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FOMC's target range for the federal funds rate

Percent

Effective Date Federal Funds - Level % (Low) Federal Funds - Level % (High)
1/30/2014 0 0.25
3/20/2014 0 0.25
5/1/2014 0 0.25
6/19/2014 0 0.25
7/31/2014 0 0.25
9/18/2014 0 0.25
10/30/2014 0 0.25
12/18/2014 0 0.25
1/29/2015 0 0.25
3/19/2015 0 0.25
4/30/2015 0 0.25
6/18/2015 0 0.25
7/30/2015 0 0.25
9/18/2015 0 0.25
10/29/2015 0 0.25
12/17/2015 0.25 0.5
1/28/2016 0.25 0.5
3/17/2016 0.25 0.5
4/28/2016 0.25 0.5
6/16/2016 0.25 0.5
7/28/2016 0.25 0.5
9/22/2016 0.25 0.5
11/3/2016 0.25 0.5
12/15/2016 0.5 0.75
2/2/2017 0.5 0.75
3/16/2017 0.75 1
5/4/2017 0.75 1
6/15/2017 1 1.25
7/27/2017 1 1.25
9/21/2017 1 1.25
11/2/2017 1 1.25
12/14/2017 1.25 1.5
2/1/2018 1.25 1.5
3/22/2018 1.5 1.75
5/3/2018 1.5 1.75
6/14/2018 1.75 2
8/2/2018 1.75 2
9/27/2018 2 2.25
11/9/2018 2 2.25
12/20/2018 2.25 2.5
1/31/2019 2.25 2.5
3/21/2019 2.25 2.5
5/2/2019 2.25 2.5
6/20/2019 2.25 2.5
8/1/2019 2 2.25
9/19/2019 1.75 2
10/31/2019 1.5 1.75
12/12/2019 1.5 1.75
1/30/2020 1.5 1.75
3/4/2020 1 1.25
3/16/2020 0 0.25
4/30/2020 0 0.25
6/11/2020 0 0.25
7/30/2020 0 0.25
9/17/2020 0 0.25
11/6/2020 0 0.25
12/17/2020 0 0.25
1/28/2021 0 0.25
3/18/2021 0 0.25
4/29/2021 0 0.25
6/17/2021 0 0.25
7/29/2021 0 0.25
9/23/2021 0 0.25
11/4/2021 0 0.25
12/16/2021 0 0.25
1/27/2022 0 0.25
3/17/2022 0.25 0.5
5/5/2022 0.75 1
6/16/2022 1.5 1.75
7/28/2022 2.25 2.5
9/22/2022 3 3.25
11/3/2022 3.75 4
12/15/2022 4.25 4.5
2/2/2023 4.5 4.75
3/23/2023 4.75 5
5/4/2023 5 5.25
6/15/2023 5 5.25
7/27/2023 5.25 5.5
9/21/2023 5.25 5.5
11/2/2023 5.25 5.5
12/14/2023 5.25 5.5
2/01/2024 5.25 5.5
3/21/2024 5.25 5.5
5/2/2024 5.25 5.5
6/13/2024 5.25 5.5

Target range for the federal funds rate

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How the Federal Reserve implements monetary policy

FOMC decides to make policy more accommodative (“ease” policy). Arrow points from FOMC graphic to the left and down to OPEN MARKET DESK The Fed instructs the Desk to reduce the overnight reverse repurchase agreement (ON RRP) offering rate. Arrow points down to DESK COUNTERPARTIES Desk counterparties compare market rates with the Fed’s offering rate to decide where to invest their cash Arrow points from FOMC graphic to the right and down to INTEREST RATES The Fed reduces its interest on reserve balances (IORB) rate. Arrow points down to BANKS Banks compare market rates with the Fed’s IORB rate to decide where to invest their cash. Both “Desk Counterparties” and “Banks” graphics point to middle graphic, COMPARE RATES The comparison of the Fed’s administered rates with market rates encourages the latter to move down. An arrow points down to INDIVIDUALS AND BUSINESSES With lower rates in the economy, households and businesses see an increased opportunity to borrow for purchases, which influences employment, inflation, and output.

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Financial Stability Oversight Council

  • Banking:
    • Board of Governors of the Federal Reserve System
    • State banking supervisors
    • Office of the Comptroller of the Currency
    • Federal Deposit Insurance Corporation
    • National Credit Union Administration
  • Securities and derivatives:
    • Commodity Futures Trading Commission
    • Securities and Exchange Commission
    • State securities commissioners
  • Consumer financial protection
    • Consumer Financial Protection Bureau
  • Housing finance
    • Federal Housing Finance Agency
  • Insurance
    • Independent member with insurance expertise
    • Federal Insurance Office
    • State insurance commissioners
  • All areas
    • Office of Financial Research
    • Department of Treasury
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