The Federal Reserve’s target range and effective rate, the next FOMC decision days and the most recent rate changes. From the Federal Reserve via FRED.
Fed funds target, upper bound
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Target range and effective rate from the Federal Reserve via FRED · FRED, Federal Funds Target Range
The tile above, written out with its time and source. Times are UTC. Figures come from public sources, may be delayed and are never execution prices.
Target range 3.75–4.00%
| Decision day | Weekday |
|---|---|
| 28 October 2026 | Wednesday |
| 9 December 2026 | Wednesday |
| 27 January 2027 | Wednesday |
| 17 March 2027 | Wednesday |
| Date | Change | New range |
|---|---|---|
| 17 Sep 2026 | +25bp | 3.75–4.00% |
| 11 Dec 2025 | −25bp | 3.50–3.75% |
| 30 Oct 2025 | −25bp | 3.75–4.00% |
| 18 Sep 2025 | −25bp | 4.00–4.25% |
| 19 Dec 2024 | −25bp | 4.25–4.50% |
| 08 Nov 2024 | −25bp | 4.50–4.75% |
| 19 Sep 2024 | −50bp | 4.75–5.00% |
| 27 Jul 2023 | +25bp | 5.25–5.50% |
Definitions as of 29 Sep 2026.
The Federal Reserve sets a target range for the federal funds rate, the rate at which banks lend to each other overnight. This page shows the upper bound of the range, the effective rate actually paid, and the decision days of the Federal Open Market Committee (FOMC).
How to read it. A cut lowers the target range, a hike raises it, and no change leaves it where it is. The decision day is the second day of each FOMC meeting. What markets expect the next decision to be is separate from the decision itself and is not shown here; the CME FedWatch Tool shows market pricing.
It is the range the Federal Reserve aims to keep the federal funds rate inside. It is set at FOMC meetings, and the current range is shown above with the date it is from.
The next decision day on our calendar is 28 October 2026. Dates are those we have recorded from the Federal Reserve’s published calendar; confirm them on federalreserve.gov, which is the authority.
Interest rates change what cash and bonds pay, so changes in the rate path, or expectations of them, have often coincided with moves in crypto and other risk assets. The link is not fixed, and this page does not predict prices.
Nothing on this page is investment advice. See the risk disclaimer.
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