United States Fed Funds Rate

The Federal Reserve increased the fed funds rate by 75bps to 1.5%-1.75% during its June 2022 meeting, instead of 50bps initially expected, after the inflation rate unexpectedly accelerated last month to 41-year highs. It is the biggest rate increase since 1994. The Fed now projects rates increasing to 3.4% by the end of this year compared to 1.9% in March. Meanwhile, the economy is seen expanding at 1.7% this year, below the 2.8% estimated in March. PCE inflation is seen higher at 5.2% (vs 4.3% expected in March) while the outlook was revised lower for both 2023 (2.6% vs 2.7%9 and 2024 (2.2% vs 2.3%). Interest Rate in the United States averaged 5.44 percent from 1971 until 2022, reaching an all time high of 20 percent in March of 1980 and a record low of 0.25 percent in December of 2008. 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. 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.

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