Fed Funds Rate History
The Federal Reserve's federal funds rate is 3.75%–4.00% after the decision of Oct 28, 2026. The calendar lists 154 Fed decisions since Jan 22, 2008: 21 hikes, 18 cuts and 115 holds; the last change was +25 bp on Sep 16, 2026.
Rate now3.75%–4.00%federal funds rate
Last change+25 bpSep 16, 2026
Since 200821▲ 18▼hikes and cuts in 154 decisions
Range0.00–0.25% to 5.25–5.50%lowest to highest
The chart
Fed Funds Rate since 2008
Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.
Cycles
Fed hiking and cutting cycles since 2008
A cycle is a run of moves in one direction, with holds between them; a move the other way starts the next.
| Cycle | From | To | Moves | In all | Rate |
|---|---|---|---|---|---|
| ▲ Hiking latest | Sep 16, 2026 | one move | 1 | +25 bp | 3.50%–3.75% → 3.75%–4.00% |
| ▼ Cutting | Sep 18, 2024 | Dec 10, 2025 | 6 | −175 bp | 5.25%–5.50% → 3.50%–3.75% |
| ▲ Hiking | Mar 16, 2022 | Jul 26, 2023 | 11 | +525 bp | 0.00%–0.25% → 5.25%–5.50% |
| ▼ Cutting | Jul 31, 2019 | Mar 15, 2020 | 5 | −225 bp | 2.25%–2.50% → 0.00%–0.25% |
| ▲ Hiking | Dec 16, 2015 | Dec 19, 2018 | 9 | +225 bp | 0.00%–0.25% → 2.25%–2.50% |
| ▼ Cutting | Jan 22, 2008 | Dec 16, 2008 | 7 | −400 bp | 4.25% → 0.00%–0.25% |
By year
Fed Funds Rate by year
How many times the Fed met in each year, what it did, and where the rate ended the year.
| Year | Decisions | Hikes | Cuts | Holds | Net change | Year end |
|---|---|---|---|---|---|---|
| 2026 so far | 7 | 1 | — | 6 | +25 bp | 3.75%–4.00% |
| 2025 | 8 | — | 3 | 5 | −75 bp | 3.50%–3.75% |
| 2024 | 8 | — | 3 | 5 | −100 bp | 4.25%–4.50% |
| 2023 | 8 | 4 | — | 4 | +100 bp | 5.25%–5.50% |
| 2022 | 8 | 7 | — | 1 | +425 bp | 4.25%–4.50% |
| 2021 | 8 | — | — | 8 | 0 bp | 0.00%–0.25% |
| 2020 | 9 | — | 2 | 7 | −150 bp | 0.00%–0.25% |
| 2019 | 8 | — | 3 | 5 | −75 bp | 1.50%–1.75% |
| 2018 | 8 | 4 | — | 4 | +100 bp | 2.25%–2.50% |
| 2017 | 8 | 3 | — | 5 | +75 bp | 1.25%–1.50% |
| 2016 | 8 | 1 | — | 7 | +25 bp | 0.50%–0.75% |
| 2015 | 8 | 1 | — | 7 | +25 bp | 0.25%–0.50% |
| 2014 | 8 | — | — | 8 | 0 bp | 0.00%–0.25% |
| 2013 | 8 | — | — | 8 | 0 bp | 0.00%–0.25% |
| 2012 | 8 | — | — | 8 | 0 bp | 0.00%–0.25% |
| 2011 | 8 | — | — | 8 | 0 bp | 0.00%–0.25% |
| 2010 | 8 | — | — | 8 | 0 bp | 0.00%–0.25% |
| 2009 | 8 | — | — | 8 | 0 bp | 0.00%–0.25% |
| 2008 | 10 | — | 7 | 3 | −400 bp | 0.00%–0.25% |
Records
The Fed's records since 2008
Highest5.25%–5.50%first set Jul 26, 2023
Lowest0.00%–0.25%first set Dec 16, 2008
Biggest move−100 bpMar 15, 2020, to 0.00%–0.25%
Longest hold55decisions in a row with no change, Jan 28, 2009 to Oct 28, 2015
Against the consensus140/145matched it; 1 came out above (hawkish), 4 below (dovish)
Every decision
Every Fed interest rate decision since 2008
Newest first. The decisions since 2025 open on their own page, with the minutes of price around them.
| Date | Decision | Rate | Change | Expected |
|---|---|---|---|---|
| Oct 28, 2026 | ■ hold | 3.75%–4.00% | 0 bp | 3.75%–4.00% |
| Sep 16, 2026 | ▲ hike | 3.75%–4.00% | +25 bp | 3.75%–4.00% |
| Jul 29, 2026 | ■ hold | 3.50%–3.75% | 0 bp | 3.50%–3.75% |
| Jun 17, 2026 | ■ hold | 3.50%–3.75% | 0 bp | 3.50%–3.75% |
| Apr 29, 2026 | ■ hold | 3.50%–3.75% | 0 bp | 3.50%–3.75% |
| Mar 18, 2026 | ■ hold | 3.50%–3.75% | 0 bp | 3.50%–3.75% |
| Jan 28, 2026 | ■ hold | 3.50%–3.75% | 0 bp | 3.50%–3.75% |
| Dec 10, 2025 | ▼ cut | 3.50%–3.75% | −25 bp | 3.50%–3.75% |
| Oct 29, 2025 | ▼ cut | 3.75%–4.00% | −25 bp | 3.75%–4.00% |
| Sep 17, 2025 | ▼ cut | 4.00%–4.25% | −25 bp | 4.00%–4.25% |
| Jul 30, 2025 | ■ hold | 4.25%–4.50% | 0 bp | 4.25%–4.50% |
| Jun 18, 2025 | ■ hold | 4.25%–4.50% | 0 bp | 4.25%–4.50% |
| May 7, 2025 | ■ hold | 4.25%–4.50% | 0 bp | 4.25%–4.50% |
| Mar 19, 2025 | ■ hold | 4.25%–4.50% | 0 bp | 4.25%–4.50% |
| Jan 29, 2025 | ■ hold | 4.25%–4.50% | 0 bp | 4.25%–4.50% |
| Dec 18, 2024 | ▼ cut | 4.25%–4.50% | −25 bp | 4.25%–4.50% |
| Nov 7, 2024 | ▼ cut | 4.50%–4.75% | −25 bp | 4.50%–4.75% |
| Sep 18, 2024 | ▼ cut | 4.75%–5.00% | −50 bp | 5.00%–5.25% |
| Jul 31, 2024 | ■ hold | 5.25%–5.50% | 0 bp | 5.25%–5.50% |
| Jun 12, 2024 | ■ hold | 5.25%–5.50% | 0 bp | 5.25%–5.50% |
| May 1, 2024 | ■ hold | 5.25%–5.50% | 0 bp | 5.25%–5.50% |
| Mar 20, 2024 | ■ hold | 5.25%–5.50% | 0 bp | 5.25%–5.50% |
| Jan 31, 2024 | ■ hold | 5.25%–5.50% | 0 bp | 5.25%–5.50% |
| Dec 13, 2023 | ■ hold | 5.25%–5.50% | 0 bp | 5.25%–5.50% |
| Nov 1, 2023 | ■ hold | 5.25%–5.50% | 0 bp | 5.25%–5.50% |
| Sep 20, 2023 | ■ hold | 5.25%–5.50% | 0 bp | 5.25%–5.50% |
| Jul 26, 2023 | ▲ hike | 5.25%–5.50% | +25 bp | 5.25%–5.50% |
| Jun 14, 2023 | ■ hold | 5.00%–5.25% | 0 bp | 5.00%–5.25% |
| May 3, 2023 | ▲ hike | 5.00%–5.25% | +25 bp | 5.00%–5.25% |
| Mar 22, 2023 | ▲ hike | 4.75%–5.00% | +25 bp | 4.75%–5.00% |
| Feb 1, 2023 | ▲ hike | 4.50%–4.75% | +25 bp | 4.50%–4.75% |
| Dec 14, 2022 | ▲ hike | 4.25%–4.50% | +50 bp | 4.25%–4.50% |
| Nov 2, 2022 | ▲ hike | 3.75%–4.00% | +75 bp | 3.75%–4.00% |
| Sep 21, 2022 | ▲ hike | 3.00%–3.25% | +75 bp | 3.00%–3.25% |
| Jul 27, 2022 | ▲ hike | 2.25%–2.50% | +75 bp | 2.25%–2.50% |
| Jun 15, 2022 | ▲ hike | 1.50%–1.75% | +75 bp | 1.25%–1.50% |
| May 4, 2022 | ▲ hike | 0.75%–1.00% | +50 bp | 0.75%–1.00% |
| Mar 16, 2022 | ▲ hike | 0.25%–0.50% | +25 bp | 0.25%–0.50% |
| Jan 26, 2022 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 15, 2021 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Nov 3, 2021 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 22, 2021 | ■ hold | 0.00%–0.25% | 0 bp | — |
| Jul 28, 2021 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 16, 2021 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Apr 28, 2021 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 17, 2021 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jan 27, 2021 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 16, 2020 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Nov 5, 2020 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 16, 2020 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jul 29, 2020 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 10, 2020 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Apr 29, 2020 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 15, 2020 | ▼ cut | 0.00%–0.25% | −100 bp | — |
| Mar 3, 2020 | ▼ cut | 1.00%–1.25% | −50 bp | — |
| Jan 29, 2020 | ■ hold | 1.50%–1.75% | 0 bp | 1.50%–1.75% |
| Dec 11, 2019 | ■ hold | 1.50%–1.75% | 0 bp | 1.50%–1.75% |
| Oct 30, 2019 | ▼ cut | 1.50%–1.75% | −25 bp | 1.50%–1.75% |
| Sep 18, 2019 | ▼ cut | 1.75%–2.00% | −25 bp | 1.75%–2.00% |
| Jul 31, 2019 | ▼ cut | 2.00%–2.25% | −25 bp | 2.00%–2.25% |
| Jun 19, 2019 | ■ hold | 2.25%–2.50% | 0 bp | 2.25%–2.50% |
| May 1, 2019 | ■ hold | 2.25%–2.50% | 0 bp | 2.25%–2.50% |
| Mar 20, 2019 | ■ hold | 2.25%–2.50% | 0 bp | 2.25%–2.50% |
| Jan 30, 2019 | ■ hold | 2.25%–2.50% | 0 bp | 2.25%–2.50% |
| Dec 19, 2018 | ▲ hike | 2.25%–2.50% | +25 bp | 2.25%–2.50% |
| Nov 8, 2018 | ■ hold | 2.00%–2.25% | 0 bp | 2.00%–2.25% |
| Sep 26, 2018 | ▲ hike | 2.00%–2.25% | +25 bp | 2.00%–2.25% |
| Aug 1, 2018 | ■ hold | 1.75%–2.00% | 0 bp | 1.75%–2.00% |
| Jun 13, 2018 | ▲ hike | 1.75%–2.00% | +25 bp | 1.75%–2.00% |
| May 2, 2018 | ■ hold | 1.50%–1.75% | 0 bp | 1.50%–1.75% |
| Mar 21, 2018 | ▲ hike | 1.50%–1.75% | +25 bp | 1.50%–1.75% |
| Jan 31, 2018 | ■ hold | 1.25%–1.50% | 0 bp | 1.25%–1.50% |
| Dec 13, 2017 | ▲ hike | 1.25%–1.50% | +25 bp | 1.25%–1.50% |
| Nov 1, 2017 | ■ hold | 1.00%–1.25% | 0 bp | 1.00%–1.25% |
| Sep 20, 2017 | ■ hold | 1.00%–1.25% | 0 bp | 1.00%–1.25% |
| Jul 26, 2017 | ■ hold | 1.00%–1.25% | 0 bp | 1.00%–1.25% |
| Jun 14, 2017 | ▲ hike | 1.00%–1.25% | +25 bp | 1.00%–1.25% |
| May 3, 2017 | ■ hold | 0.75%–1.00% | 0 bp | 0.75%–1.00% |
| Mar 15, 2017 | ▲ hike | 0.75%–1.00% | +25 bp | 0.75%–1.00% |
| Feb 1, 2017 | ■ hold | 0.50%–0.75% | 0 bp | — |
| Dec 14, 2016 | ▲ hike | 0.50%–0.75% | +25 bp | 0.50%–0.75% |
| Nov 2, 2016 | ■ hold | 0.25%–0.50% | 0 bp | 0.25%–0.50% |
| Sep 21, 2016 | ■ hold | 0.25%–0.50% | 0 bp | 0.25%–0.50% |
| Jul 27, 2016 | ■ hold | 0.25%–0.50% | 0 bp | 0.25%–0.50% |
| Jun 15, 2016 | ■ hold | 0.25%–0.50% | 0 bp | 0.25%–0.50% |
| Apr 27, 2016 | ■ hold | 0.25%–0.50% | 0 bp | 0.25%–0.50% |
| Mar 16, 2016 | ■ hold | 0.25%–0.50% | 0 bp | 0.25%–0.50% |
| Jan 27, 2016 | ■ hold | 0.25%–0.50% | 0 bp | 0.25%–0.50% |
| Dec 16, 2015 | ▲ hike | 0.25%–0.50% | +25 bp | 0.25%–0.50% |
| Oct 28, 2015 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 17, 2015 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jul 29, 2015 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 17, 2015 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Apr 29, 2015 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 18, 2015 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jan 28, 2015 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 17, 2014 | ■ hold | 0.00%–0.25% | 0 bp | — |
| Oct 29, 2014 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 17, 2014 | ■ hold | 0.00%–0.25% | 0 bp | — |
| Jul 30, 2014 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 18, 2014 | ■ hold | 0.00%–0.25% | 0 bp | — |
| Apr 30, 2014 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 19, 2014 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jan 29, 2014 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 18, 2013 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Oct 30, 2013 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 18, 2013 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jul 31, 2013 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 19, 2013 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| May 1, 2013 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 20, 2013 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jan 30, 2013 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 12, 2012 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Oct 24, 2012 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 13, 2012 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Aug 1, 2012 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 20, 2012 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Apr 25, 2012 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 13, 2012 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jan 25, 2012 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 13, 2011 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Nov 2, 2011 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 21, 2011 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Aug 9, 2011 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 22, 2011 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Apr 27, 2011 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 15, 2011 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jan 26, 2011 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 14, 2010 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Nov 3, 2010 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 21, 2010 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Aug 10, 2010 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 23, 2010 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Apr 28, 2010 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 16, 2010 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jan 27, 2010 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 16, 2009 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Nov 4, 2009 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Sep 23, 2009 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Aug 12, 2009 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jun 24, 2009 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Apr 29, 2009 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Mar 18, 2009 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Jan 28, 2009 | ■ hold | 0.00%–0.25% | 0 bp | 0.00%–0.25% |
| Dec 16, 2008 | ▼ cut | 0.00%–0.25% | −75 bp | 0.25%–0.50% |
| Oct 29, 2008 | ▼ cut | 1.00% | −50 bp | 1.00% |
| Oct 8, 2008 | ▼ cut | 1.50% | −50 bp | — |
| Sep 16, 2008 | ■ hold | 2.00% | 0 bp | 2.00% |
| Aug 5, 2008 | ■ hold | 2.00% | 0 bp | 2.00% |
| Jun 25, 2008 | ■ hold | 2.00% | 0 bp | 2.00% |
| Apr 30, 2008 | ▼ cut | 2.00% | −25 bp | 2.00% |
| Mar 18, 2008 | ▼ cut | 2.25% | −75 bp | 2.50% |
| Jan 30, 2008 | ▼ cut | 3.00% | −50 bp | 3.25% |
| Jan 22, 2008 | ▼ cut | 3.50% | −75 bp | — |
Source: FXStreet's economic calendar, read automatically. Expected is the economists' consensus where one was published. Check a figure against the Fed's own site before relying on it.
Next decisionFed interest rate decisionDec 9, 2026, 2:00 PM EST CalendarFed meeting dates 2026every decision of the year, with timesCalendarFed meeting dates 2027every decision of the year, with times ProjectionsFed dot plotwhere officials see the rate going All banksCentral bank rates todaythe eight banks side by side
Questions
Fed Funds Rate history: questions
What is the Fed interest rate now?
3.75%–4.00%, set on Wednesday, October 28, 2026. The next decision is on Wednesday, December 9, 2026 at 2:00 PM EST.
When did the Fed last change interest rates?
On Sep 16, 2026, a hike of 25 bp to 3.75%–4.00%.
What is the highest the federal funds rate has been since 2008?
5.25%–5.50%, first set on Jul 26, 2023. The lowest was 0.00%–0.25%, first set on Dec 16, 2008.
How many times did the Fed raise rates in its latest cycle?
1 time, +25 bp in all, from Sep 16, 2026 to Sep 16, 2026. The cutting cycle before it made 6 moves, −175 bp, from Sep 18, 2024 to Dec 10, 2025.
How often does the Fed surprise the market?
Of the 145 Fed decisions with a published consensus since Jan 30, 2008, 140 matched it, 1 came out above it (more hawkish than expected) and 4 below it (more dovish).
Where does this data come from?
FXStreet's economic calendar, read automatically and never typed by hand, and refreshed after every decision. The calendar misses a few meetings. Download it all as CSV.
By Forexia
Learn the read behind every projection.
Forexia teaches the same read this site measures: where the stops rest before a release, the hunt, and the close back that says it is done. Courses, live signals for members, and a community of traders who chart the same way.