The federal funds rate, the interest rate that financial institutions charge each other for loans in the overnight market, has been near zero since the COVID-19 pandemic hit the United States in March 2020. The Federal Reserve keeps the rate within an announced target range through the buying and selling of federal bonds and other assets. The Fed has kept the rate near zero to counteract the economic downturn caused by the pandemic.

Source: “Effective Federal Funds Rate,” Federal Reserve Bank of St. Louis, July 1, 2021, https://tinyurl.com/2486xxmd

Data for the graphic are as follows:

Date Federal Funds Rate
2006-03-01 4.59%
2006-04-01 4.79%
2006-05-01 4.94%
2006-06-01 4.99%
2006-07-01 5.24%
2006-08-01 5.25%
2006-09-01 5.25%
2006-10-01 5.25%
2006-11-01 5.25%
2006-12-01 5.24%
2007-01-01 5.25%
2007-02-01 5.26%
2007-03-01 5.26%
2007-04-01 5.25%
2007-05-01 5.25%
2007-06-01 5.25%
2007-07-01 5.26%
2007-08-01 5.02%
2007-09-01 4.94%
2007-10-01 4.76%
2007-11-01 4.49%
2007-12-01 4.24%
2008-01-01 3.94%
2008-02-01 2.98%
2008-03-01 2.61%
2008-04-01 2.28%
2008-05-01 1.98%
2008-06-01 2.00%
2008-07-01 2.01%
2008-08-01 2.00%
2008-09-01 1.81%
2008-10-01 0.97%
2008-11-01 0.39%
2008-12-01 0.16%
2009-01-01 0.15%
2009-02-01 0.22%
2009-03-01 0.18%
2009-04-01 0.15%
2009-05-01 0.18%
2009-06-01 0.21%
2009-07-01 0.16%
2009-08-01 0.16%
2009-09-01 0.15%
2009-10-01 0.12%
2009-11-01 0.12%
2009-12-01 0.12%
2010-01-01 0.11%
2010-02-01 0.13%
2010-03-01 0.16%
2010-04-01 0.20%
2010-05-01 0.20%
2010-06-01 0.18%
2010-07-01 0.18%
2010-08-01 0.19%
2010-09-01 0.19%
2010-10-01 0.19%
2010-11-01 0.19%
2010-12-01 0.18%
2011-01-01 0.17%
2011-02-01 0.16%
2011-03-01 0.14%
2011-04-01 0.10%
2011-05-01 0.09%
2011-06-01 0.09%
2011-07-01 0.07%
2011-08-01 0.10%
2011-09-01 0.08%
2011-10-01 0.07%
2011-11-01 0.08%
2011-12-01 0.07%
2012-01-01 0.08%
2012-02-01 0.10%
2012-03-01 0.13%
2012-04-01 0.14%
2012-05-01 0.16%
2012-06-01 0.16%
2012-07-01 0.16%
2012-08-01 0.13%
2012-09-01 0.14%
2012-10-01 0.16%
2012-11-01 0.16%
2012-12-01 0.16%
2013-01-01 0.14%
2013-02-01 0.15%
2013-03-01 0.14%
2013-04-01 0.15%
2013-05-01 0.11%
2013-06-01 0.09%
2013-07-01 0.09%
2013-08-01 0.08%
2013-09-01 0.08%
2013-10-01 0.09%
2013-11-01 0.08%
2013-12-01 0.09%
2014-01-01 0.07%
2014-02-01 0.07%
2014-03-01 0.08%
2014-04-01 0.09%
2014-05-01 0.09%
2014-06-01 0.10%
2014-07-01 0.09%
2014-08-01 0.09%
2014-09-01 0.09%
2014-10-01 0.09%
2014-11-01 0.09%
2014-12-01 0.12%
2015-01-01 0.11%
2015-02-01 0.11%
2015-03-01 0.11%
2015-04-01 0.12%
2015-05-01 0.12%
2015-06-01 0.13%
2015-07-01 0.13%
2015-08-01 0.14%
2015-09-01 0.14%
2015-10-01 0.12%
2015-11-01 0.12%
2015-12-01 0.24%
2016-01-01 0.34%
2016-02-01 0.38%
2016-03-01 0.36%
2016-04-01 0.37%
2016-05-01 0.37%
2016-06-01 0.38%
2016-07-01 0.39%
2016-08-01 0.40%
2016-09-01 0.40%
2016-10-01 0.40%
2016-11-01 0.41%
2016-12-01 0.54%
2017-01-01 0.65%
2017-02-01 0.66%
2017-03-01 0.79%
2017-04-01 0.90%
2017-05-01 0.91%
2017-06-01 1.04%
2017-07-01 1.15%
2017-08-01 1.16%
2017-09-01 1.15%
2017-10-01 1.15%
2017-11-01 1.16%
2017-12-01 1.30%
2018-01-01 1.41%
2018-02-01 1.42%
2018-03-01 1.51%
2018-04-01 1.69%
2018-05-01 1.70%
2018-06-01 1.82%
2018-07-01 1.91%
2018-08-01 1.91%
2018-09-01 1.95%
2018-10-01 2.19%
2018-11-01 2.20%
2018-12-01 2.27%
2019-01-01 2.40%
2019-02-01 2.40%
2019-03-01 2.41%
2019-04-01 2.42%
2019-05-01 2.39%
2019-06-01 2.38%
2019-07-01 2.40%
2019-08-01 2.13%
2019-09-01 2.04%
2019-10-01 1.83%
2019-11-01 1.55%
2019-12-01 1.55%
2020-01-01 1.55%
2020-02-01 1.58%
2020-03-01 0.65%
2020-04-01 0.05%
2020-05-01 0.05%
2020-06-01 0.08%
2020-07-01 0.09%
2020-08-01 0.10%
2020-09-01 0.09%
2020-10-01 0.09%
2020-11-01 0.09%
2020-12-01 0.09%
2021-01-01 0.09%
2021-02-01 0.08%
2021-03-01 0.07%
2021-04-01 0.07%
2021-05-01 0.06%
2021-06-01 0.08%

close window