# Central bank policy rate in United States

Central bank policy rate in United States was 3.75% in September 2026. Source: Board of Governors of the Federal Reserve System.

- Indicator id: `policy_interest_rate`
- Place id: `us`
- Unit: %
- Definition: The rate a central bank sets to steer monetary policy, or its operational target, in percent per year. United States: effective federal funds rate, monthly average of daily rates (Federal Reserve H.15). Euro area: ECB deposit facility rate in force on the last day of the month. Other countries: the policy rate in force at the end of the month as reported by the national central bank and compiled by the BIS.
- Note: Timing differs by source: the US figure is a monthly average of the market rate that the Federal Reserve targets (the target range is set by the FOMC; the BIS copy uses its midpoint), while ECB and BIS figures are end-of-month levels. The euro area series is the deposit facility rate for its whole history; the ECB has steered with it since September 2024, and before that the BIS series and most press coverage used the main refinancing rate (see ecb_main_refinancing_rate). Euro area members have no national policy rate since 1999, so their BIS series end in 1998. Each BIS series names its central bank and the instrument used in each period.
- Source: Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates: federal funds effective rate, monthly average (RIFSPFF_N.M) (https://www.federalreserve.gov/datadownload/Output.aspx?rel=H15&series=d7e27b7b09a3a7feae95b9c61781fcd8&lastobs=&from=&to=&filetype=csv&label=include&layout=seriescolumn&type=package)
- Retrieved: 2026-10-09
- License: Public domain unless otherwise indicated (Federal Reserve Board website policy)
- Citation: Board of Governors of the Federal Reserve System. H.15 Selected Interest Rates: federal funds effective rate, monthly average (RIFSPFF_N.M). https://www.federalreserve.gov/datadownload/Output.aspx?rel=H15&series=d7e27b7b09a3a7feae95b9c61781fcd8&lastobs=&from=&to=&filetype=csv&label=include&layout=seriescolumn&type=package. Retrieved 2026-10-09.
- Web page: https://invokely.ai/en/policy-interest-rate/united-states
- CSV: https://invokely.ai/download/policy-interest-rate/united-states.csv
- API: https://invokely.ai/api/v1/series?indicator=policy_interest_rate&place=us

| Period | % |
|---|---:|
| 2026-09 | 3.75 |
| 2026-08 | 3.63 |
| 2026-07 | 3.63 |
| 2026-06 | 3.63 |
| 2026-05 | 3.63 |
| 2026-04 | 3.64 |
| 2026-03 | 3.64 |
| 2026-02 | 3.64 |
| 2026-01 | 3.64 |
| 2025-12 | 3.72 |
| 2025-11 | 3.88 |
| 2025-10 | 4.09 |
| 2025-09 | 4.22 |
| 2025-08 | 4.33 |
| 2025-07 | 4.33 |
| 2025-06 | 4.33 |
| 2025-05 | 4.33 |
| 2025-04 | 4.33 |
| 2025-03 | 4.33 |
| 2025-02 | 4.33 |
| 2025-01 | 4.33 |
| 2024-12 | 4.48 |
| 2024-11 | 4.64 |
| 2024-10 | 4.83 |
| 2024-09 | 5.13 |
| 2024-08 | 5.33 |
| 2024-07 | 5.33 |
| 2024-06 | 5.33 |
| 2024-05 | 5.33 |
| 2024-04 | 5.33 |
| 2024-03 | 5.33 |
| 2024-02 | 5.33 |
| 2024-01 | 5.33 |
| 2023-12 | 5.33 |
| 2023-11 | 5.33 |
| 2023-10 | 5.33 |
| 2023-09 | 5.33 |
| 2023-08 | 5.33 |
| 2023-07 | 5.12 |
| 2023-06 | 5.08 |
| 2023-05 | 5.06 |
| 2023-04 | 4.83 |
| 2023-03 | 4.65 |
| 2023-02 | 4.57 |
| 2023-01 | 4.33 |
| 2022-12 | 4.1 |
| 2022-11 | 3.78 |
| 2022-10 | 3.08 |
| 2022-09 | 2.56 |
| 2022-08 | 2.33 |
| 2022-07 | 1.68 |
| 2022-06 | 1.21 |
| 2022-05 | 0.77 |
| 2022-04 | 0.33 |
| 2022-03 | 0.2 |
| 2022-02 | 0.08 |
| 2022-01 | 0.08 |
| 2021-12 | 0.08 |
| 2021-11 | 0.08 |
| 2021-10 | 0.08 |
| 2021-09 | 0.08 |
| 2021-08 | 0.09 |
| 2021-07 | 0.1 |
| 2021-06 | 0.08 |
| 2021-05 | 0.06 |
| 2021-04 | 0.07 |
| 2021-03 | 0.07 |
| 2021-02 | 0.08 |
| 2021-01 | 0.09 |
| 2020-12 | 0.09 |
| 2020-11 | 0.09 |
| 2020-10 | 0.09 |
| 2020-09 | 0.09 |
| 2020-08 | 0.1 |
| 2020-07 | 0.09 |
| 2020-06 | 0.08 |
| 2020-05 | 0.05 |
| 2020-04 | 0.05 |
| 2020-03 | 0.65 |
| 2020-02 | 1.58 |
| 2020-01 | 1.55 |
| 2019-12 | 1.55 |
| 2019-11 | 1.55 |
| 2019-10 | 1.83 |
| 2019-09 | 2.04 |
| 2019-08 | 2.13 |
| 2019-07 | 2.4 |
| 2019-06 | 2.38 |
| 2019-05 | 2.39 |
| 2019-04 | 2.42 |
| 2019-03 | 2.41 |
| 2019-02 | 2.4 |
| 2019-01 | 2.4 |
| 2018-12 | 2.27 |
| 2018-11 | 2.2 |
| 2018-10 | 2.19 |
| 2018-09 | 1.95 |
| 2018-08 | 1.91 |
| 2018-07 | 1.91 |
| 2018-06 | 1.82 |
| 2018-05 | 1.7 |
| 2018-04 | 1.69 |
| 2018-03 | 1.51 |
| 2018-02 | 1.42 |
| 2018-01 | 1.41 |
| 2017-12 | 1.3 |
| 2017-11 | 1.16 |
| 2017-10 | 1.15 |
| 2017-09 | 1.15 |
| 2017-08 | 1.16 |
| 2017-07 | 1.15 |
| 2017-06 | 1.04 |
| 2017-05 | 0.91 |
| 2017-04 | 0.9 |
| 2017-03 | 0.79 |
| 2017-02 | 0.66 |
| 2017-01 | 0.65 |
| 2016-12 | 0.54 |
| 2016-11 | 0.41 |
| 2016-10 | 0.4 |
| 2016-09 | 0.4 |
| 2016-08 | 0.4 |
| 2016-07 | 0.39 |
| 2016-06 | 0.38 |
| 2016-05 | 0.37 |
| 2016-04 | 0.37 |
| 2016-03 | 0.36 |
| 2016-02 | 0.38 |
| 2016-01 | 0.34 |
| 2015-12 | 0.24 |
| 2015-11 | 0.12 |
| 2015-10 | 0.12 |
| 2015-09 | 0.14 |
| 2015-08 | 0.14 |
| 2015-07 | 0.13 |
| 2015-06 | 0.13 |
| 2015-05 | 0.12 |
| 2015-04 | 0.12 |
| 2015-03 | 0.11 |
| 2015-02 | 0.11 |
| 2015-01 | 0.11 |
| 2014-12 | 0.12 |
| 2014-11 | 0.09 |
| 2014-10 | 0.09 |
| 2014-09 | 0.09 |
| 2014-08 | 0.09 |
| 2014-07 | 0.09 |
| 2014-06 | 0.1 |
| 2014-05 | 0.09 |
| 2014-04 | 0.09 |
| 2014-03 | 0.08 |
| 2014-02 | 0.07 |
| 2014-01 | 0.07 |
| 2013-12 | 0.09 |
| 2013-11 | 0.08 |
| 2013-10 | 0.09 |
| 2013-09 | 0.08 |
| 2013-08 | 0.08 |
| 2013-07 | 0.09 |
| 2013-06 | 0.09 |
| 2013-05 | 0.11 |
| 2013-04 | 0.15 |
| 2013-03 | 0.14 |
| 2013-02 | 0.15 |
| 2013-01 | 0.14 |
| 2012-12 | 0.16 |
| 2012-11 | 0.16 |
| 2012-10 | 0.16 |
| 2012-09 | 0.14 |
| 2012-08 | 0.13 |
| 2012-07 | 0.16 |
| 2012-06 | 0.16 |
| 2012-05 | 0.16 |
| 2012-04 | 0.14 |
| 2012-03 | 0.13 |
| 2012-02 | 0.1 |
| 2012-01 | 0.08 |
| 2011-12 | 0.07 |
| 2011-11 | 0.08 |
| 2011-10 | 0.07 |
| 2011-09 | 0.08 |
| 2011-08 | 0.1 |
| 2011-07 | 0.07 |
| 2011-06 | 0.09 |
| 2011-05 | 0.09 |
| 2011-04 | 0.1 |
| 2011-03 | 0.14 |
| 2011-02 | 0.16 |
| 2011-01 | 0.17 |
| 2010-12 | 0.18 |
| 2010-11 | 0.19 |
| 2010-10 | 0.19 |
| 2010-09 | 0.19 |
| 2010-08 | 0.19 |
| 2010-07 | 0.18 |
| 2010-06 | 0.18 |
| 2010-05 | 0.2 |
| 2010-04 | 0.2 |
| 2010-03 | 0.16 |
| 2010-02 | 0.13 |
| 2010-01 | 0.11 |
| 2009-12 | 0.12 |
| 2009-11 | 0.12 |
| 2009-10 | 0.12 |
| 2009-09 | 0.15 |
| 2009-08 | 0.16 |
| 2009-07 | 0.16 |
| 2009-06 | 0.21 |
| 2009-05 | 0.18 |
| 2009-04 | 0.15 |
| 2009-03 | 0.18 |
| 2009-02 | 0.22 |
| 2009-01 | 0.15 |
| 2008-12 | 0.16 |
| 2008-11 | 0.39 |
| 2008-10 | 0.97 |
| 2008-09 | 1.81 |
| 2008-08 | 2 |
| 2008-07 | 2.01 |
| 2008-06 | 2 |
| 2008-05 | 1.98 |
| 2008-04 | 2.28 |
| 2008-03 | 2.61 |
| 2008-02 | 2.98 |
| 2008-01 | 3.94 |
| 2007-12 | 4.24 |
| 2007-11 | 4.49 |
| 2007-10 | 4.76 |
| 2007-09 | 4.94 |
| 2007-08 | 5.02 |
| 2007-07 | 5.26 |
| 2007-06 | 5.25 |
| 2007-05 | 5.25 |
| 2007-04 | 5.25 |
| 2007-03 | 5.26 |
| 2007-02 | 5.26 |
| 2007-01 | 5.25 |
| 2006-12 | 5.24 |
| 2006-11 | 5.25 |
| 2006-10 | 5.25 |
| 2006-09 | 5.25 |
| 2006-08 | 5.25 |
| 2006-07 | 5.24 |
| 2006-06 | 4.99 |
| 2006-05 | 4.94 |
| 2006-04 | 4.79 |
| 2006-03 | 4.59 |
| 2006-02 | 4.49 |
| 2006-01 | 4.29 |
| 2005-12 | 4.16 |
| 2005-11 | 4 |
| 2005-10 | 3.78 |
| 2005-09 | 3.62 |
| 2005-08 | 3.5 |
| 2005-07 | 3.26 |
| 2005-06 | 3.04 |
| 2005-05 | 3 |
| 2005-04 | 2.79 |
| 2005-03 | 2.63 |
| 2005-02 | 2.5 |
| 2005-01 | 2.28 |
| 2004-12 | 2.16 |
| 2004-11 | 1.93 |
| 2004-10 | 1.76 |
| 2004-09 | 1.61 |
| 2004-08 | 1.43 |
| 2004-07 | 1.26 |
| 2004-06 | 1.03 |
| 2004-05 | 1 |
| 2004-04 | 1 |
| 2004-03 | 1 |
| 2004-02 | 1.01 |
| 2004-01 | 1 |
| 2003-12 | 0.98 |
| 2003-11 | 1 |
| 2003-10 | 1.01 |
| 2003-09 | 1.01 |
| 2003-08 | 1.03 |
| 2003-07 | 1.01 |
| 2003-06 | 1.22 |
| 2003-05 | 1.26 |
| 2003-04 | 1.26 |
| 2003-03 | 1.25 |
| 2003-02 | 1.26 |
| 2003-01 | 1.24 |
| 2002-12 | 1.24 |
| 2002-11 | 1.34 |
| 2002-10 | 1.75 |
| 2002-09 | 1.75 |
| 2002-08 | 1.74 |
| 2002-07 | 1.73 |
| 2002-06 | 1.75 |
| 2002-05 | 1.75 |
| 2002-04 | 1.75 |
| 2002-03 | 1.73 |
| 2002-02 | 1.74 |
| 2002-01 | 1.73 |
| 2001-12 | 1.82 |
| 2001-11 | 2.09 |
| 2001-10 | 2.49 |
| 2001-09 | 3.07 |
| 2001-08 | 3.65 |
| 2001-07 | 3.77 |
| 2001-06 | 3.97 |
| 2001-05 | 4.21 |
| 2001-04 | 4.8 |
| 2001-03 | 5.31 |
| 2001-02 | 5.49 |
| 2001-01 | 5.98 |
| 2000-12 | 6.4 |
| 2000-11 | 6.51 |
| 2000-10 | 6.51 |
| 2000-09 | 6.52 |
| 2000-08 | 6.5 |
| 2000-07 | 6.54 |
| 2000-06 | 6.53 |
| 2000-05 | 6.27 |
| 2000-04 | 6.02 |
| 2000-03 | 5.85 |
| 2000-02 | 5.73 |
| 2000-01 | 5.45 |
| 1999-12 | 5.3 |
| 1999-11 | 5.42 |
| 1999-10 | 5.2 |
| 1999-09 | 5.22 |
| 1999-08 | 5.07 |
| 1999-07 | 4.99 |
| 1999-06 | 4.76 |
| 1999-05 | 4.74 |
| 1999-04 | 4.74 |
| 1999-03 | 4.81 |
| 1999-02 | 4.76 |
| 1999-01 | 4.63 |
| 1998-12 | 4.68 |
| 1998-11 | 4.83 |
| 1998-10 | 5.07 |
| 1998-09 | 5.51 |
| 1998-08 | 5.55 |
| 1998-07 | 5.54 |
| 1998-06 | 5.56 |
| 1998-05 | 5.49 |
| 1998-04 | 5.45 |
| 1998-03 | 5.49 |
| 1998-02 | 5.51 |
| 1998-01 | 5.56 |
| 1997-12 | 5.5 |
| 1997-11 | 5.52 |
| 1997-10 | 5.5 |
| 1997-09 | 5.54 |
| 1997-08 | 5.54 |
| 1997-07 | 5.52 |
| 1997-06 | 5.56 |
| 1997-05 | 5.5 |
| 1997-04 | 5.51 |
| 1997-03 | 5.39 |
| 1997-02 | 5.19 |
| 1997-01 | 5.25 |
| 1996-12 | 5.29 |
| 1996-11 | 5.31 |
| 1996-10 | 5.24 |
| 1996-09 | 5.3 |
| 1996-08 | 5.22 |
| 1996-07 | 5.4 |
| 1996-06 | 5.27 |
| 1996-05 | 5.24 |
| 1996-04 | 5.22 |
| 1996-03 | 5.31 |
| 1996-02 | 5.22 |
| 1996-01 | 5.56 |
| 1995-12 | 5.6 |
| 1995-11 | 5.8 |
| 1995-10 | 5.76 |
| 1995-09 | 5.8 |
| 1995-08 | 5.74 |
| 1995-07 | 5.85 |
| 1995-06 | 6 |
| 1995-05 | 6.01 |
| 1995-04 | 6.05 |
| 1995-03 | 5.98 |
| 1995-02 | 5.92 |
| 1995-01 | 5.53 |
| 1994-12 | 5.45 |
| 1994-11 | 5.29 |
| 1994-10 | 4.76 |
| 1994-09 | 4.73 |
| 1994-08 | 4.47 |
| 1994-07 | 4.26 |
| 1994-06 | 4.25 |
| 1994-05 | 4.01 |
| 1994-04 | 3.56 |
| 1994-03 | 3.34 |
| 1994-02 | 3.25 |
| 1994-01 | 3.05 |
| 1993-12 | 2.96 |
| 1993-11 | 3.02 |
| 1993-10 | 2.99 |
| 1993-09 | 3.09 |
| 1993-08 | 3.03 |
| 1993-07 | 3.06 |
| 1993-06 | 3.04 |
| 1993-05 | 3 |
| 1993-04 | 2.96 |
| 1993-03 | 3.07 |
| 1993-02 | 3.03 |
| 1993-01 | 3.02 |
| 1992-12 | 2.92 |
| 1992-11 | 3.09 |
| 1992-10 | 3.1 |
| 1992-09 | 3.22 |
| 1992-08 | 3.3 |
| 1992-07 | 3.25 |
| 1992-06 | 3.76 |
| 1992-05 | 3.82 |
| 1992-04 | 3.73 |
| 1992-03 | 3.98 |
| 1992-02 | 4.06 |
| 1992-01 | 4.03 |
| 1991-12 | 4.43 |
| 1991-11 | 4.81 |
| 1991-10 | 5.21 |
| 1991-09 | 5.45 |
| 1991-08 | 5.66 |
| 1991-07 | 5.82 |
| 1991-06 | 5.9 |
| 1991-05 | 5.78 |
| 1991-04 | 5.91 |
| 1991-03 | 6.12 |
| 1991-02 | 6.25 |
| 1991-01 | 6.91 |
| 1990-12 | 7.31 |
| 1990-11 | 7.81 |
| 1990-10 | 8.11 |
| 1990-09 | 8.2 |
| 1990-08 | 8.13 |
| 1990-07 | 8.15 |
| 1990-06 | 8.29 |
| 1990-05 | 8.18 |
| 1990-04 | 8.26 |
| 1990-03 | 8.28 |
| 1990-02 | 8.24 |
| 1990-01 | 8.23 |
| 1989-12 | 8.45 |
| 1989-11 | 8.55 |
| 1989-10 | 8.84 |
| 1989-09 | 9.02 |
| 1989-08 | 8.99 |
| 1989-07 | 9.24 |
| 1989-06 | 9.53 |
| 1989-05 | 9.81 |
| 1989-04 | 9.84 |
| 1989-03 | 9.85 |
| 1989-02 | 9.36 |
| 1989-01 | 9.12 |
| 1988-12 | 8.76 |
| 1988-11 | 8.35 |
| 1988-10 | 8.3 |
| 1988-09 | 8.19 |
| 1988-08 | 8.01 |
| 1988-07 | 7.75 |
| 1988-06 | 7.51 |
| 1988-05 | 7.09 |
| 1988-04 | 6.87 |
| 1988-03 | 6.58 |
| 1988-02 | 6.58 |
| 1988-01 | 6.83 |
| 1987-12 | 6.77 |
| 1987-11 | 6.69 |
| 1987-10 | 7.29 |
| 1987-09 | 7.22 |
| 1987-08 | 6.73 |
| 1987-07 | 6.58 |
| 1987-06 | 6.73 |
| 1987-05 | 6.85 |
| 1987-04 | 6.37 |
| 1987-03 | 6.13 |
| 1987-02 | 6.1 |
| 1987-01 | 6.43 |
| 1986-12 | 6.91 |
| 1986-11 | 6.04 |
| 1986-10 | 5.85 |
| 1986-09 | 5.89 |
| 1986-08 | 6.17 |
| 1986-07 | 6.56 |
| 1986-06 | 6.92 |
| 1986-05 | 6.85 |
| 1986-04 | 6.99 |
| 1986-03 | 7.48 |
| 1986-02 | 7.86 |
| 1986-01 | 8.14 |
| 1985-12 | 8.27 |
| 1985-11 | 8.05 |
| 1985-10 | 7.99 |
| 1985-09 | 7.92 |
| 1985-08 | 7.9 |
| 1985-07 | 7.88 |
| 1985-06 | 7.53 |
| 1985-05 | 7.97 |
| 1985-04 | 8.27 |
| 1985-03 | 8.58 |
| 1985-02 | 8.5 |
| 1985-01 | 8.35 |
| 1984-12 | 8.38 |
| 1984-11 | 9.43 |
| 1984-10 | 9.99 |
| 1984-09 | 11.3 |
| 1984-08 | 11.64 |
| 1984-07 | 11.23 |
| 1984-06 | 11.06 |
| 1984-05 | 10.32 |
| 1984-04 | 10.29 |
| 1984-03 | 9.91 |
| 1984-02 | 9.59 |
| 1984-01 | 9.56 |
| 1983-12 | 9.47 |
| 1983-11 | 9.34 |
| 1983-10 | 9.48 |
| 1983-09 | 9.45 |
| 1983-08 | 9.56 |
| 1983-07 | 9.37 |
| 1983-06 | 8.98 |
| 1983-05 | 8.63 |
| 1983-04 | 8.8 |
| 1983-03 | 8.77 |
| 1983-02 | 8.51 |
| 1983-01 | 8.68 |
| 1982-12 | 8.95 |
| 1982-11 | 9.2 |
| 1982-10 | 9.71 |
| 1982-09 | 10.31 |
| 1982-08 | 10.12 |
| 1982-07 | 12.59 |
| 1982-06 | 14.15 |
| 1982-05 | 14.45 |
| 1982-04 | 14.94 |
| 1982-03 | 14.68 |
| 1982-02 | 14.78 |
| 1982-01 | 13.22 |
| 1981-12 | 12.37 |
| 1981-11 | 13.31 |
| 1981-10 | 15.08 |
| 1981-09 | 15.87 |
| 1981-08 | 17.82 |
| 1981-07 | 19.04 |
| 1981-06 | 19.1 |
| 1981-05 | 18.52 |
| 1981-04 | 15.72 |
| 1981-03 | 14.7 |
| 1981-02 | 15.93 |
| 1981-01 | 19.08 |
| 1980-12 | 18.9 |
| 1980-11 | 15.85 |
| 1980-10 | 12.81 |
| 1980-09 | 10.87 |
| 1980-08 | 9.61 |
| 1980-07 | 9.03 |
| 1980-06 | 9.47 |
| 1980-05 | 10.98 |
| 1980-04 | 17.61 |
| 1980-03 | 17.19 |
| 1980-02 | 14.13 |
| 1980-01 | 13.82 |
| 1979-12 | 13.78 |
| 1979-11 | 13.18 |
| 1979-10 | 13.77 |
| 1979-09 | 11.43 |
| 1979-08 | 10.94 |
| 1979-07 | 10.47 |
| 1979-06 | 10.29 |
| 1979-05 | 10.24 |
| 1979-04 | 10.01 |
| 1979-03 | 10.09 |
| 1979-02 | 10.06 |
| 1979-01 | 10.07 |
| 1978-12 | 10.03 |
| 1978-11 | 9.76 |
| 1978-10 | 8.96 |
| 1978-09 | 8.45 |
| 1978-08 | 8.04 |
| 1978-07 | 7.81 |
| 1978-06 | 7.6 |
| 1978-05 | 7.36 |
| 1978-04 | 6.89 |
| 1978-03 | 6.79 |
| 1978-02 | 6.78 |
| 1978-01 | 6.7 |
| 1977-12 | 6.56 |
| 1977-11 | 6.51 |
| 1977-10 | 6.47 |
| 1977-09 | 6.14 |
| 1977-08 | 5.9 |
| 1977-07 | 5.42 |
| 1977-06 | 5.39 |
| 1977-05 | 5.35 |
| 1977-04 | 4.73 |
| 1977-03 | 4.69 |
| 1977-02 | 4.68 |
| 1977-01 | 4.61 |
| 1976-12 | 4.65 |
| 1976-11 | 4.95 |
| 1976-10 | 5.02 |