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United States Fed Funds Interest Rate
Minutes from the Fed's December meeting noted that most of the FOMC judged that rate cuts are likely to be appropriate next year if inflation eases over time. Still, policymakers were divided in their assessment of risks between higher inflation and unemployment, with a part of the FOMC displaying greater concern that inflation becoming entrenched may require higher borrowing costs, while others preferred a greater magnitude of rate cuts to curb signs of a softening labor market. The December meeting saw a reduction in the federal funds rate by 25bps to a range of 3.5%–3.75%, matching the consensus by markets, for a third cut in the year. The decision featured two dissents, with two members opting for a hold while new FOMC Governor Miran opted for a 50bps cut. Additionally, the SEP featured in the meeting indicated that policymakers were more optimistic about growth next year, reflecting a smaller-than-expected initial impact from tariffs. source: Federal Reserve
The benchmark interest rate in the United States was last recorded at 3.75 percent. Interest Rate in the United States averaged 5.40 percent from 1971 until 2025, reaching an all time high of 20.00 percent in March of 1980 and a record low of 0.25 percent in December of 2008. This page provides the latest reported value for - United States Fed Funds Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Fed Funds Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2026.
The benchmark interest rate in the United States was last recorded at 3.75 percent. Interest Rate in the United States is expected to be 3.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Fed Funds Interest Rate is projected to trend around 3.25 percent in 2026, according to our econometric models.
| Calendar | GMT | Reference | Actual | Previous | Consensus | TEForecast |
| 2025-12-10 | 07:00 PM | Interest Rate Projection - 1st Yr | | 3.4% | 3.4% |
| 2025-12-10 | 07:00 PM | Interest Rate Projection - 2nd Yr | | 3.1% | 3.1% |
| 2025-12-10 | 07:00 PM | Fed Interest Rate Decision | | 3.75% | 4.0% | 3.75% | 3.75% |
| 2026-01-28 | 07:00 PM | Fed Interest Rate Decision | | 3.75% | 3.75% |
| 2026-03-18 | 06:00 PM | Fed Interest Rate Decision | |
| 2026-04-29 | 06:00 PM | Fed Interest Rate Decision | |
| Related | Last | Previous | Unit | Reference |
| Banks Balance Sheet | 24799.80 | 24726.20 | USD Billion | Dec 2025 |
| Fed Balance Sheet | 6640618.00 | 6581231.00 | USD Million | Dec 2025 |
| Foreign Exchange Reserves | 38330.00 | 38314.00 | USD Million | Nov 2025 |
| Inflation Rate YoY | 2.70 | 3.00 | percent | Nov 2025 |
| Fed Interest Rate | 3.75 | 4.00 | percent | Dec 2025 |
| Loans to Private Sector | 2698.75 | 2692.52 | USD Billion | Nov 2025 |
| Money Supply M0 | 5301900.00 | 5361800.00 | USD Million | Nov 2025 |
| Money Supply M1 | 19025.70 | 19004.10 | USD Billion | Nov 2025 |
| Money Supply M2 | 22322.40 | 22298.10 | USD Billion | Nov 2025 |
| Unemployment Rate | 4.60 | 4.40 | percent | Nov 2025 |
United States Fed Funds Interest Rate In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks.. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency |
| 3.75 | 4.00 | 20.00 | 0.25 | 1971 - 2025 | percent | Daily |
Compare: Interest Rate by Country News Stream Fed Likely to Reduce Rates Next Year: FOMC Minutes Minutes from the Fed's December meeting noted that most of the FOMC judged that rate cuts are likely to be appropriate next year if inflation eases over time. Still, policymakers were divided in their assessment of risks between higher inflation and unemployment, with a part of the FOMC displaying greater concern that inflation becoming entrenched may require higher borrowing costs, while others preferred a greater magnitude of rate cuts to curb signs of a softening labor market. The December meeting saw a reduction in the federal funds rate by 25bps to a range of 3.5%–3.75%, matching the consensus by markets, for a third cut in the year. The decision featured two dissents, with two members opting for a hold while new FOMC Governor Miran opted for a 50bps cut. Additionally, the SEP featured in the meeting indicated that policymakers were more optimistic about growth next year, reflecting a smaller-than-expected initial impact from tariffs. 2025-12-30 Fed Lowers Rates for 3rd Time The Federal Reserve cut the federal funds rate by 25 bps to a range of 3.5%–3.75% in its December 2025 meeting, following similar reductions in September and October, and in line with expectations. This brings borrowing costs to their lowest level since 2022. The committee remained divided, with three members continuing to vote against the cut, which hasn’t happened since September 2019. Stephen Miran pushed for a deeper 50bps reduction, in contrast to Austan Goolsbee and Jeffrey Schmid, who argued for keeping rates on hold. Meanwhile, policymakers left their projections for the federal funds rate unchanged from September, signaling only one 25bps cut in 2026. On the GDP front, the Fed revised its growth forecasts higher for 2025 (1.7% vs 1.6%) and 2026 (2.3% vs 1.8%). PCE inflation is now expected to be slightly lower this year at 2.9% (vs 3.0%) and next year at 2.4% (vs 2.6%). Forecasts for the unemployment rate were left unchanged at 4.5% for 2025 and 4.4% for 2026. 2025-12-10 Fed Expected to Cut Rates for 3rd Time The Federal Reserve is widely expected to cut the federal funds rate by 25 bps to a range of 3.5%–3.75% in December 2025, following similar reductions in September and October. This would bring borrowing costs to their lowest level since 2022. The decision comes amid clear signs of a rapidly cooling labour market, even as policymakers continue to operate without several key government data releases that remain delayed or suspended due to the shutdown. Markets will also focus on the updated dot plot and officials’ interest-rate projections for 2026, which are likely to highlight ongoing divisions over the need for further easing in the face of persistent inflation. In September, the Fed projected just one rate cut in 2026. Markets are pricing in roughly two additional quarter-point cuts next year, with the first not expected before June. 2025-12-10 Related Dow Jones Hits Fresh Record Dollar Pares Some Gains ISM Manufacturing PMI Below Forecasts Treasury Yields Edge Down Week Ahead - Jan 5th US Manufacturing Growth Slows in December US 30-Year Mortgage Rate Falls Yearly Low US Crude Inventories Fall Sharply Continuing Jobless Claims Drop to Three-Month Low US Jobless Claims Drop Amid Holiday Volatility Latest Soybeans Jump from Lows as Overseas Demand Improves South Korea Forex Reserves Drop In December Ibovespa Starts Week Strong TSX Reaches Historic High Dow Jones Hits Fresh Record Cotton Futures Snap 4-Day Losing Streak Uranium Rises to 2-Month High Uruguay Inflation Hits 20-Year Low European Stocks Extend Record Highs DAX Sets New High United States United States United Kingdom Euro area China Afghanistan Albania Algeria Andorra Angola Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia Botswana Brazil Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Channel Islands Chile China Colombia Comoros Congo Costa Rica Cote d Ivoire Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic East Asia and Pacific East Timor Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Euro area European Union Europe and Central Asia Faeroe Islands Fiji Finland France French Polynesia Gabon Gambia Georgia Germany Ghana Greece Greenland Grenada Guam Guatemala Guinea Guinea Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Morocco Mozambique Myanmar Namibia Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria North Korea Norway Oman Pakistan Palau Panama Palestine Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Republic of the Congo Romania Russia Rwanda Samoa Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Asia South Korea South Sudan Spain Sri Lanka Sudan Suriname Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Yemen Zambia Zimbabwe Calendar Forecast Indicators News
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