Fed rate tracker: the federal funds target range
The Federal Reserve’s policy rate is a target range for the federal funds rate, the rate banks charge each other for overnight loans. Its rate-setting committee (the FOMC) meets eight times a year and announces any change at 2:00 PM ET.
As of Wed, Oct 14
Where it stands
3.75%–4.00%
Raised by 0.25 percentage point; in effect since Thursday, September 17, 2026.
Next decision: Wednesday, October 28, 2026 at 2:00 PM ET.
The last two years
Every change since 2024
| In effect from | Target range | Change |
|---|---|---|
| Thu, Sep 17, 2026 | 3.75%–4.00% | Raised 0.25 pt |
| Thu, Dec 11, 2025 | 3.50%–3.75% | Cut 0.25 pt |
| Thu, Oct 30, 2025 | 3.75%–4.00% | Cut 0.25 pt |
| Thu, Sep 18, 2025 | 4.00%–4.25% | Cut 0.25 pt |
| Thu, Dec 19, 2024 | 4.25%–4.50% | Cut 0.25 pt |
| Fri, Nov 8, 2024 | 4.50%–4.75% | Cut 0.25 pt |
| Thu, Sep 19, 2024 | 4.75%–5.00% | Cut 0.50 pt |
Upper and lower limits of the target range from the Federal Reserve via FRED (series DFEDTARU and DFEDTARL). A new range takes effect the day after the decision.
What it means for your money
Banks set their prime rate three points above the top of the range, and credit card rates and home equity lines are usually tied to prime, so they move within a billing cycle or two of a Fed change. Savings accounts and CDs tend to follow the same direction, more slowly.
Fixed mortgage rates follow the 10-year Treasury yield more than the Fed’s rate; see the Treasury yields tracker. Past decisions and what came with them are in the Fed decision release page.