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United States Fed Funds Rate
2023 Data – 1971-2022 Historical – 2024 Forecast
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Almost all FOMC participants judged it appropriate to leave the fed funds rate steady in June, as it would allow them more time to assess the economy’s progress toward maximum employment and price stability, minutes from the FOMC meeting in June 2023 showed.However, some favored raising rates by 25bps.Still, all officials continued to anticipate that, with inflation still well above 2% goal and the labor market remaining very tight, maintaining a restrictive stance for monetary policy would be appropriate, and almost all considered appropriate to raise borrowing costs again this year.Many also noted that a further moderation in the pace of policy firming was appropriate in order to provide additional time to observe the effects of cumulative tightening and assess their implications for policy.The Fed left the target for the funds rate unchanged at 5%-5.25% in June.After the FOMC decision, Fed Chair has reinforced several times the need to raise rates further this year.
source:
Federal Reserve
Interest Rate in the United States averaged 5.42 percent from 1971 until 2023, 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 Rate – data, historical chart, forecasts and calendar of releases – was last updated on July of 2023.
Interest Rate in the United States is expected to be 5.25 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 Rate is projected to trend around 4.75 percent in 2024 and 3.50 percent in 2025, according to our econometric models.
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source: tradingeconomics.com
width
height
Preview
Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-06-14
06:00 PM
Interest Rate Projection – Longer
2.5%
2.5%
2023-06-14
06:00 PM
Interest Rate Projection – Current
5.6%
5.1%
2023-06-14
06:00 PM
Interest Rate Projection – 2nd Yr
3.4%
3.1%
2023-07-12
06:00 PM
Fed Beige Book
2023-07-26
06:00 PM
Fed Interest Rate Decision
5.25%
5.5%
2023-09-06
06:00 PM
Fed Beige Book
Related
Last
Previous
Unit
Reference
Interest Rate
5.25
5.25
percent
Jun 2023
Inflation Rate
4.00
4.90
percent
May 2023
Unemployment Rate
3.70
3.40
percent
May 2023
Money Supply M1
18629.20
18942.80
USD Billion
Apr 2023
Money Supply M0
5592600.00
5571000.00
USD Million
Apr 2023
Money Supply M2
20673.10
20818.10
USD Billion
Apr 2023
Banks Balance Sheet
22847.60
22939.10
USD Billion
Jun 2023
Central Bank Balance Sheet
8389325.00
8385854.00
USD Million
Jun 2023
Foreign Exchange Reserves
37628.00
37566.00
USD Million
Apr 2023
Loans to Private Sector
2762.08
2774.26
USD Billion
May 2023
Repo Rate
5.14
5.14
Jun 2023
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.
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5.25
5.25
20.00
0.25
1971 – 2023
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News Stream
Fed Likely to Raise Rates Further this Year
Almost all FOMC participants judged it appropriate to leave the fed funds rate steady in June, as it would allow them more time to assess the economy’s progress toward maximum employment and price stability, minutes from the latest meeting showed.Still, some members favored raising rates by 25bps.All officials continued to anticipate that, with inflation still well above the 2% goal and the labor market remaining very tight, maintaining a restrictive stance would be appropriate, and almost all saw the need to raise borrowing costs again this year.
Many also noted that a further moderation in the pace of policy firming was appropriate in order to provide additional time to observe the effects of cumulative tightening and assess their implications for policy.
The Fed left the target for the funds rate unchanged at 5%-5.25% in June and after the decision, Fed Chair has reinforced several times the need to raise rates further this year.
2023-07-05
Fed to Deliver Two More Rate Hikes at Least
A strong majority of policymakers expect two or more rate hikes by the end of the year as the process of getting inflation back down to 2% has a long way to go, Fed Chair Powell reinforced at the Banco de Espana Fourth Conference on Financial Stability.
Since early last year, the Fed has raised the policy rate by 5 percentage points and although the effects of policy tightening on demand can be seen in the most interest rate–sensitive sectors of the economy, particularly housing and investment, it will take time for the full effects of monetary restraint to be realized, especially on inflation.The Fed left the target for the funds rate unchanged at 5%-5.25% in June but signaled rates may go to 5.6% by year-end if the economy and inflation do not slow down more.After the FOMC decision, Fed Chair has reinforced several times the need to raise rates further this year.At the ECB Forum, Powell said he wouldn’t take consecutive-meeting rate hikes off the table.
2023-06-29
Fed Chair Powell Reiterates the Need for Further Rate Hikes
Fed Chair Powell said at the ECB Forum on Central Banking that more restriction is coming and that interest rates will need to rise again this year, seeing two more rate hikes, at least.At the same time, Powell added that he wouldn’t take consecutive-meeting rate hikes off the table.Also, Fed Chair noted the US economy is quite resilient and a recession, although possible, is not the most likely case.The Fed left the target for the funds rate unchanged at 5%-5.25% in June but signaled rates may go to 5.6% by year-end if the economy and inflation do not slow down more.
2023-06-28
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US Construction Spending Above Forecasts
US Factory Activity Shrinks the Most in Nearly 3 Years: ISM
US Manufacturing PMI Confirmed at 6-Month Low: S&P Global
US Michigan Consumer Sentiment Revised Higher
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Uruguay Inflation Rate Slows to 2017-Low
Silver Extends Rebound
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Gold Prices Fall Slightly after FOMC Minutes
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