Fed officials continued to see the uncertainty surrounding the economic outlook as very elevated, with the path of the economy highly dependent on the course of the virus, minutes from the last September 15–16, 2020 meeting showed. Also, with inflation running persistently below its longer-run goal, the Fed judged that it would be appropriate to aim to achieve inflation moderately above 2 percent for some time. The federal funds rate will likely remain unchanged until labor market conditions had reached levels consistent with maximum employment and inflation had risen to 2 percent although it was on track to run moderately in excess of 2 percent for some time. Regarding fiscal stimulus, the Fed added that absent a new package, growth could decelerate at a faster-than-expected pace in the fourth quarter. The Fed left the target range for its federal funds rate unchanged at 0-0.25% on September 16th and signalled it would hold them there through at least 2023.

Interest Rate in the United States averaged 5.59 percent from 1971 until 2020, reaching an all time high of 20 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 Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Federal Reserve

Interest Rate in the United States is expected to be 0.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in the United States to stand at 0.25 in 12 months time. In the long-term, the United States Fed Funds Rate is projected to trend around 0.25 percent in 2021, according to our econometric models.

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United States Fed Funds Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.25 0.25 20.00 0.25 1971 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-04-29 06:00 PM Fed Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-06-10 06:00 PM Fed Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-07-29 06:00 PM Fed Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-09-16 06:00 PM Fed Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-10-20 02:50 PM Fed Quarles Speech
2020-10-20 05:00 PM Fed Evans Speech
2020-10-21 12:50 PM Fed Brainard Speech
2020-10-21 02:00 PM Fed Mester Speech
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Fed Sees Uncertain Economic Outlook
Fed officials continued to see the uncertainty surrounding the economic outlook as very elevated, with the path of the economy highly dependent on the course of the virus, minutes from the last September 15–16, 2020 meeting showed. Also, with inflation running persistently below its longer-run goal, the Fed judged that it would be appropriate to aim to achieve inflation moderately above 2 percent for some time. The federal funds rate will likely remain unchanged until labor market conditions had reached levels consistent with maximum employment and inflation had risen to 2 percent although it was on track to run moderately in excess of 2 percent for some time. Regarding fiscal stimulus, the Fed added that absent a new package, growth could decelerate at a faster-than-expected pace in the fourth quarter.
2020-10-07
US Economy Has a Long Way to Go to Recover: Fed Chair
The US economy has picked up from its depressed second-quarter level and many economic indicators show marked improvement but it still has a long way to go before fully recovering from the coronavirus pandemic, Fed Chair Powell said in prepared remarks of his testimony before the House Financial Services Committee regarding the Coronavirus Aid, Relief, and Economic Security Act. Powell added that a full recovery is likely to come only when people are confident that it is safe to reengage in a broad range of activities. The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government. About the Main Street Lending Program, Fed Chair added that it may not be the right solution for some businesses, in part because the CARES Act states clearly that these loans cannot be forgiven.
2020-09-22
Fed Keeps Rates on Hold
The Federal Reserve has left the target range for its federal funds rate unchanged at 0-0.25% today, in line with market expectations and signaled it would hold them there through at least 2023 to help the economy recover from the coronavirus pandemic. The Committee will aim to achieve inflation moderately above 2% for some time so that inflation averages 2% over time and longer-term inflation expectations remain well anchored at 2%. The vote was 8-2 with Dallas Fed President Kaplan preferring to retain “greater policy rate flexibility,” and Minneapolis Fed President Kashkari in favor of waiting for a rate hike until “core inflation has reached 2% on a sustained basis.” Fed officials see the US economy shrinking 3.7% in 2020, compared to a 6.5% drop projected in June but see a slower 4% growth in 2021 (vs 5.0% earlier forecasted). The unemployment rate is expected to rise to 7.6% this year (vs 9.3%) and to fall to 5.5% in 2021 (vs 6.5%).
2020-09-16
Fed to Keep Dovish Tone
The Federal Reserve is seen holding the target range for the federal funds rate steady at 0-0.25 percent at the end of its two-day meeting on Wednesday while renewing its pledge to keep it low for as long as necessary. Still, investors will follow Chair Jerome Powell's press conference for further details about the new average inflation target, the possibility of additional stimulus, and clarification about the purchases of Treasury and mortgage-backed securities. The Fed will also release fresh economic and interest rate projections, including forecasts for 2023 for the first time. The funds rate is expected to stay near 0 percent through 2023 while unemployment is seen lower and economic growth faster.
2020-09-16

United States Fed Funds 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.