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 United Kingdom desk leads with Bank Rate, the Bank of England's policy rate, then SONIA, the sterling overnight market benchmark the Bank publishes but does not set. Euro-area, US, Canadian and Australian rates follow, with the rest of the build's series after them. All desks republish the same official series; this desk only reorders the menu and the wording, so the figures do not change when you switch desks.

Both UK series come from Bank of England statistical tables and are republished under the Bank's open-data terms, with attribution. Bank Rate is a policy setting that moves at MPC decisions; SONIA is a transaction-based market rate that moves daily. The build does not publish a UK retail mortgage or savings rate, because no such official series is ingested here — those pages are absent rather than estimated. This is not financial advice.