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Monetary PolicyContext dependent
Federal Funds Rate
The interest rate at which banks lend to each other overnight, set by the Federal Reserve. Affects borrowing costs across the economy.
Source: FRED
Latest reading
3.63-0.70 vs last year
May 20263.63%
0.00%1.50%4.50%10.0%
About this range
The Fed estimates its neutral rate at roughly 2.5–3.0%. A range of 1.5–4.5% covers mild stimulus through moderate tightening — clear of zero-bound emergency policy on one side and aggressively restrictive levels on the other.
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