Federal Reserve Interest Rate Today (Fed Funds Rate)
The Federal Funds Rate is the interest rate at which US depository institutions lend reserve balances to each other overnight. It is set by the Federal Open Market Committee (FOMC) at eight scheduled meetings per year and is the most-watched single number in global finance.
Upcoming Policy Meetings 2026
| Meeting Date | Type |
|---|---|
| 28–29 Jan 2026 | FOMC + SEP |
| 18–19 Mar 2026 | FOMC |
| 28–29 Apr 2026 | FOMC + SEP |
| 16–17 Jun 2026 | FOMC |
| 28–29 Jul 2026 | FOMC + SEP |
| 16–17 Sep 2026 | FOMC |
| 3–4 Nov 2026 | FOMC |
| 15–16 Dec 2026 | FOMC + SEP |
Markets price in rate decisions weeks ahead via overnight index swaps (OIS). Watch the next FOMC meeting for the next move.
Recent Rate History
| Date | Rate | Move |
|---|---|---|
| Dec 2025 | 4.25–4.50% | −25 bps |
| Oct 2025 | 4.50–4.75% | −25 bps |
| Sep 2025 | 4.75–5.00% | −50 bps |
| Aug 2025 | 5.25–5.50% | hold |
| Jul 2024 | 5.25–5.50% | peak |
What the Fed rate affects: Mortgage rates, credit card APRs, savings account yields, the strength of the US dollar, equity valuations (via discount rates), and emerging-market capital flows. A 25-basis-point cut typically translates to ~0.20 percentage points lower on mortgage rates within 1–3 months.
How the FOMC decides: The committee weighs the Fed's dual mandate — maximum employment and 2% inflation — against incoming data on payrolls, wages, CPI, PCE, and financial conditions. Every meeting includes a vote and a written statement; quarterly meetings (Mar/Jun/Sep/Dec) also publish a Summary of Economic Projections (SEP), informally called the 'dot plot.'
Watching market expectations: The CME FedWatch tool aggregates Fed-funds-futures pricing to estimate the probability of each rate move at the next FOMC meeting. Markets are usually 80%+ correct ahead of routine meetings but miss roughly one major surprise per year.
FAQ
What is the Fed funds rate?
The interest rate banks charge each other for overnight loans of reserve balances. The FOMC targets a range (e.g., 4.25–4.50%) by adjusting the supply of reserves via open-market operations.
How often does the Fed meet?
Eight times per year on a pre-announced schedule. The chair holds a press conference after each meeting.
When is the next Fed meeting?
See the schedule in the table above. Always confirm against federalreserve.gov for date changes.
Does the Fed control mortgage rates?
Indirectly. 30-year fixed mortgages track the 10-year Treasury yield, which responds to Fed rate expectations more than to the current rate itself.
Note: Rate figures on this page are updated quarterly. For the absolute latest decision, consult the Federal Reserve's official site.