Effective fed funds rate
Federal Reserve Bank of New York (daily); Federal Reserve Board H.15 (monthly average) · monthly · 867 observations
488th highest of 867 months since Jul 1954 (Fed H.15 monthly effective rate, computed from our CSV).
+0.12 pp vs prior month−0.47 pp vs a year earlier
Source: Federal Reserve Bank of New York; Federal Reserve Board
About this series
What it measures
The interest rate at which banks and some other institutions lend reserves to each other overnight, averaged over the month. The New York Fed publishes the daily rate; the monthly figure is its average.
Why it matters
It is the rate the Fed steers with its target range, so it is the clearest single reading of where monetary policy stands.
Common misreads
The Fed sets a target range, not this exact number. A monthly average can sit between two ranges in a month when the Fed changed policy. In March 2016 the New York Fed changed the method (volume-weighted median replaced the brokered weighted mean), a small break in the history.