US federal funds effective 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 Norway desk leads with Norges Bank's policy rate, styringsrenten, from the BIS central bank policy rate series for Norway, then Sweden, ECB and UK rates. Since 1993 the series is the sight-deposit rate; earlier it is the overnight lending rate. The BIS joins these instruments into one comparable policy measure, drawn as daily steps because the rate changes only at Norges Bank's meetings. It is a policy rate, not a mortgage or deposit rate.

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, and this page is not an official BIS publication. No Norwegian retail lending or deposit series is ingested, so those pages are absent rather than estimated. Nothing here is financial advice, and readings may lag their source.