DFFEffective Federal Funds Rate (DFF) — Current Value & Historical Data
Effective Federal Funds Rate (DFF) Chart & Data Table
Showing 3,649 of 26,314 observations. Pick "All" to see the full history (1954-07-01–2026-07-16).
Gray bands: NBER recessions·Dashed lines: key policy events
What is Effective Federal Funds Rate (DFF)?
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 Effective Federal Funds Rate (DFF) Value
As of July 16, 2026, the current federal funds effective rate is 3.63 Percent. This is the most recent observation available for this series, updated daily, 7-day.
Effective Federal Funds Rate Historical Trend
Federal Funds Effective Rate remained flat essentially unchanged year-over-year. In the series' tracked history, the highest recorded value was 22.36 (July 1981), and the lowest was 0.04 (December 2011).
Methodology & Source
Source
Federal Reserve Board
Frequency
Daily, 7-Day
Units
Percent
Notes
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...
Frequently Asked Questions About Effective Federal Funds Rate (DFF)
What is the current federal funds effective rate?
As of July 16, 2026, federal funds effective rate stands at 3.63 Percent.
Where does federal funds effective rate data come from?
Federal Funds Effective Rate data is sourced from the Federal Reserve Economic Data (FRED) system and related U.S. government agencies. Data quality and historical coverage vary by series.
How often is federal funds effective rate updated?
This series is updated according to its publication schedule. Check FRED or the source agency for the most current release calendar.
What is the historical high and low for federal funds effective rate?
In the available data, the highest value was 22.36 Percent in July 1981, and the lowest was 0.04 Percent in December 2011.
See Effective Federal Funds Rate in context
DFF is tracked on the Interest Rates dashboard, alongside related indicators and historical context.
View the Interest Rates dashboard →Related government-spending dashboards
How Effective Federal Funds Rate connects to the federal budget across GOVSPENDING.ORG:
Federal Debt
Total public debt, debt held by the public, and intragovernmental holdings.
Receipts vs Outlays
Federal revenue, spending, and the resulting surplus or deficit over time.
Congressional Activity
Recent legislation, appropriations, and fiscal-related bills in Congress.
Interest Expense vs Revenue
How rising debt service costs crowd out federal spending as a share of receipts over time.
Revenue Composition
Federal receipts broken down by source — individual income, corporate, social insurance, excise taxes, and customs duties as shares of total revenue.
Agency Spending (FY 2019 vs FY 2024)
Net outlays by federal agency for FY 2019 and FY 2024, from the Treasury Monthly Treasury Statement. Both nominal and inflation-adjusted comparisons.