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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThe federal funds rate has no single historical line: the Federal Open Market Committee (FOMC) sets a target range, while the effective federal funds rate is the overnight market rate the Federal Reserve steers toward it. To study past highs and lows accurately, identify which measure and date range a chart uses. The Fed’s official target-decision history and effective-rate data are separate series, and neither should be treated as a substitute for the other.
What is the federal funds rate?
The federal funds rate is the interest rate banks charge one another for overnight borrowing. It is not a rate directly charged to households. Changes to the Fed’s policy target influence other short-term interest rates and, more broadly, spending, economic activity, employment, and inflation. The Federal Reserve steers the effective market rate primarily through the interest rate paid on reserve balances and its overnight reverse repurchase facility. The Fed’s policy-rate explainer describes the target and its role.
Target range and effective rate are different measures
The FOMC announces a target range as a policy decision. The effective federal funds rate (EFFR) is a market rate calculated from overnight transactions. It generally moves within the target range, but it is not the range itself and should not be plotted or described as its midpoint. A chart that shows both should identify the target’s upper and lower bounds separately from the effective-rate line.
Where to find official federal funds rate history
Use the target-history table for policy decisions and the effective-rate series for market observations. The two datasets answer different questions: when the FOMC changed its policy stance, and where the overnight market rate was observed.
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| Source | What it shows | Coverage and use |
|---|---|---|
| Federal Reserve Board target-history table | FOMC decision dates, changes in basis points, and resulting target level or range. | The page reported its last update as September 16, 2026. Use it to verify policy dates and announced levels. |
| Federal Reserve Board H.15 data-download listing | Weekly effective federal funds rate series. | The series begins July 7, 1954. The returned listing extended through September 23, 2026; check the source for newer observations before relying on the latest value. |
| Federal Reserve research paper on the 1928–1954 market | A reconstructed daily federal funds rate series and historical discussion. | Provides earlier context than the official effective-rate series above. Treat it as a reconstructed series with its own scope and methodology, not as a seamless extension of the later series. |
How to read a federal funds rate chart
Before comparing two points or episodes, check what each axis represents and how often observations are recorded. A policy decision is dated when the FOMC acts; a daily or weekly observation records the rate at a frequency that may not match the decision-date table.
- Identify the measure: distinguish the announced target range from the effective rate.
- Check the frequency: target decisions are dated events; effective-rate charts may plot daily, weekly, or another stated interval.
- Check the time span and source: the official effective-rate series located here begins in 1954, while the Fed paper reconstructs daily rates back to 1928.
- Read bounds as bounds: if the target is a range, show its upper and lower limits rather than substituting a midpoint for the effective rate.
A Federal Reserve chart description covering January 2015 through March 2023 illustrates the distinction: it plots the effective rate with the target-range bounds. The description says the effective rate remained inside those bounds for nearly all of that period. It describes rates beginning near zero, rising through early 2019, falling rapidly in early 2020, staying near zero until early 2022, and increasing rapidly through March 17, 2023, when the chart ended near 450 basis points. This is a period-specific account, not an all-time history. See the Fed speech’s accessible chart description.
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What were the highest and lowest federal funds rates?
There is no responsible all-time high or low to quote without naming the exact series, interval, value, and date. The official effective-rate data identified here begin in 1954; the earlier daily series is reconstructed and covers 1928–1954. Those are different datasets, so a claim spanning both periods must explain how they were joined and calculated. The source material available for this article does not establish verified all-time maximum and minimum values and dates. Consult the underlying series and state its coverage before making either claim.
For policy highs and lows, use the FOMC target-history table and describe the target level or range as a policy setting. For market-rate highs and lows, calculate them from the selected effective-rate observations and state the observation frequency and date convention. Do not report a target midpoint as an effective-rate extreme.
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Where can I find a fed funds rate chart?
The Federal Reserve Board’s H.15 data-download listing provides the weekly effective federal funds rate series, while its open-market operations page provides the history of FOMC target decisions. Use the first for market-rate observations and the second for policy changes. For a chart that compares them, plot the target range as bounds and the effective rate as its own line, labeling the interval, frequency, and sources.
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