Federal Funds Rate History: Target Rate Changes Since 1990
The Federal Reserve Board lists 110 target changes to the FOMC's federal funds target since July 1990. The latest, listed as September 17, 2026, was an increase of 25 basis points to a target range of 3.75-4.00 percent. The most recent FOMC decision FedRateCalc has recorded, on October 28, 2026, left the target range at 3.75% to 4.00% (no change).
Meeting dates are on the FOMC meeting schedule, and each decision with its statement is on the Fed rate decision page. The same table is available as an open dataset in CSV and JSON.
Reviewed November 5, 2026 · Maintained by FedRateCalc · Not affiliated with the Federal Reserve
Chart
Every change on the Board's list
Newest first. Only changes are listed, not holds, and some changes happened between regular meetings. Change is in basis points (100 basis points is 1 percentage point). Target is the level after the change, in percent, exactly as the source prints it.
| Date | Change (bps) | Target (%) | FOMC statement | Source |
|---|---|---|---|---|
| September 17, 2026 | +25 | 3.75-4.00 | September 16, 2026 | Board page |
| December 11, 2025 | −25 | 3.50-3.75 | December 10, 2025 | Board page |
| October 30, 2025 | −25 | 3.75-4.00 | October 29, 2025 | Board page |
| September 18, 2025 | −25 | 4.00-4.25 | September 17, 2025 | Board page |
| December 19, 2024 | −25 | 4.25-4.50 | Board page | |
| November 8, 2024 | −25 | 4.50-4.75 | Board page | |
| September 19, 2024 | −50 | 4.75-5.00 | Board page | |
| July 27, 2023 | +25 | 5.25-5.50 | Board page | |
| May 4, 2023 | +25 | 5.00-5.25 | Board page | |
| March 23, 2023 | +25 | 4.75-5.00 | Board page | |
| February 2, 2023 | +25 | 4.50-4.75 | Board page | |
| December 15, 2022 | +50 | 4.25-4.50 | Board page | |
| November 3, 2022 | +75 | 3.75-4.00 | Board page | |
| September 22, 2022 | +75 | 3.00-3.25 | Board page | |
| July 28, 2022 | +75 | 2.25-2.50 | Board page | |
| June 16, 2022 | +75 | 1.50-1.75 | Board page | |
| May 5, 2022 | +50 | 0.75-1.00 | Board page | |
| March 17, 2022 | +25 | 0.25-0.50 | Board page | |
| March 16, 2020 | −100 | 0-0.25 | Board page | |
| March 4, 2020* | −50 | 1.00-1.25 | Board page | |
| October 31, 2019 | −25 | 1.50-1.75 | Board page | |
| September 19, 2019 | −25 | 1.75-2.00 | Board page | |
| August 1, 2019 | −25 | 2.00-2.25 | Board page | |
| December 20, 2018 | +25 | 2.25-2.50 | Board page | |
| September 27, 2018 | +25 | 2.00-2.25 | Board page | |
| June 14, 2018 | +25 | 1.75-2.00 | Board page | |
| March 22, 2018 | +25 | 1.50-1.75 | Board page | |
| December 14, 2017 | +25 | 1.25-1.50 | Board page | |
| June 15, 2017 | +25 | 1.00-1.25 | Board page | |
| March 16, 2017 | +25 | 0.75-1.00 | Board page | |
| December 15, 2016 | +25 | 0.50-0.75 | Board page | |
| December 17, 2015 | +25 | 0.25-0.50 | Board page | |
| December 16, 2008 | −75 to −100 | 0-0.25 | Board page | |
| October 29, 2008 | −50 | 1.00 | Board page | |
| October 8, 2008 | −50 | 1.50 | Board page | |
| April 30, 2008 | −25 | 2.00 | Board page | |
| March 18, 2008 | −75 | 2.25 | Board page | |
| January 30, 2008 | −50 | 3.00 | Board page | |
| January 22, 2008 | −75 | 3.50 | Board page | |
| December 11, 2007 | −25 | 4.25 | Board page | |
| October 31, 2007 | −25 | 4.50 | Board page | |
| September 18, 2007 | −50 | 4.75 | Board page | |
| June 29, 2006 | +25 | 5.25 | Board page | |
| May 10, 2006 | +25 | 5.00 | Board page | |
| March 28, 2006 | +25 | 4.75 | Board page | |
| January 31, 2006 | +25 | 4.50 | Board page | |
| December 13, 2005 | +25 | 4.25 | Board page | |
| November 1, 2005 | +25 | 4.00 | Board page | |
| September 20, 2005 | +25 | 3.75 | Board page | |
| August 9, 2005 | +25 | 3.50 | Board page | |
| June 30, 2005 | +25 | 3.25 | Board page | |
| May 3, 2005 | +25 | 3.00 | Board page | |
| March 22, 2005 | +25 | 2.75 | Board page | |
| February 2, 2005 | +25 | 2.50 | Board page | |
| December 14, 2004 | +25 | 2.25 | Board page | |
| November 10, 2004 | +25 | 2.00 | Board page | |
| September 21, 2004 | +25 | 1.75 | Board page | |
| August 10, 2004 | +25 | 1.50 | Board page | |
| June 30, 2004 | +25 | 1.25 | Board page | |
| June 25, 2003 | −25 | 1.00 | Board page | |
| November 6, 2002 | −50 | 1.25 | Board archive page | |
| December 11, 2001 | −25 | 1.75 | Board archive page | |
| November 6, 2001 | −50 | 2.00 | Board archive page | |
| October 2, 2001 | −50 | 2.50 | Board archive page | |
| September 17, 2001 | −50 | 3.00 | Board archive page | |
| August 21, 2001 | −25 | 3.50 | Board archive page | |
| June 27, 2001 | −25 | 3.75 | Board archive page | |
| May 15, 2001 | −50 | 4.00 | Board archive page | |
| April 18, 2001 | −50 | 4.50 | Board archive page | |
| March 20, 2001 | −50 | 5.00 | Board archive page | |
| January 31, 2001 | −50 | 5.50 | Board archive page | |
| January 3, 2001 | −50 | 6.00 | Board archive page | |
| May 16, 2000 | +50 | 6.50 | Board archive page | |
| March 21, 2000 | +25 | 6.00 | Board archive page | |
| February 2, 2000 | +25 | 5.75 | Board archive page | |
| November 16, 1999 | +25 | 5.50 | Board archive page | |
| August 24, 1999 | +25 | 5.25 | Board archive page | |
| June 30, 1999 | +25 | 5.00 | Board archive page | |
| November 17, 1998 | −25 | 4.75 | Board archive page | |
| October 15, 1998 | −25 | 5.00 | Board archive page | |
| September 29, 1998 | −25 | 5.25 | Board archive page | |
| March 25, 1997 | +25 | 5.50 | Board archive page | |
| January 31, 1996 | −25 | 5.25 | Board archive page | |
| December 19, 1995 | −25 | 5.50 | Board archive page | |
| July 6, 1995 | −25 | 5.75 | Board archive page | |
| February 1, 1995 | +50 | 6.00 | Board archive page | |
| November 15, 1994 | +75 | 5.50 | Board archive page | |
| August 16, 1994 | +50 | 4.75 | Board archive page | |
| May 17, 1994 | +50 | 4.25 | Board archive page | |
| April 18, 1994 | +25 | 3.75 | Board archive page | |
| March 22, 1994 | +25 | 3.50 | Board archive page | |
| February 4, 1994 | +25 | 3.25 | Board archive page | |
| September 4, 1992 | −25 | 3.00 | Board archive page | |
| July 2, 1992 | −50 | 3.25 | Board archive page | |
| April 9, 1992 | −25 | 3.75 | Board archive page | |
| December 20, 1991 | −50 | 4.00 | Board archive page | |
| December 6, 1991 | −25 | 4.50 | Board archive page | |
| November 6, 1991 | −25 | 4.75 | Board archive page | |
| October 31, 1991 | −25 | 5.00 | Board archive page | |
| September 13, 1991 | −25 | 5.25 | Board archive page | |
| August 6, 1991 | −25 | 5.50 | Board archive page | |
| April 30, 1991 | −25 | 5.75 | Board archive page | |
| March 8, 1991 | −25 | 6.00 | Board archive page | |
| February 1, 1991 | −50 | 6.25 | Board archive page | |
| January 9, 1991 | −25 | 6.75 | Board archive page | |
| December 18, 1990 | −25 | 7.00 | Board archive page | |
| December 7, 1990 | −25 | 7.25 | Board archive page | |
| November 13, 1990 | −25 | 7.50 | Board archive page | |
| October 29, 1990 | −25 | 7.75 | Board archive page | |
| July 13, 1990 | −25 | 8.00 | Board archive page |
Notes on the table
- The Board does not say what its date column means. For every change in the table that FedRateCalc also records from an FOMC statement, the Board’s date is one calendar day after the FOMC statement date; the FOMC statement column shows that date.
- Until December 16, 2008 the Board lists a single target rate. From that date it lists a target range (0-0.25 percent after the December 16, 2008 change). The chart plots the single target rate, and from 2008 the upper end of the range.
- On the March 4, 2020 row the Board's footnote reads: “On July 10, 2024, this date was corrected from March 3, 2020, to March 4, 2020.”
- The Board prints the December 16, 2008 change as a span of 75-100 basis points, so it is shown that way and has no single number in the CSV and JSON files.
Sources and checks
When we checked on November 5, 2026, the Federal Reserve Board, Open Market Operations page (last updated September 16, 2026) listed the changes from 2003 on, and the Federal Reserve Board, Open Market Operations Archive page (last updated November 15, 2013) listed 1990 to 2002. The rows are tested against saved copies of both pages.
FedRateCalc also records each FOMC decision from the Federal Reserve statement. A recorded change that the Board's list does not show yet is added to the table and labelled "FedRateCalc record of the FOMC statement"; when we checked on November 5, 2026, every recorded change was already on the Board's list.
FedRateCalc is not affiliated with the Federal Reserve. The Board's pages are the authoritative record.
Download
Field dictionary, license and update policy are on the dataset page; all datasets are listed on FedRateCalc open data.
How to cite
Data compiled by FedRateCalc from the Federal Reserve Board's list; CC BY 4.0 with attribution "FedRateCalc" and a link. The underlying U.S. federal government data is in the public domain.
Plain text
FedRateCalc. "Federal funds target rate and range changes since 1990" (dataset), data as of November 5, 2026. CC BY 4.0. https://fedratecalc.com/data/fed-funds-target-range-history/
HTML for a web page
Federal funds target rate and range changes since 1990: <a href="https://fedratecalc.com/data/fed-funds-target-range-history/">FedRateCalc</a> (CC BY 4.0)