Effective federal funds rate, United States
Effective federal funds rate was 3.75% in September 2026, up 0.12 pp from August 2026 and down 0.47 pp from a year earlier. The figure is published by Federal Reserve Bank of New York in H.15. The series starts in January 2006 and has 249 observations. Source: Federal Reserve Bank of New York.
- On the previous reading (August 2026): up 0.12 pp, to 3.75%
- On a year earlier (September 2025): down 0.47 pp
- Against the five-year average of 3.76%: below
Sparklines: the last ten years; the amber dot marks the reading in the tile. 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 EconoMonitor, does not sanction or endorse any particular republication, and has no liability for your use.
Overview
Over the last five years the series ranged from 0.08% (September 2021) to 5.33% (August 2023). Since January 2006 the full range is 0.05% (April 2020) to 5.33% (August 2023).
Key facts
| Reading | Period | Value |
|---|---|---|
| Latest | September 2026 | 3.75% |
| Previous | August 2026 | 3.63% |
| A year earlier | September 2025 | 4.22% |
| Five-year high | August 2023 | 5.33% |
| Five-year low | September 2021 | 0.08% |
| First observation | January 2006 | 4.29% |
Unit: percent. 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 EconoMonitor, does not sanction or endorse any particular republication, and has no liability for your use.
How has it moved since January 2006?
Full history
- Effective federal funds rate 3.8%
Last five years
- Effective federal funds rate 3.8%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| September 2025 | 4.22% | -0.11 pp |
| October 2025 | 4.09% | -0.13 pp |
| November 2025 | 3.88% | -0.21 pp |
| December 2025 | 3.72% | -0.16 pp |
| January 2026 | 3.64% | -0.08 pp |
| February 2026 | 3.64% | 0.00 pp |
| March 2026 | 3.64% | 0.00 pp |
| April 2026 | 3.64% | 0.00 pp |
| May 2026 | 3.63% | -0.01 pp |
| June 2026 | 3.63% | 0.00 pp |
| July 2026 | 3.63% | 0.00 pp |
| August 2026 | 3.63% | 0.00 pp |
| September 2026 | 3.75% | +0.12 pp |
How does the latest reading compare?
The latest reading of 3.75% in September 2026 is below its five-year average of 3.76% and above its ten-year average of 2.44%. It is higher than 75% of all 249 readings since January 2006. The rise in September 2026 ended a run in the other direction or a flat reading. Over the last 12 readings, from October 2025 to September 2026, it averaged 3.71%, with a high of 4.09% in October 2025 and a low of 3.63% in May 2026. In the last ten years the largest rise from one reading to the next was in November 2022, to 3.78% from 3.08% in October 2022, and the largest fall was in March 2020, to 0.65% from 1.58% in February 2020.
Among the last 9 complete years, the average was highest in 2024, at 5.14%, and lowest in 2021, at 0.08%.
Year by year
| Year | Average | Low | High | Last reading | Readings |
|---|---|---|---|---|---|
| 2026 | 3.65% | 3.63% | 3.75% | 3.75% September 2026 | 9 |
| 2025 | 4.21% | 3.72% | 4.33% | 3.72% December 2025 | 12 |
| 2024 | 5.14% | 4.48% | 5.33% | 4.48% December 2024 | 12 |
| 2023 | 5.02% | 4.33% | 5.33% | 5.33% December 2023 | 12 |
| 2022 | 1.68% | 0.08% | 4.10% | 4.10% December 2022 | 12 |
| 2021 | 0.08% | 0.06% | 0.10% | 0.08% December 2021 | 12 |
| 2020 | 0.38% | 0.05% | 1.58% | 0.09% December 2020 | 12 |
| 2019 | 2.16% | 1.55% | 2.42% | 1.55% December 2019 | 12 |
| 2018 | 1.83% | 1.41% | 2.27% | 2.27% December 2018 | 12 |
| 2017 | 1.00% | 0.65% | 1.30% | 1.30% December 2017 | 12 |
Averages, lows and highs are calculated by EconoMonitor from the published readings. 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 EconoMonitor, does not sanction or endorse any particular republication, and has no liability for your use.
How is it measured?
Monthly average of the daily effective federal funds rate, calculated by the New York Fed and published by the Board in H.15.
Effective federal funds rate is published monthly by Federal Reserve Bank of New York in its H.15 release. It is measured in percent. EconoMonitor holds all 249 readings since January 2006 under the publisher's code RIFSPFF_N.M, keeps earlier values when the publisher revises them, and compares each release with the downloaded file before it is shown.
Related measures on this site: 10-year Treasury yield (constant maturity) was 4.99% in September 2026; 2-year Treasury yield (constant maturity) was 4.65% in September 2026.
- Frequency: monthly.
- Unit: percent.
- Release: H.15, published by Federal Reserve Bank of New York.
- Source series code: RIFSPFF_N.M.
- Methodology: how EconoMonitor stores and checks this series.
Questions and sources
What is the latest reading of Effective federal funds rate?
3.75% in September 2026, as published by Federal Reserve Bank of New York.
How often is it updated?
Monthly, with each H.15 release. EconoMonitor reloads the series after each release and keeps earlier values when the publisher revises them.
Where can I check it?
At the publisher: New York Fed reference rates (via Board H.15), series code RIFSPFF_N.M.
Definitions of the other measures quoted on this page: 10-year Treasury yield (constant maturity) (US), 2-year Treasury yield (constant maturity) (US). Source: Board of Governors of the Federal Reserve System. EconoMonitor is not affiliated with or endorsed by the Federal Reserve.
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 EconoMonitor, does not sanction or endorse any particular republication, and has no liability for your use. Checks for this release: Check A passed, Check B passed.
Data and analysis only, not financial advice. Data publishers do not endorse EconoMonitor. See the disclaimer and methodology.