The Fed Funds Rate increased to range of 5.25% to 5.50% effective July 27, 2023.

Fed Funds Rate

(Fed Funds Target Rate or Intended Fed Funds Rate)

Fed Funds Rate




Fed Funds Rate Definition

What is the Fed Funds Rate?

Commonly known as the Fed Funds Rate, the Federal Funds Rate is a short-term rate objective or “Target Rate” of the Federal Reserve Board. Also known as the Intended Federal Funds Rate, it can be expressed as a specific rate or as a range of rates.  The “Actual Rate” or real rate is known as the Effective Federal Funds Rate and is the interest rate at which depository institutions actually lend balances at the Federal Reserve to other depository institutions overnight.  The Actual Rate changes daily but is usually close to the Target Rate or within the range desired by the Federal Reserve.  Adjustments to the Federal 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 with an emergency meeting.  The Fed Funds Rate reported in the chart is based upon the Fed Funds Rate on the first day of each respective month.

Fed Meetings Calendar

In 2024, the Federal Reserve’s Federal Open Market Committee (FOMC) plans to hold its meetings on January 30-31, March 19-20, April 30-May 1, June 11-12, July 30-31, September 17-18, November 6-7, and December 17-18.


Fed Funds Graph


Fed Funds History

Fed Fund Chart

Source: Federal Reserve Board


Fed Funds Rate Complete History

(Based upon the Effective Federal Funds Rate)


Fed Funds Rate History - Effective Fed Funds Rate - Graph

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