Every Fed rate cut since 2008
The Fed cut 18 times: 7 cuts in 2008, 3 cuts in 2019, 2 cuts in 2020, 3 cuts in 2024, 3 cuts in 2025. Newest first; the rate is the target after the cut (a range of a quarter point since December 2008).
| Date | Cut | Rate after |
|---|---|---|
| Dec 10, 2025 | −25 bp | 3.50%–3.75% |
| Oct 29, 2025 | −25 bp | 3.75%–4.00% |
| Sep 17, 2025 | −25 bp | 4.00%–4.25% |
| Dec 18, 2024 | −25 bp | 4.25%–4.50% |
| Nov 7, 2024 | −25 bp | 4.50%–4.75% |
| Sep 18, 2024 | −50 bp | 4.75%–5.00% |
| Mar 15, 2020 | −100 bp | 0.00%–0.25% |
| Mar 3, 2020 | −50 bp | 1.00%–1.25% |
| Oct 30, 2019 | −25 bp | 1.50%–1.75% |
| Sep 18, 2019 | −25 bp | 1.75%–2.00% |
| Jul 31, 2019 | −25 bp | 2.00%–2.25% |
| Dec 16, 2008 | −75 bp | 0.00%–0.25% |
| Oct 29, 2008 | −50 bp | 1.00% |
| Oct 8, 2008 | −50 bp | 1.50% |
| Apr 30, 2008 | −25 bp | 2.00% |
| Mar 18, 2008 | −75 bp | 2.25% |
| Jan 30, 2008 | −50 bp | 3.00% |
| Jan 22, 2008 | −75 bp | 3.50% |
Every Fed rate hike since 2008
21 hikes, 775 basis points in all; the latest was Sep 16, 2026.
| Date | Hike | Rate after |
|---|---|---|
| Sep 16, 2026 | +25 bp | 3.75%–4.00% |
| Jul 26, 2023 | +25 bp | 5.25%–5.50% |
| May 3, 2023 | +25 bp | 5.00%–5.25% |
| Mar 22, 2023 | +25 bp | 4.75%–5.00% |
| Feb 1, 2023 | +25 bp | 4.50%–4.75% |
| Dec 14, 2022 | +50 bp | 4.25%–4.50% |
| Nov 2, 2022 | +75 bp | 3.75%–4.00% |
| Sep 21, 2022 | +75 bp | 3.00%–3.25% |
| Jul 27, 2022 | +75 bp | 2.25%–2.50% |
| Jun 15, 2022 | +75 bp | 1.50%–1.75% |
| May 4, 2022 | +50 bp | 0.75%–1.00% |
| Mar 16, 2022 | +25 bp | 0.25%–0.50% |
| Dec 19, 2018 | +25 bp | 2.25%–2.50% |
| Sep 26, 2018 | +25 bp | 2.00%–2.25% |
| Jun 13, 2018 | +25 bp | 1.75%–2.00% |
| Mar 21, 2018 | +25 bp | 1.50%–1.75% |
| Dec 13, 2017 | +25 bp | 1.25%–1.50% |
| Jun 14, 2017 | +25 bp | 1.00%–1.25% |
| Mar 15, 2017 | +25 bp | 0.75%–1.00% |
| Dec 14, 2016 | +25 bp | 0.50%–0.75% |
| Dec 16, 2015 | +25 bp | 0.25%–0.50% |
The Fed's cutting cycles
A cycle is a run of cuts with holds allowed in between, ended by a hike.
| From | To | Cuts | Total | Rate before | Rate after |
|---|---|---|---|---|---|
| Sep 18, 2024 | Dec 10, 2025 | 6 | −175 bp | 5.25%–5.50% | 3.50%–3.75% |
| Jul 31, 2019 | Mar 15, 2020 | 5 | −225 bp | 2.25%–2.50% | 0.00%–0.25% |
| Jan 22, 2008 | Dec 16, 2008 | 7 | −400 bp | 4.25% | 0.00%–0.25% |
What comes next
The next Fed meeting is Wednesday, December 9, 2026 at 2:00 PM EST New York time. The Fed interest rate decision page has the schedule and how the dollar reacted after each recent decision; Fed rate cut odds counts the chance of a cut, hold or hike at each meeting from the record, and the Fed rate forecast sets the dots against today's rate. The whole series is on the Fed funds rate history page, with a CSV.
Questions
When was the last Fed rate cut?
Wednesday, December 10, 2025: the Federal Reserve cut by 25 basis points, to 3.50%–3.75%. Since then it has held at 7 meetings and raised once, on Sep 16, 2026.
How many times has the Fed cut rates since 2008?
18 times in 5 years (2008, 2019, 2020, 2024, 2025), 800 basis points in total, counted from the calendar's 154 decisions since 2008.
How many times has the Fed cut rates in 2026?
Not at all so far in 2026.
When did the Fed last raise rates?
Wednesday, September 16, 2026, by 25 basis points, to 3.75%–4.00%.
When is the next Fed meeting?
Wednesday, December 9, 2026 at 2:00 PM EST New York time. The page for the Fed's interest rate decision has the date, time, press conference and what is expected.
Does a rate cut mean the dollar falls?
Not by itself. What moves price is the cut against what was expected. How the dollar reacted after each recent decision is measured on the Fed page.