -25 bp |
| May 15, 2001 | 4.00% | -50 bp |
| Apr 18, 2001 | 4.50% | -50 bp |
| Mar 20, 2001 | 5.00% | -50 bp |
| Jan 31, 2001 | 5.50% | -50 bp |
| Jan 3, 2001 | 6.00% | -50 bp |
| May 16, 2000 | 6.50% | +50 bp |
| Mar 21, 2000 | 6.00% | +25 bp |
| Feb 2, 2000 | 5.75% | +25 bp |
| Nov 16, 1999 | 5.50% | +25 bp |
| Aug 24, 1999 | 5.25% | +25 bp |
| Jun 30, 1999 | 5.00% | +25 bp |
| Nov 17, 1998 | 4.75% | -25 bp |
| Oct 15, 1998 | 5.00% | -25 bp |
| Sep 29, 1998 | 5.25% | -25 bp |
| Mar 25, 1997 | 5.50% | +25 bp |
| Jan 31, 1996 | 5.25% | -25 bp |
| Dec 19, 1995 | 5.50% | -25 bp |
| Jul 6, 1995 | 5.75% | -25 bp |
| Feb 1, 1995 | 6.00% | +50 bp |
| Nov 15, 1994 | 5.50% | +75 bp |
| Aug 16, 1994 | 4.75% | +50 bp |
| May 17, 1994 | 4.25% | +50 bp |
| Apr 18, 1994 | 3.75% | +25 bp |
| Mar 22, 1994 | 3.50% | +25 bp |
| Feb 4, 1994 | 3.25% | +25 bp |
| Sep 4, 1992 | 3.00% | -25 bp |
| Jul 2, 1992 | 3.25% | -50 bp |
| Apr 9, 1992 | 3.75% | -25 bp |
| Dec 20, 1991 | 4.00% | -50 bp |
| Dec 6, 1991 | 4.50% | -25 bp |
| Nov 6, 1991 | 4.75% | -25 bp |
| Oct 31, 1991 | 5.00% | -25 bp |
| Sep 13, 1991 | 5.25% | -25 bp |
| Aug 6, 1991 | 5.50% | -25 bp |
| Apr 30, 1991 | 5.75% | -25 bp |
| Mar 8, 1991 | 6.00% | -25 bp |
| Feb 1, 1991 | 6.25% | -50 bp |
| Jan 9, 1991 | 6.75% | -25 bp |
| Dec 19, 1990 | 7.00% | -25 bp |
| Dec 7, 1990 | 7.25% | -25 bp |
| Nov 14, 1990 | 7.50% | -25 bp |
| Oct 29, 1990 | 7.75% | -25 bp |
| Jul 13, 1990 | 8.00% | -25 bp |
| Dec 20, 1989 | 8.25% | -25 bp |
| Nov 6, 1989 | 8.50% | -25 bp |
| Oct 19, 1989 | 8.75% | -31 bp |
| Jul 27, 1989 | 9.06% | -25 bp |
| Jul 7, 1989 | 9.31% | -25 bp |
| Jun 6, 1989 | 9.56% | -25 bp |
| May 17, 1989 | 9.81% | +6 bp |
| Feb 24, 1989 | 9.75% | +44 bp |
| Feb 14, 1989 | 9.31% | +19 bp |
| Feb 9, 1989 | 9.12% | +12 bp |
| Jan 5, 1989 | 9.00% | +31 bp |
| Dec 15, 1988 | 8.69% | +31 bp |
| Nov 22, 1988 | 8.38% | +6 bp |
| Nov 17, 1988 | 8.31% | +19 bp |
| Aug 9, 1988 | 8.12% | +38 bp |
| Aug 8, 1988 | 7.75% | +6 bp |
| Jul 19, 1988 | 7.69% | +19 bp |
| Jul 1, 1988 | 7.50% | +6 bp |
| Jun 22, 1988 | 7.44% | +19 bp |
| May 25, 1988 | 7.25% | +25 bp |
| May 9, 1988 | 7.00% | +25 bp |
| Mar 30, 1988 | 6.75% | +25 bp |
| Feb 11, 1988 | 6.50% | -12 bp |
| Jan 28, 1988 | 6.62% | -19 bp |
| Nov 4, 1987 | 6.81% | -50 bp |
| Sep 24, 1987 | 7.31% | +6 bp |
| Sep 4, 1987 | 7.25% | +38 bp |
| Sep 3, 1987 | 6.88% | +12 bp |
| Aug 27, 1987 | 6.75% | +12 bp |
| Jul 2, 1987 | 6.62% | -12 bp |
| May 22, 1987 | 6.75% | +25 bp |
| Apr 30, 1987 | 6.50% | +50 bp |
| Jan 5, 1987 | 6.00% | +12 bp |
| Aug 21, 1986 | 5.88% | -50 bp |
| Jul 11, 1986 | 6.38% | -50 bp |
| Jun 5, 1986 | 6.88% | +6 bp |
| May 22, 1986 | 6.81% | +6 bp |
| Apr 21, 1986 | 6.75% | -56 bp |
| Apr 2, 1986 | 7.31% | +6 bp |
| Mar 7, 1986 | 7.25% | -50 bp |
| Dec 18, 1985 | 7.75% | -25 bp |
| Sep 6, 1985 | 8.00% | +19 bp |
| Aug 21, 1985 | 7.81% | +6 bp |
| Jul 25, 1985 | 7.75% | +6 bp |
| Jul 11, 1985 | 7.69% | -6 bp |
| May 20, 1985 | 7.75% | -50 bp |
| Apr 25, 1985 | 8.25% | -25 bp |
| Mar 28, 1985 | 8.50% | +12 bp |
| Feb 14, 1985 | 8.38% | +12 bp |
| Jan 24, 1985 | 8.25% | +12 bp |
| Dec 24, 1984 | 8.12% | -38 bp |
| Dec 19, 1984 | 8.50% | -25 bp |
| Dec 6, 1984 | 8.75% | -25 bp |
| Nov 23, 1984 | 9.00% | -50 bp |
| Nov 8, 1984 | 9.50% | -50 bp |
| Oct 18, 1984 | 10.00% | -50 bp |
| Oct 11, 1984 | 10.50% | -50 bp |
| Sep 27, 1984 | 11.00% | -25 bp |
| Sep 20, 1984 | 11.25% | -25 bp |
| Aug 9, 1984 | 11.50% | +25 bp |
| Jul 19, 1984 | 11.25% | +25 bp |
| Jul 5, 1984 | 11.00% | +50 bp |
| Mar 29, 1984 | 10.50% | +112 bp |
| Sep 15, 1983 | 9.38% | -12 bp |
| Aug 17, 1983 | 9.50% | -6 bp |
| Aug 11, 1983 | 9.56% | +12 bp |
| Jul 20, 1983 | 9.44% | +19 bp |
| Jul 14, 1983 | 9.25% | +25 bp |
| Jun 24, 1983 | 9.00% | +25 bp |
| May 25, 1983 | 8.75% | +12 bp |
| Mar 31, 1983 | 8.62% | +12 bp |
| Dec 14, 1982 | 8.50% | -50 bp |
| Nov 19, 1982 | 9.00% | -50 bp |
| Oct 7, 1982 | 9.50% | -50 bp |
| Oct 1, 1982 | 10.00% | -25 bp |
Until December 15, 2008 the Fed set a single target rate; since December 16, 2008 a range. bp = basis points (0.01 percentage point). Dates are when the new target took effect.
Frequently asked questions
What is the current Fed interest rate?
The Federal Reserve's target range for the federal funds rate is 3.75%–4.00%. The latest move, on Sep 17, 2026, was part of a run of 1 hike since Sep 17, 2026 totalling 25 basis points.
When is the next Fed meeting?
The Federal Open Market Committee meets eight times a year; the next date is not on our calendar yet — see the Federal Reserve's FOMC calendar. Decisions are announced at 2:00 p.m. ET on the last day of the meeting.
How many times has the Fed cut or raised rates?
Since the target range was introduced in December 2008 the Fed has raised it 21 times and cut it 11 times; the full list is below.
Source: Board of Governors of the Federal Reserve System (H.15), via FRED; next meeting from our economic calendar. Effective fed funds rate, daily → Mortgage rates →