The Fed Funds Target Rate is a short-term rate objective of the Federal Reserve Board.  The actual Fed Funds Rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.  The real rate changes daily but is usually close to the target rate desired by the Federal Reserve.  Adjustments to the Fed Funds Target Rate are made by the Federal Open Market Committee (FOMC) usually at regularly scheduled meetings; but can also be adjusted at any time using emergency meetings.  The rates reported below are based upon the Fed Funds Target Rates on the first day of each respective month.