Fed Funds

The effective overnight federal funds rate in the U.S. banking system.

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CURRENT3.88%% • October 2026

PRIOR MOVE+0.13 ppvs prior month

VS YEAR AGO-0.21 ppchange in displayed metric

10-YEAR POSITION71stpercentile rank

Fed Funds history

% • normalized monthly

121 plotted periodsLatest: 3.88%

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Oct 2026: 3.88 %

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View chart data (121 periods)

WHY IT MATTERS

Fed Funds anchors short-term interest rates and is the clearest market measure of the stance of Federal Reserve policy.

The current 5-year z-score is 0.03, with a 10-year displayed-metric range of 0.05% to 5.33%.

SOURCE & METHOD

Verified data, calculated server-side.

Source: FRED, series FEDFUNDS. Values are displayed in %.

Historical coverage begins July 1954. Daily and weekly observations are averaged within each calendar month for this page chart.

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Related indicators

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InflationCore PCEPersonal-consumption inflation excluding food and energy.LaborUnemploymentThe share of the labor force that is unemployed and actively seeking work.Rates2Y TreasuryMarket yield on the 2-year U.S. Treasury security.

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