DFFFederal Funds Effective Rate — Current Value & Historical Data
What is Federal Funds Effective Rate?
The effective federal funds rate is the volume-weighted median interest rate at which U.S. depository institutions lend reserve balances to each other overnight, published every business day by the Federal Reserve Bank of New York and distributed through the Fed's H.15 release. It is the operational target of U.S. monetary policy: the Federal Open Market Committee (FOMC) sets a target range at each of its eight scheduled meetings, and the New York Fed uses the interest on reserve balances (IORB) and the overnight reverse repo facility (ON RRP) to keep the effective rate inside that range. Every other short-term dollar interest rate — Treasury bills, commercial paper, SOFR, credit-card APRs — is priced off it. The series touched 0.04% in 2009-2015 and again in 2020-2022 at the zero lower bound; it last peaked at 5.33% in August 2023 during the post-pandemic tightening cycle, the highest sustained level since early 2001.
Current Federal Funds Effective Rate Value
As of April 16, 2026, the current federal funds effective rate is 3.64 Percent. This is the most recent observation available for this series, updated daily, 7-day.
Historical Trend
Federal Funds Effective Rate remained flat essentially unchanged year-over-year. In the series' tracked history, the highest recorded value was 5.33 (July 2023), and the lowest was 0.04 (April 2020).
Methodology & Source
Source: Federal Reserve Board
Frequency: Daily, 7-Day
Units: Percent
Daily Federal Funds Rate from 1928-1954 (https://fred.stlouisfed.org/categories/33951). 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 a depository institution has surplus bal...