Fed Interest Rate — Federal Funds Target Range
Where the Federal Reserve has set its policy rate, the next decision with a countdown, and every recent decision.
Next decision
FOMC rate decision · high impact
History
Loading the chart…
Every decision
| Decision day | Decision | Target range | Change |
|---|---|---|---|
| Oct 28, 2026 | Hold | 3.75–4.00% | 0 bp |
| Sep 16, 2026 | Hike | 3.75–4.00% | +25 bp |
| Jul 29, 2026 | Hold | 3.50–3.75% | 0 bp |
| Jun 17, 2026 | Hold | 3.50–3.75% | 0 bp |
| Apr 29, 2026 | Hold | 3.50–3.75% | 0 bp |
| Mar 18, 2026 | Hold | 3.50–3.75% | 0 bp |
| Jan 28, 2026 | Hold | 3.50–3.75% | 0 bp |
| Dec 10, 2025 | Cut | 3.50–3.75% | −25 bp |
| Oct 29, 2025 | Cut | 3.75–4.00% | −25 bp |
| Sep 17, 2025 | Cut | 4.00–4.25% | −25 bp |
| Jul 30, 2025 | Hold | 4.25–4.50% | 0 bp |
| Jun 18, 2025 | Hold | 4.25–4.50% | 0 bp |
| May 7, 2025 | Hold | 4.25–4.50% | 0 bp |
| Mar 19, 2025 | Hold | 4.25–4.50% | 0 bp |
| Jan 29, 2025 | Hold | 4.25–4.50% | 0 bp |
| Dec 18, 2024 | Cut | 4.25–4.50% | −25 bp |
| Nov 7, 2024 | Cut | 4.50–4.75% | −25 bp |
| Sep 18, 2024 | Cut | 4.75–5.00% | −50 bp |
| Jul 26, 2023 | Hike | 5.25–5.50% | +25 bp |
| May 3, 2023 | Hike | 5.00–5.25% | +25 bp |
| Mar 22, 2023 | Hike | 4.75–5.00% | +25 bp |
| Feb 1, 2023 | Hike | 4.50–4.75% | +25 bp |
| Dec 14, 2022 | Hike | 4.25–4.50% | +50 bp |
| Nov 2, 2022 | Hike | 3.75–4.00% | +75 bp |
| Sep 21, 2022 | Hike | 3.00–3.25% | +75 bp |
| Jul 27, 2022 | Hike | 2.25–2.50% | +75 bp |
| Jun 15, 2022 | Hike | 1.50–1.75% | +75 bp |
| May 4, 2022 | Hike | 0.75–1.00% | +50 bp |
| Mar 16, 2022 | Hike | 0.25–0.50% | +25 bp |
| Mar 15, 2020 | Cut | 0.00–0.25% | −100 bp |
| Mar 3, 2020 | Cut | 1.00–1.25% | −50 bp |
| Oct 30, 2019 | Cut | 1.50–1.75% | −25 bp |
| Sep 18, 2019 | Cut | 1.75–2.00% | −25 bp |
| Jul 31, 2019 | Cut | 2.00–2.25% | −25 bp |
| Dec 19, 2018 | Hike | 2.25–2.50% | +25 bp |
| Sep 26, 2018 | Hike | 2.00–2.25% | +25 bp |
| Jun 13, 2018 | Hike | 1.75–2.00% | +25 bp |
| Mar 21, 2018 | Hike | 1.50–1.75% | +25 bp |
| Dec 13, 2017 | Hike | 1.25–1.50% | +25 bp |
| Jun 14, 2017 | Hike | 1.00–1.25% | +25 bp |
| Mar 15, 2017 | Hike | 0.75–1.00% | +25 bp |
| Dec 13, 2016 | Hike | 0.50–0.75% | +25 bp |
| Dec 15, 2015 | Hike | 0.25–0.50% | +25 bp |
Target range after each scheduled decision (and any move between meetings).
About the Fed funds rate
The Federal Open Market Committee sets a target range for the federal funds rate — what banks charge each other for overnight loans — at eight scheduled meetings a year. The effective rate is the average actually paid. Changes to it ripple through to loans, bonds, the dollar and risk assets such as crypto.
Frequently asked questions
What is the Fed interest rate today?
The federal funds target range is 3.75–4.00%. The tiles at the top of this page always show the latest published figures.
When is the next Fed rate decision?
The next Fed rate decision is on Wednesday, December 9, 2026 at 19:00 UTC.
Where does this data come from?
The figures are published by the Federal Reserve and taken from FRED, the economic database of the Federal Reserve Bank of St. Louis. Forecasts for the coming release come from the economic calendar on this site. Past figures are shown as revised.
Why does it matter for crypto?
Inflation, jobs, growth and interest-rate news move expectations for Federal Reserve policy, which in turn moves the dollar, bond yields and risk assets such as Bitcoin. Big surprises against the forecast often bring sharp price swings around the release time.
Source: FRED, Federal Reserve Bank of St. Louis, and the Federal Reserve. For informational purposes only — not investment advice.