Effective federal funds rate
The overnight rate banks actually pay each other.
- Latest
- 3.88%
- Previous
- 3.88%
- Change
- 0.00 pp
- Frequency
- Daily (including weekends)
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Effective federal funds rate
The overnight rate banks actually pay each other.
- Effective fed funds
- 3.88%
Data table
| Period | Effective fed funds |
|---|---|
| 20 Oct 2026 | 3.88% |
| 19 Oct 2026 | 3.88% |
| 18 Oct 2026 | 3.88% |
| 17 Oct 2026 | 3.88% |
| 16 Oct 2026 | 3.88% |
| 15 Oct 2026 | 3.88% |
| 14 Oct 2026 | 3.88% |
| 13 Oct 2026 | 3.88% |
| 12 Oct 2026 | 3.88% |
| 11 Oct 2026 | 3.88% |
| 10 Oct 2026 | 3.88% |
| 9 Oct 2026 | 3.88% |
About this indicator
- What it measures
- The volume-weighted median rate on overnight unsecured loans between banks and other institutions in the federal funds market.
- How it is calculated
- Calculated by the Federal Reserve Bank of New York from transactions reported by banks. Weekend and holiday values repeat the previous business day.
- How to read it
- It normally trades inside the target range; it is the rate the Fed steers with its policy settings and the rate Fed funds futures settle on.
- Caveats
- Before 2008 the Fed set a single target, and the effective rate could move further from it.
- Frequency
- Daily (including weekends)
- Typical release
- Published by the New York Fed each business day for the previous business day.
Sources
- Federal Funds Effective Rate View at the source (opens in a new tab)
Recent observations
Newest first. For a calculated figure, the source value it comes from is shown beside it.
| Period | Effective fed funds | First recorded here |
|---|---|---|
| 20 Oct 2026 | 3.88% | 22 Oct 2026 |
| 19 Oct 2026 | 3.88% | 20 Oct 2026 |
| 18 Oct 2026 | 3.88% | 20 Oct 2026 |
| 17 Oct 2026 | 3.88% | 20 Oct 2026 |
| 16 Oct 2026 | 3.88% | 20 Oct 2026 |
| 15 Oct 2026 | 3.88% | 20 Oct 2026 |
| 14 Oct 2026 | 3.88% | 20 Oct 2026 |
| 13 Oct 2026 | 3.88% | 20 Oct 2026 |
| 12 Oct 2026 | 3.88% | 20 Oct 2026 |
| 11 Oct 2026 | 3.88% | 20 Oct 2026 |
| 10 Oct 2026 | 3.88% | 20 Oct 2026 |
| 9 Oct 2026 | 3.88% | 20 Oct 2026 |
| 8 Oct 2026 | 3.88% | 20 Oct 2026 |
| 7 Oct 2026 | 3.88% | 20 Oct 2026 |
| 6 Oct 2026 | 3.88% | 20 Oct 2026 |
| 5 Oct 2026 | 3.88% | 20 Oct 2026 |
| 4 Oct 2026 | 3.88% | 20 Oct 2026 |
| 3 Oct 2026 | 3.88% | 20 Oct 2026 |
| 2 Oct 2026 | 3.88% | 20 Oct 2026 |
| 1 Oct 2026 | 3.88% | 20 Oct 2026 |
| 30 Sep 2026 | 3.88% | 20 Oct 2026 |
| 29 Sep 2026 | 3.88% | 20 Oct 2026 |
| 28 Sep 2026 | 3.88% | 20 Oct 2026 |
| 27 Sep 2026 | 3.88% | 20 Oct 2026 |
Revisions
We record a revision when a value we already hold changes at the source. Tracking began on 20 Oct 2026, so revisions made before then are not shown, and figures are in the source's own units.
No revisions detected
No stored value has changed since tracking began.
Related indicators
United States · Interest rates and rate expectations