Federal funds rate today
The effective federal funds rate for the previous business day, the target range set by the Federal Open Market Committee and the upcoming meeting dates.
Effective federal funds rate
3.88%
Data for: October 13, 2026
Previous: 3.88% (October 9, 2026)
Target range, lower limit
3.75%
Data for: October 13, 2026
Previous: 3.75% (October 9, 2026)
Target range, upper limit
4.00%
Data for: October 13, 2026
Previous: 4.00% (October 9, 2026)
Next FOMC meetings
- October 27 – 28, 2026
- December 8 – 9, 2026 · with Summary of Economic Projections
- January 26 – 27, 2027
What it is
The federal funds rate is the interest rate banks charge each other for overnight loans of reserves. The FOMC sets a target range; the New York Fed calculates the effective rate as the volume-weighted median of actual trades.
Why it matters
It is the main tool of US monetary policy. Changes in the target range pass quickly to the prime rate, credit card APRs, savings yields and T-bills, and more slowly to mortgages.
Recent history
| Date | Effective federal funds rate | Target range, lower limit | Target range, upper limit |
|---|---|---|---|
| October 13, 2026 | 3.88% | 3.75% | 4.00% |
| October 9, 2026 | 3.88% | 3.75% | 4.00% |
| October 8, 2026 | 3.88% | 3.75% | 4.00% |
| October 7, 2026 | 3.88% | 3.75% | 4.00% |
| October 6, 2026 | 3.88% | 3.75% | 4.00% |
| October 5, 2026 | 3.88% | 3.75% | 4.00% |
| October 2, 2026 | 3.88% | 3.75% | 4.00% |
| October 1, 2026 | 3.88% | 3.75% | 4.00% |
| September 30, 2026 | 3.88% | 3.75% | 4.00% |
| September 29, 2026 | 3.88% | 3.75% | 4.00% |
| September 28, 2026 | 3.88% | 3.75% | 4.00% |
| September 25, 2026 | 3.88% | 3.75% | 4.00% |
| September 24, 2026 | 3.88% | 3.75% | 4.00% |
| September 23, 2026 | 3.88% | 3.75% | 4.00% |
| September 22, 2026 | 3.88% | 3.75% | 4.00% |
| September 21, 2026 | 3.88% | 3.75% | 4.00% |
| September 18, 2026 | 3.88% | 3.75% | 4.00% |
| September 17, 2026 | 3.88% | 3.75% | 4.00% |
| September 16, 2026 | 3.63% | 3.50% | 3.75% |
| September 15, 2026 | 3.63% | 3.50% | 3.75% |
| September 14, 2026 | 3.63% | 3.50% | 3.75% |
| September 11, 2026 | 3.63% | 3.50% | 3.75% |
| September 10, 2026 | 3.63% | 3.50% | 3.75% |
| September 9, 2026 | 3.63% | 3.50% | 3.75% |
| September 8, 2026 | 3.63% | 3.50% | 3.75% |
| September 4, 2026 | 3.63% | 3.50% | 3.75% |
| September 3, 2026 | 3.63% | 3.50% | 3.75% |
| September 2, 2026 | 3.63% | 3.50% | 3.75% |
| September 1, 2026 | 3.63% | 3.50% | 3.75% |
| August 31, 2026 | 3.63% | 3.50% | 3.75% |
How to read
Latest: 3.88%
Where it comes from
Federal Reserve Bank of New York, Effective Federal Funds Rate (EFFR)
Careful
Information, not advice
What to do
Compare with the related indicators
Reading the federal funds rate today figure
What the latest federal funds rate today reading says
The most recent value on this page is 3.88%, for October 13, 2026. Against the previous reading of 3.88%, that is 0.00% — effectively flat. Every business day, around 9 a.m. Eastern for the previous day is how often Federal Reserve Bank of New York, Effective Federal Funds Rate (EFFR) publishes it, so a single reading is a snapshot and not a trend. The 30 observations in the table above, from August 31, 2026 onwards, are what gives the figure context.
Where the federal funds rate today figure sits in its own history
Across the 30 readings loaded here, the series moved between 3.63% and 3.88%. The latest value is the highest of that window, which is the kind of reading worth checking against a longer history before calling it a record. A window this short cannot show a cycle. It shows the direction of travel and the size of the usual swing, which is enough to tell a normal move from an unusual one, and no more than that.
Who sets the federal funds rate today and who it affects in United States
Federal Reserve Bank of New York, Effective Federal Funds Rate (EFFR) publishes the federal funds rate today series, and the page links the exact dataset and its licence below. Nothing here is a second-hand copy: the figure above is read from that source and shown with the date the source gave it. People reach this page searching for "fed funds rate today", and the honest answer is the published figure plus its date. A national figure is an average: your own rate, bill or salary in United States will sit above or below it.
Glossary
Policy rate
The interest rate a central bank sets to steer the economy, and the floor under most other rates in that currency. It moves only when the rate-setting committee decides, so its history is a series of steps rather than a continuous line.
Basis point
One hundredth of a percentage point. Central banks and markets talk in basis points because "a 0.25 point cut" and "a 25 basis point cut" are the same thing, and the second wording leaves no room for doubt.
Real rate
An interest rate after inflation is taken out, roughly the quoted rate minus the inflation rate. A savings account paying less than inflation has a negative real rate, which means the money loses purchasing power.
Revision
A later correction of a published figure, as the statistics office receives more complete data. Values marked provisional or estimated are the ones most likely to change, which is why the page keeps the source flag.
National average
A figure averaged over a whole country, and therefore not a quote for you. Your own mortgage rate, salary or grocery bill depends on your region, your lender or your shop and will sit above or below the average.
Year-on-year inflation
The change in a price index against the same month a year earlier. It can fall while prices are still rising, because it measures the speed of the increase, not the level of prices.
Yield
The annual return an investor earns by lending money through a bond, expressed as a percentage of its price. Price and yield move in opposite directions: when a bond gets cheaper, its yield rises.
Source: Federal Reserve Bank of New York, Effective Federal Funds Rate (EFFR)
Licence: New York Fed Terms of Use
The EFFR is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the EFFR by Dinheiro Público, does not sanction or endorse any particular republication, and has no liability for your use.
Update frequency: Every business day, around 9 a.m. Eastern for the previous day
Information only, not financial advice. Figures come from the official source shown and may be revised.