Cash Rate

Board of Governors of the Federal Reserve System, via FRED

US federal funds effective rate

View on United States desk

3.63%

+0.01 pp last change (13 Jul 2026)

As of 15 Sep 2026 | Daily effective (chart uses monthly averages from 1954)

Mean
4.59%
Median
4.25%
Min
0.05% 1 Apr 2020
Max
19.10% 1 Jun 1981
DateRate
15 Sep 20263.63
1 Aug 20263.63
1 Jul 20263.63
1 Jun 20263.63
1 May 20263.63
1 Apr 20263.64
1 Mar 20263.64
1 Feb 20263.64
1 Jan 20263.64
1 Dec 20253.72
1 Nov 20253.88
1 Oct 20254.09
1 Sep 20254.22
1 Aug 20254.33
1 Jul 20254.33
1 Jun 20254.33
1 May 20254.33
1 Apr 20254.33
1 Mar 20254.33
1 Feb 20254.33
1 Jan 20254.33
1 Dec 20244.48
1 Nov 20244.64
1 Oct 20244.83

About fed funds

Effective federal funds rate — volume-weighted overnight trades (FRED DFF; source: Federal Reserve). Current: 3.63% on 15 Sep 2026. Long history uses monthly FEDFUNDS; the headline is the latest daily print.

From 1 Jul 1954 to 15 Sep 2026 (867 months): mean 4.59%, median 4.25%; low 0.05% (1 Apr 2020), high 19.10% (1 Jun 1981). Not a mortgage, CD, or prime rate.

Source: FRED series DFF (daily effective) and FEDFUNDS (monthly). Licence: FRED data terms: free use in publications and websites with attribution (terms). Files: data/raw/fred-dff.csv + data/raw/fred-fedfunds.csv.

Reading this series

The effective federal funds rate is the volume-weighted average of overnight unsecured trades between depository institutions, published by the Federal Reserve and republished here from FRED. The headline uses the daily series DFF; the long history and the summary statistics use the monthly series FEDFUNDS, which begins in 1954. The Federal Open Market Committee sets a target range, but the effective rate is a market outcome inside that range, so it can differ slightly from the target and from day to day.

Because it is a market average rather than a stepped policy setting, the daily line is jagged; the chart here uses month-end points for the long run. Read the headline with its as-of date, then the "versus the previous reading" line for the direction of the last change. Mean, median, low and high describe the observations in this build, not an official summary. Chart and Table show the same series two ways, the range buttons shorten the window, and Explore loads zoom and pan only when requested. Fed funds is not a mortgage, CD or prime rate.

About this desk

The Brazil desk leads with the Selic target, read from the BIS central bank policy rate series for Brazil, then US, Mexico and ECB rates. The Selic target is set by the Banco Central do Brasil's Copom and is the anchor for the overnight interbank rate; the BIS series is the overnight Selic target from 1999, with earlier stretches splicing other central-bank instruments. It is drawn as daily steps because it changes only at Copom decisions.

All desks show the same series in a different order, so the figures do not change when you switch. Values are republished with attribution to the BIS; this site is not an official BIS publication. The build ingests no Brazilian retail lending rate, so that page is absent rather than estimated. Nothing here is financial advice, and readings may lag their source.