Data · United States · Monetary policy
Fed funds rate: 3.75–4.00%
The Federal Reserve has kept its policy rate in a target range of 3.75–4.00% since September 17, 2026. The rate banks actually paid each other overnight (the effective federal funds rate) was 3.88% on October 13, 2026. Sources: Federal Reserve Board, Federal Reserve Bank of New York.
Target range
3.75–4.00%
since September 17, 2026
Effective rate (EFFR)
3.88%
October 13, 2026
Next decision
October 28, 2026
2:00 p.m. ET
Effective federal funds rate over the last year
Explained: How the Fed sets interest rates, explained in 60 seconds
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Frequently asked questions
What is the current Fed interest rate?
The Federal Reserve’s target range is 3.75–4.00% (since September 17, 2026). The effective rate was last 3.88%.
When is the next Fed meeting?
The Federal Open Market Committee (FOMC) announces its next decision on October 28, 2026 at 2:00 p.m. Eastern Time.
What is the effective federal funds rate?
The volume-weighted median rate at which banks lend each other money overnight. The New York Fed calculates it every business day; it sits inside the Fed’s target range.
Source
Target range and meeting dates: Federal Reserve Board (public domain). Effective rate: Federal Reserve Bank of New York via the Fed Board’s H.15 release. The Effective Federal Funds Rate (EFFR) is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the EFFR by DESK, does not sanction or endorse any particular republication, and has no liability for your use. www.federalreserve.gov
More figures and explainers
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Inflation, explained · How the Fed sets interest rates, explained · Recession, explained · The euro, explained
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DESK is a research tool and not investment advice. Page generated: 2026-10-16.