Raised by 25 bp to 3.88% on 17 Sept 2026.
Fed funds target, upper bound
Every change of the rate
| Date | Move | From | To | Size |
|---|---|---|---|---|
| 17 Sept 2026 | Hike | 3.63% | 3.88% | +25 bp |
| 11 Dec 2025 | Cut | 3.88% | 3.63% | −25 bp |
| 30 Oct 2025 | Cut | 4.13% | 3.88% | −25 bp |
| 18 Sept 2025 | Cut | 4.38% | 4.13% | −25 bp |
| 19 Dec 2024 | Cut | 4.63% | 4.38% | −25 bp |
| 8 Nov 2024 | Cut | 4.88% | 4.63% | −25 bp |
| 19 Sept 2024 | Cut | 5.38% | 4.88% | −50 bp |
| 27 Jul 2023 | Hike | 5.13% | 5.38% | +25 bp |
| 4 May 2023 | Hike | 4.88% | 5.13% | +25 bp |
| 23 Mar 2023 | Hike | 4.63% | 4.88% | +25 bp |
| 2 Feb 2023 | Hike | 4.38% | 4.63% | +25 bp |
| 15 Dec 2022 | Hike | 3.88% | 4.38% | +50 bp |
The 30 earlier decisions, back to Sept 2007
| Date | Move | From | To | Size |
|---|---|---|---|---|
| 3 Nov 2022 | Hike | 3.13% | 3.88% | +75 bp |
| 22 Sept 2022 | Hike | 2.38% | 3.13% | +75 bp |
| 28 Jul 2022 | Hike | 1.63% | 2.38% | +75 bp |
| 16 Jun 2022 | Hike | 0.88% | 1.63% | +75 bp |
| 5 May 2022 | Hike | 0.38% | 0.88% | +50 bp |
| 17 Mar 2022 | Hike | 0.13% | 0.38% | +25 bp |
| 16 Mar 2020 | Cut | 1.13% | 0.13% | −100 bp |
| 4 Mar 2020 | Cut | 1.63% | 1.13% | −50 bp |
| 31 Oct 2019 | Cut | 1.88% | 1.63% | −25 bp |
| 19 Sept 2019 | Cut | 2.13% | 1.88% | −25 bp |
| 1 Aug 2019 | Cut | 2.38% | 2.13% | −25 bp |
| 20 Dec 2018 | Hike | 2.13% | 2.38% | +25 bp |
| 27 Sept 2018 | Hike | 1.88% | 2.13% | +25 bp |
| 14 Jun 2018 | Hike | 1.63% | 1.88% | +25 bp |
| 22 Mar 2018 | Hike | 1.38% | 1.63% | +25 bp |
| 14 Dec 2017 | Hike | 1.13% | 1.38% | +25 bp |
| 15 Jun 2017 | Hike | 0.88% | 1.13% | +25 bp |
| 16 Mar 2017 | Hike | 0.63% | 0.88% | +25 bp |
| 15 Dec 2016 | Hike | 0.38% | 0.63% | +25 bp |
| 17 Dec 2015 | Hike | 0.13% | 0.38% | +25 bp |
| 16 Dec 2008 | Cut | 1.00% | 0.13% | −87 bp |
| 29 Oct 2008 | Cut | 1.50% | 1.00% | −50 bp |
| 8 Oct 2008 | Cut | 2.00% | 1.50% | −50 bp |
| 30 Apr 2008 | Cut | 2.25% | 2.00% | −25 bp |
| 18 Mar 2008 | Cut | 3.00% | 2.25% | −75 bp |
| 30 Jan 2008 | Cut | 3.50% | 3.00% | −50 bp |
| 22 Jan 2008 | Cut | 4.25% | 3.50% | −75 bp |
| 11 Dec 2007 | Cut | 4.50% | 4.25% | −25 bp |
| 31 Oct 2007 | Cut | 4.75% | 4.50% | −25 bp |
| 18 Sept 2007 | Cut | 5.25% | 4.75% | −50 bp |
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