Federal Funds Rate
Track the Effective Federal Funds Rate (EFFR) and Federal Funds Target Range. Updated daily using Federal Reserve Economic Data (FRED), this page helps you understand how Fed monetary policy decisions can influence borrowing costs, savings yields, and inflation.
Effective Federal Funds Rate (EFFR)
3.64%
Last Updated: January 15, 2026
Federal Funds Target Range (%)
3.50% – 3.75%
Recent Effective Federal Funds Rate (Daily)
| Date | Effective Rate (%) |
|---|---|
| January 15, 2026 | 3.64% |
| January 14, 2026 | 3.64% |
| January 13, 2026 | 3.64% |
| January 12, 2026 | 3.64% |
| January 9, 2026 | 3.64% |
| January 8, 2026 | 3.64% |
| January 7, 2026 | 3.64% |
| January 6, 2026 | 3.64% |
| January 5, 2026 | 3.64% |
| January 2, 2026 | 3.64% |
| December 31, 2025 | 3.64% |
| December 30, 2025 | 3.64% |
| December 29, 2025 | 3.64% |
| December 26, 2025 | 3.64% |
| December 24, 2025 | 3.64% |
| December 23, 2025 | 3.64% |
| December 22, 2025 | 3.64% |
| December 19, 2025 | 3.64% |
| December 18, 2025 | 3.64% |
| December 17, 2025 | 3.64% |
| December 16, 2025 | 3.64% |
| December 15, 2025 | 3.64% |
| December 12, 2025 | 3.64% |
| December 11, 2025 | 3.64% |
| December 10, 2025 | 3.89% |
| December 9, 2025 | 3.89% |
| December 8, 2025 | 3.89% |
| December 5, 2025 | 3.89% |
| December 4, 2025 | 3.89% |
| December 3, 2025 | 3.89% |
Data Source: Federal Reserve Economic Data (FRED). Series: EFFR.
Latest Fed Chair Announcement
Watch the latest press conference from the Federal Reserve Chair discussing monetary policy decisions.
Source: YouTube (Associated Press).
Understanding the Federal Funds Rate
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 the Fed raises rates, it becomes more expensive to borrow money, which can slow down the economy and curb inflation. When rates are lowered, borrowing becomes cheaper, stimulating economic growth.
Federal Funds Rate Insights
What the Effective Federal Funds Rate Means for Your Wallet
The effective federal funds rate (EFFR) is the overnight interest rate that banks charge each other for very short-term loans. Even though consumers never borrow directly at this rate, it quietly influences borrowing costs across the economy.
A higher EFFR can raise loan and credit costs, while potentially improving yields on savings accounts and short-term CDs. Tracking EFFR helps you make more informed decisions about refinancing and variable-rate debt.
How the Fed's Target Range Guides Interest Rates
The Federal Reserve sets a target range for the federal funds rate, and uses policy tools to keep the effective rate trading within that band.
Monitoring both the EFFR and the target range can provide a clearer signal of where consumer rates — like mortgages, auto loans, and credit cards — may be headed next.
Where to Follow Fed Decisions and Meeting Dates
The FOMC meets eight times per year and releases a statement, projections, and often a press conference — all of which can move markets quickly.
If you're making a major financial decision, keeping an eye on Fed announcements and daily EFFR data can help you avoid surprises and time borrowing more effectively.
Federal Funds Rate Guides
Federal Funds Rate Explained: What It Is, How the Fed Sets It, and Why It Moves Markets
The Federal Funds Rate is one of the most important rates in the U.S. economy. Learn what it is, how the Fed targets it, and how it quietly influences everything from savings APY to mortgage rates.
Read moreHow the Federal Funds Rate Affects You: Savings APY, CDs, Mortgages, and Credit Cards
When the Fed changes rates, the impact shows up in your everyday finances. Here’s what rises fast, what lags behind, and what smart households do in each rate environment.
Read morePredicting the Next Fed Move: The Indicators That Signal Rate Cuts or Hikes
Want to anticipate rate cuts or hikes? Learn the indicators professionals watch—CPI, jobs, the yield curve, and market expectations—and how to translate them into smarter decisions for CDs and cash.
Read more