US interest rates
Where the Fed rate is, how it has changed and what the market expects.
Data as of 22 Oct 2026
The Fed last raised the rate on 17 Sept 2026 from 3.75 to 4.00% (upper bound).
Futures prices expect a rate of around 4.54% by 8 Dec 2027. In detail on the FedWatch page.
Fed target range
Upper and lower bound over the last 10 years.
EFFR / SOFR
Daily values over the last 6 years.
History of rate changes
Changes of the upper bound of the target range.
| Date | From | To | Change |
|---|---|---|---|
| 17 Sept 2026 | 3.75% | 4.00% | +25 bp |
| 11 Dec 2025 | 4.00% | 3.75% | −25 bp |
| 30 Oct 2025 | 4.25% | 4.00% | −25 bp |
| 18 Sept 2025 | 4.50% | 4.25% | −25 bp |
| 19 Dec 2024 | 4.75% | 4.50% | −25 bp |
| 8 Nov 2024 | 5.00% | 4.75% | −25 bp |
| 19 Sept 2024 | 5.50% | 5.00% | −50 bp |
| 27 Jul 2023 | 5.25% | 5.50% | +25 bp |
| 4 May 2023 | 5.00% | 5.25% | +25 bp |
| 23 Mar 2023 | 4.75% | 5.00% | +25 bp |
| 2 Feb 2023 | 4.50% | 4.75% | +25 bp |
| 15 Dec 2022 | 4.00% | 4.50% | +50 bp |
| 3 Nov 2022 | 3.25% | 4.00% | +75 bp |
| 22 Sept 2022 | 2.50% | 3.25% | +75 bp |
Frequently asked questions
What is the Fed rate?
The target range for the federal funds rate is 3.75 to 4.00%. The Fed sets it at FOMC meetings eight times a year. The actual (effective) rate at which banks lend overnight moves within the range, currently 3.88%.
What are EFFR and SOFR?
EFFR is the effective federal funds rate, a volume-weighted median of the rates at which banks lend unsecured overnight. SOFR is the rate for secured overnight loans, backed by Treasury securities. Most new loan contracts are now tied to SOFR.
How do rates affect stocks and cryptocurrencies?
Higher rates make loans more expensive and safe bonds more attractive, which usually weighs on risky assets including growth stocks and cryptocurrencies. Rate cuts work the other way. Expectations matter more than the rate itself, see FedWatch.
Sources: FRED (EFFR, SOFR, target range). For information only, not investment advice.