Cash Rate

Board of Governors of the Federal Reserve System, via FRED

US federal funds effective rate

3.63%

+0.01 pp last change (Jul 13, 2026)

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

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

About fed funds

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

From Jul 1, 1954 to Sep 15, 2026 (867 months): mean 4.59%, median 4.25%; low 0.05% (Apr 1, 2020), high 19.10% (Jun 1, 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 United States desk leads with the effective federal funds rate, the market average published by the Federal Reserve and republished here from FRED. Bank Rate, the ECB deposit facility, Australia's cash rate and Canada's overnight rate follow in the menu, with the remaining official series after them. Every desk shows the same series in this build; the desk only changes the order and the wording, so the federal funds page carries the same data whether you arrive from /us/ or the hub. The US desk is also one of the two whose dates are written month-first.

The figures are read from official files and republished without alteration. Fed funds is a market rate set inside the FOMC's target range, not a rate the central bank fixes; the target range itself is not published on this site. Nothing here is advice, and readings may lag their source.