Title:               Effective Federal Funds Rate
Series ID:           FEDFUNDS
Source:              Board of Governors of the Federal Reserve System (US)
Release:             H.15 Selected Interest Rates
Seasonal Adjustment: Not Seasonally Adjusted
Frequency:           Monthly
Units:               Percent
Date Range:          1954-07-01 to 2017-09-01
Last Updated:        2017-10-02 3:41 PM CDT
Notes:               Averages of daily figures.
                     
                     The federal funds rate is the interest rate at which depository
                     institutions trade federal funds (balances held at Federal Reserve
                     Banks) with each other overnight. When a depository institution has
                     surplus balances in its reserve account, it lends to other banks in
                     need of larger balances. In simpler terms, a bank with excess cash,
                     which is often referred to as liquidity, will lend to another bank
                     that needs to quickly raise liquidity. (1) The rate that the borrowing
                     institution pays to the lending institution is determined between the
                     two banks; the weighted average rate for all of these types of
                     negotiations is called the effective federal funds rate.(2) The
                     effective federal funds rate is essentially determined by the market
                     but is influenced by the Federal Reserve through open market
                     operations to reach the federal funds rate target.(2)
                     The Federal Open Market Committee (FOMC) meets eight times a year to
                     determine the federal funds target rate. As previously stated, this
                     rate influences the effective federal funds rate through open market
                     operations or by buying and selling of government bonds (government
                     debt).(2) More specifically, the Federal Reserve decreases liquidity
                     by selling government bonds, thereby raising the federal funds rate
                     because banks have less liquidity to trade with other banks.
                     Similarly, the Federal Reserve can increase liquidity by buying
                     government bonds, decreasing the federal funds rate because banks have
                     excess liquidity for trade. Whether the Federal Reserve wants to buy
                     or sell bonds depends on the state of the economy. If the FOMC
                     believes the economy is growing too fast and inflation pressures are
                     inconsistent with the dual mandate of the Federal Reserve, the
                     Committee may set a higher federal funds rate target to temper
                     economic activity. In the opposing scenario, the FOMC may set a lower
                     federal funds rate target to spur greater economic activity.
                     Therefore, the FOMC must observe the current state of the economy to
                     determine the best course of monetary policy that will maximize
                     economic growth while adhering to the dual mandate set forth by
                     Congress. In making its monetary policy decisions, the FOMC considers
                     a wealth of economic data, such as: trends in prices and wages,
                     employment, consumer spending and income, business investments, and
                     foreign exchange markets.
                     The federal funds rate is the central interest rate in the U.S.
                     financial market. It influences other interest rates such as the prime
                     rate, which is the rate banks charge their customers with higher
                     credit ratings. Additionally, the federal funds rate indirectly
                     influences longer- term interest rates such as mortgages, loans, and
                     savings, all of which are very important to consumer wealth and
                     confidence.(2)
                     References
                     (1) Federal Reserve Bank of New York. “Federal funds.” Fedpoints,
                     August 2007.
                     (2) Board of Governors of the Federal Reserve System. “Monetary
                     Policy”. http://www.federalreserve.gov/monetarypolicy/default.htm.

DATE        VALUE
1954-07-01   0.80
1954-08-01   1.22
1954-09-01   1.06
1954-10-01   0.85
1954-11-01   0.83
1954-12-01   1.28
1955-01-01   1.39
1955-02-01   1.29
1955-03-01   1.35
1955-04-01   1.43
1955-05-01   1.43
1955-06-01   1.64
1955-07-01   1.68
1955-08-01   1.96
1955-09-01   2.18
1955-10-01   2.24
1955-11-01   2.35
1955-12-01   2.48
1956-01-01   2.45
1956-02-01   2.50
1956-03-01   2.50
1956-04-01   2.62
1956-05-01   2.75
1956-06-01   2.71
1956-07-01   2.75
1956-08-01   2.73
1956-09-01   2.95
1956-10-01   2.96
1956-11-01   2.88
1956-12-01   2.94
1957-01-01   2.84
1957-02-01   3.00
1957-03-01   2.96
1957-04-01   3.00
1957-05-01   3.00
1957-06-01   3.00
1957-07-01   2.99
1957-08-01   3.24
1957-09-01   3.47
1957-10-01   3.50
1957-11-01   3.28
1957-12-01   2.98
1958-01-01   2.72
1958-02-01   1.67
1958-03-01   1.20
1958-04-01   1.26
1958-05-01   0.63
1958-06-01   0.93
1958-07-01   0.68
1958-08-01   1.53
1958-09-01   1.76
1958-10-01   1.80
1958-11-01   2.27
1958-12-01   2.42
1959-01-01   2.48
1959-02-01   2.43
1959-03-01   2.80
1959-04-01   2.96
1959-05-01   2.90
1959-06-01   3.39
1959-07-01   3.47
1959-08-01   3.50
1959-09-01   3.76
1959-10-01   3.98
1959-11-01   4.00
1959-12-01   3.99
1960-01-01   3.99
1960-02-01   3.97
1960-03-01   3.84
1960-04-01   3.92
1960-05-01   3.85
1960-06-01   3.32
1960-07-01   3.23
1960-08-01   2.98
1960-09-01   2.60
1960-10-01   2.47
1960-11-01   2.44
1960-12-01   1.98
1961-01-01   1.45
1961-02-01   2.54
1961-03-01   2.02
1961-04-01   1.49
1961-05-01   1.98
1961-06-01   1.73
1961-07-01   1.17
1961-08-01   2.00
1961-09-01   1.88
1961-10-01   2.26
1961-11-01   2.61
1961-12-01   2.33
1962-01-01   2.15
1962-02-01   2.37
1962-03-01   2.85
1962-04-01   2.78
1962-05-01   2.36
1962-06-01   2.68
1962-07-01   2.71
1962-08-01   2.93
1962-09-01   2.90
1962-10-01   2.90
1962-11-01   2.94
1962-12-01   2.93
1963-01-01   2.92
1963-02-01   3.00
1963-03-01   2.98
1963-04-01   2.90
1963-05-01   3.00
1963-06-01   2.99
1963-07-01   3.02
1963-08-01   3.49
1963-09-01   3.48
1963-10-01   3.50
1963-11-01   3.48
1963-12-01   3.38
1964-01-01   3.48
1964-02-01   3.48
1964-03-01   3.43
1964-04-01   3.47
1964-05-01   3.50
1964-06-01   3.50
1964-07-01   3.42
1964-08-01   3.50
1964-09-01   3.45
1964-10-01   3.36
1964-11-01   3.52
1964-12-01   3.85
1965-01-01   3.90
1965-02-01   3.98
1965-03-01   4.04
1965-04-01   4.09
1965-05-01   4.10
1965-06-01   4.04
1965-07-01   4.09
1965-08-01   4.12
1965-09-01   4.01
1965-10-01   4.08
1965-11-01   4.10
1965-12-01   4.32
1966-01-01   4.42
1966-02-01   4.60
1966-03-01   4.65
1966-04-01   4.67
1966-05-01   4.90
1966-06-01   5.17
1966-07-01   5.30
1966-08-01   5.53
1966-09-01   5.40
1966-10-01   5.53
1966-11-01   5.76
1966-12-01   5.40
1967-01-01   4.94
1967-02-01   5.00
1967-03-01   4.53
1967-04-01   4.05
1967-05-01   3.94
1967-06-01   3.98
1967-07-01   3.79
1967-08-01   3.90
1967-09-01   3.99
1967-10-01   3.88
1967-11-01   4.13
1967-12-01   4.51
1968-01-01   4.60
1968-02-01   4.71
1968-03-01   5.05
1968-04-01   5.76
1968-05-01   6.11
1968-06-01   6.07
1968-07-01   6.02
1968-08-01   6.03
1968-09-01   5.78
1968-10-01   5.91
1968-11-01   5.82
1968-12-01   6.02
1969-01-01   6.30
1969-02-01   6.61
1969-03-01   6.79
1969-04-01   7.41
1969-05-01   8.67
1969-06-01   8.90
1969-07-01   8.61
1969-08-01   9.19
1969-09-01   9.15
1969-10-01   9.00
1969-11-01   8.85
1969-12-01   8.97
1970-01-01   8.98
1970-02-01   8.98
1970-03-01   7.76
1970-04-01   8.10
1970-05-01   7.94
1970-06-01   7.60
1970-07-01   7.21
1970-08-01   6.61
1970-09-01   6.29
1970-10-01   6.20
1970-11-01   5.60
1970-12-01   4.90
1971-01-01   4.14
1971-02-01   3.72
1971-03-01   3.71
1971-04-01   4.15
1971-05-01   4.63
1971-06-01   4.91
1971-07-01   5.31
1971-08-01   5.56
1971-09-01   5.55
1971-10-01   5.20
1971-11-01   4.91
1971-12-01   4.14
1972-01-01   3.50
1972-02-01   3.29
1972-03-01   3.83
1972-04-01   4.17
1972-05-01   4.27
1972-06-01   4.46
1972-07-01   4.55
1972-08-01   4.80
1972-09-01   4.87
1972-10-01   5.04
1972-11-01   5.06
1972-12-01   5.33
1973-01-01   5.94
1973-02-01   6.58
1973-03-01   7.09
1973-04-01   7.12
1973-05-01   7.84
1973-06-01   8.49
1973-07-01  10.40
1973-08-01  10.50
1973-09-01  10.78
1973-10-01  10.01
1973-11-01  10.03
1973-12-01   9.95
1974-01-01   9.65
1974-02-01   8.97
1974-03-01   9.35
1974-04-01  10.51
1974-05-01  11.31
1974-06-01  11.93
1974-07-01  12.92
1974-08-01  12.01
1974-09-01  11.34
1974-10-01  10.06
1974-11-01   9.45
1974-12-01   8.53
1975-01-01   7.13
1975-02-01   6.24
1975-03-01   5.54
1975-04-01   5.49
1975-05-01   5.22
1975-06-01   5.55
1975-07-01   6.10
1975-08-01   6.14
1975-09-01   6.24
1975-10-01   5.82
1975-11-01   5.22
1975-12-01   5.20
1976-01-01   4.87
1976-02-01   4.77
1976-03-01   4.84
1976-04-01   4.82
1976-05-01   5.29
1976-06-01   5.48
1976-07-01   5.31
1976-08-01   5.29
1976-09-01   5.25
1976-10-01   5.02
1976-11-01   4.95
1976-12-01   4.65
1977-01-01   4.61
1977-02-01   4.68
1977-03-01   4.69
1977-04-01   4.73
1977-05-01   5.35
1977-06-01   5.39
1977-07-01   5.42
1977-08-01   5.90
1977-09-01   6.14
1977-10-01   6.47
1977-11-01   6.51
1977-12-01   6.56
1978-01-01   6.70
1978-02-01   6.78
1978-03-01   6.79
1978-04-01   6.89
1978-05-01   7.36
1978-06-01   7.60
1978-07-01   7.81
1978-08-01   8.04
1978-09-01   8.45
1978-10-01   8.96
1978-11-01   9.76
1978-12-01  10.03
1979-01-01  10.07
1979-02-01  10.06
1979-03-01  10.09
1979-04-01  10.01
1979-05-01  10.24
1979-06-01  10.29
1979-07-01  10.47
1979-08-01  10.94
1979-09-01  11.43
1979-10-01  13.77
1979-11-01  13.18
1979-12-01  13.78
1980-01-01  13.82
1980-02-01  14.13
1980-03-01  17.19
1980-04-01  17.61
1980-05-01  10.98
1980-06-01   9.47
1980-07-01   9.03
1980-08-01   9.61
1980-09-01  10.87
1980-10-01  12.81
1980-11-01  15.85
1980-12-01  18.90
1981-01-01  19.08
1981-02-01  15.93
1981-03-01  14.70
1981-04-01  15.72
1981-05-01  18.52
1981-06-01  19.10
1981-07-01  19.04
1981-08-01  17.82
1981-09-01  15.87
1981-10-01  15.08
1981-11-01  13.31
1981-12-01  12.37
1982-01-01  13.22
1982-02-01  14.78
1982-03-01  14.68
1982-04-01  14.94
1982-05-01  14.45
1982-06-01  14.15
1982-07-01  12.59
1982-08-01  10.12
1982-09-01  10.31
1982-10-01   9.71
1982-11-01   9.20
1982-12-01   8.95
1983-01-01   8.68
1983-02-01   8.51
1983-03-01   8.77
1983-04-01   8.80
1983-05-01   8.63
1983-06-01   8.98
1983-07-01   9.37
1983-08-01   9.56
1983-09-01   9.45
1983-10-01   9.48
1983-11-01   9.34
1983-12-01   9.47
1984-01-01   9.56
1984-02-01   9.59
1984-03-01   9.91
1984-04-01  10.29
1984-05-01  10.32
1984-06-01  11.06
1984-07-01  11.23
1984-08-01  11.64
1984-09-01  11.30
1984-10-01   9.99
1984-11-01   9.43
1984-12-01   8.38
1985-01-01   8.35
1985-02-01   8.50
1985-03-01   8.58
1985-04-01   8.27
1985-05-01   7.97
1985-06-01   7.53
1985-07-01   7.88
1985-08-01   7.90
1985-09-01   7.92
1985-10-01   7.99
1985-11-01   8.05
1985-12-01   8.27
1986-01-01   8.14
1986-02-01   7.86
1986-03-01   7.48
1986-04-01   6.99
1986-05-01   6.85
1986-06-01   6.92
1986-07-01   6.56
1986-08-01   6.17
1986-09-01   5.89
1986-10-01   5.85
1986-11-01   6.04
1986-12-01   6.91
1987-01-01   6.43
1987-02-01   6.10
1987-03-01   6.13
1987-04-01   6.37
1987-05-01   6.85
1987-06-01   6.73
1987-07-01   6.58
1987-08-01   6.73
1987-09-01   7.22
1987-10-01   7.29
1987-11-01   6.69
1987-12-01   6.77
1988-01-01   6.83
1988-02-01   6.58
1988-03-01   6.58
1988-04-01   6.87
1988-05-01   7.09
1988-06-01   7.51
1988-07-01   7.75
1988-08-01   8.01
1988-09-01   8.19
1988-10-01   8.30
1988-11-01   8.35
1988-12-01   8.76
1989-01-01   9.12
1989-02-01   9.36
1989-03-01   9.85
1989-04-01   9.84
1989-05-01   9.81
1989-06-01   9.53
1989-07-01   9.24
1989-08-01   8.99
1989-09-01   9.02
1989-10-01   8.84
1989-11-01   8.55
1989-12-01   8.45
1990-01-01   8.23
1990-02-01   8.24
1990-03-01   8.28
1990-04-01   8.26
1990-05-01   8.18
1990-06-01   8.29
1990-07-01   8.15
1990-08-01   8.13
1990-09-01   8.20
1990-10-01   8.11
1990-11-01   7.81
1990-12-01   7.31
1991-01-01   6.91
1991-02-01   6.25
1991-03-01   6.12
1991-04-01   5.91
1991-05-01   5.78
1991-06-01   5.90
1991-07-01   5.82
1991-08-01   5.66
1991-09-01   5.45
1991-10-01   5.21
1991-11-01   4.81
1991-12-01   4.43
1992-01-01   4.03
1992-02-01   4.06
1992-03-01   3.98
1992-04-01   3.73
1992-05-01   3.82
1992-06-01   3.76
1992-07-01   3.25
1992-08-01   3.30
1992-09-01   3.22
1992-10-01   3.10
1992-11-01   3.09
1992-12-01   2.92
1993-01-01   3.02
1993-02-01   3.03
1993-03-01   3.07
1993-04-01   2.96
1993-05-01   3.00
1993-06-01   3.04
1993-07-01   3.06
1993-08-01   3.03
1993-09-01   3.09
1993-10-01   2.99
1993-11-01   3.02
1993-12-01   2.96
1994-01-01   3.05
1994-02-01   3.25
1994-03-01   3.34
1994-04-01   3.56
1994-05-01   4.01
1994-06-01   4.25
1994-07-01   4.26
1994-08-01   4.47
1994-09-01   4.73
1994-10-01   4.76
1994-11-01   5.29
1994-12-01   5.45
1995-01-01   5.53
1995-02-01   5.92
1995-03-01   5.98
1995-04-01   6.05
1995-05-01   6.01
1995-06-01   6.00
1995-07-01   5.85
1995-08-01   5.74
1995-09-01   5.80
1995-10-01   5.76
1995-11-01   5.80
1995-12-01   5.60
1996-01-01   5.56
1996-02-01   5.22
1996-03-01   5.31
1996-04-01   5.22
1996-05-01   5.24
1996-06-01   5.27
1996-07-01   5.40
1996-08-01   5.22
1996-09-01   5.30
1996-10-01   5.24
1996-11-01   5.31
1996-12-01   5.29
1997-01-01   5.25
1997-02-01   5.19
1997-03-01   5.39
1997-04-01   5.51
1997-05-01   5.50
1997-06-01   5.56
1997-07-01   5.52
1997-08-01   5.54
1997-09-01   5.54
1997-10-01   5.50
1997-11-01   5.52
1997-12-01   5.50
1998-01-01   5.56
1998-02-01   5.51
1998-03-01   5.49
1998-04-01   5.45
1998-05-01   5.49
1998-06-01   5.56
1998-07-01   5.54
1998-08-01   5.55
1998-09-01   5.51
1998-10-01   5.07
1998-11-01   4.83
1998-12-01   4.68
1999-01-01   4.63
1999-02-01   4.76
1999-03-01   4.81
1999-04-01   4.74
1999-05-01   4.74
1999-06-01   4.76
1999-07-01   4.99
1999-08-01   5.07
1999-09-01   5.22
1999-10-01   5.20
1999-11-01   5.42
1999-12-01   5.30
2000-01-01   5.45
2000-02-01   5.73
2000-03-01   5.85
2000-04-01   6.02
2000-05-01   6.27
2000-06-01   6.53
2000-07-01   6.54
2000-08-01   6.50
2000-09-01   6.52
2000-10-01   6.51
2000-11-01   6.51
2000-12-01   6.40
2001-01-01   5.98
2001-02-01   5.49
2001-03-01   5.31
2001-04-01   4.80
2001-05-01   4.21
2001-06-01   3.97
2001-07-01   3.77
2001-08-01   3.65
2001-09-01   3.07
2001-10-01   2.49
2001-11-01   2.09
2001-12-01   1.82
2002-01-01   1.73
2002-02-01   1.74
2002-03-01   1.73
2002-04-01   1.75
2002-05-01   1.75
2002-06-01   1.75
2002-07-01   1.73
2002-08-01   1.74
2002-09-01   1.75
2002-10-01   1.75
2002-11-01   1.34
2002-12-01   1.24
2003-01-01   1.24
2003-02-01   1.26
2003-03-01   1.25
2003-04-01   1.26
2003-05-01   1.26
2003-06-01   1.22
2003-07-01   1.01
2003-08-01   1.03
2003-09-01   1.01
2003-10-01   1.01
2003-11-01   1.00
2003-12-01   0.98
2004-01-01   1.00
2004-02-01   1.01
2004-03-01   1.00
2004-04-01   1.00
2004-05-01   1.00
2004-06-01   1.03
2004-07-01   1.26
2004-08-01   1.43
2004-09-01   1.61
2004-10-01   1.76
2004-11-01   1.93
2004-12-01   2.16
2005-01-01   2.28
2005-02-01   2.50
2005-03-01   2.63
2005-04-01   2.79
2005-05-01   3.00
2005-06-01   3.04
2005-07-01   3.26
2005-08-01   3.50
2005-09-01   3.62
2005-10-01   3.78
2005-11-01   4.00
2005-12-01   4.16
2006-01-01   4.29
2006-02-01   4.49
2006-03-01   4.59
2006-04-01   4.79
2006-05-01   4.94
2006-06-01   4.99
2006-07-01   5.24
2006-08-01   5.25
2006-09-01   5.25
2006-10-01   5.25
2006-11-01   5.25
2006-12-01   5.24
2007-01-01   5.25
2007-02-01   5.26
2007-03-01   5.26
2007-04-01   5.25
2007-05-01   5.25
2007-06-01   5.25
2007-07-01   5.26
2007-08-01   5.02
2007-09-01   4.94
2007-10-01   4.76
2007-11-01   4.49
2007-12-01   4.24
2008-01-01   3.94
2008-02-01   2.98
2008-03-01   2.61
2008-04-01   2.28
2008-05-01   1.98
2008-06-01   2.00
2008-07-01   2.01
2008-08-01   2.00
2008-09-01   1.81
2008-10-01   0.97
2008-11-01   0.39
2008-12-01   0.16
2009-01-01   0.15
2009-02-01   0.22
2009-03-01   0.18
2009-04-01   0.15
2009-05-01   0.18
2009-06-01   0.21
2009-07-01   0.16
2009-08-01   0.16
2009-09-01   0.15
2009-10-01   0.12
2009-11-01   0.12
2009-12-01   0.12
2010-01-01   0.11
2010-02-01   0.13
2010-03-01   0.16
2010-04-01   0.20
2010-05-01   0.20
2010-06-01   0.18
2010-07-01   0.18
2010-08-01   0.19
2010-09-01   0.19
2010-10-01   0.19
2010-11-01   0.19
2010-12-01   0.18
2011-01-01   0.17
2011-02-01   0.16
2011-03-01   0.14
2011-04-01   0.10
2011-05-01   0.09
2011-06-01   0.09
2011-07-01   0.07
2011-08-01   0.10
2011-09-01   0.08
2011-10-01   0.07
2011-11-01   0.08
2011-12-01   0.07
2012-01-01   0.08
2012-02-01   0.10
2012-03-01   0.13
2012-04-01   0.14
2012-05-01   0.16
2012-06-01   0.16
2012-07-01   0.16
2012-08-01   0.13
2012-09-01   0.14
2012-10-01   0.16
2012-11-01   0.16
2012-12-01   0.16
2013-01-01   0.14
2013-02-01   0.15
2013-03-01   0.14
2013-04-01   0.15
2013-05-01   0.11
2013-06-01   0.09
2013-07-01   0.09
2013-08-01   0.08
2013-09-01   0.08
2013-10-01   0.09
2013-11-01   0.08
2013-12-01   0.09
2014-01-01   0.07
2014-02-01   0.07
2014-03-01   0.08
2014-04-01   0.09
2014-05-01   0.09
2014-06-01   0.10
2014-07-01   0.09
2014-08-01   0.09
2014-09-01   0.09
2014-10-01   0.09
2014-11-01   0.09
2014-12-01   0.12
2015-01-01   0.11
2015-02-01   0.11
2015-03-01   0.11
2015-04-01   0.12
2015-05-01   0.12
2015-06-01   0.13
2015-07-01   0.13
2015-08-01   0.14
2015-09-01   0.14
2015-10-01   0.12
2015-11-01   0.12
2015-12-01   0.24
2016-01-01   0.34
2016-02-01   0.38
2016-03-01   0.36
2016-04-01   0.37
2016-05-01   0.37
2016-06-01   0.38
2016-07-01   0.39
2016-08-01   0.40
2016-09-01   0.40
2016-10-01   0.40
2016-11-01   0.41
2016-12-01   0.54
2017-01-01   0.65
2017-02-01   0.66
2017-03-01   0.79
2017-04-01   0.90
2017-05-01   0.91
2017-06-01   1.04
2017-07-01   1.15
2017-08-01   1.16
2017-09-01   1.15
