U.S. Effective federal funds rate

Reading the latest movement

For Sep 28, 2026, this snapshot reports 3.88 percent per year in the published level view. The difference from the preceding available period is 0.00 percentage points. This comparison uses the prior value contained in the same acquired file. A difference between periods describes economic change; it is separate from a later revision of either observation.

Definition and limitations

Published reference observation, not an executable quote or a rate offered to individual borrowers. Nonbusiness days and unpublished values remain gaps. The effective rate is distinct from the policy target range; historical methodology changed in 2016.

Percentage growth is calculated from matching series levels. Both endpoints retain the same adjustment basis. Growth computed from rounded source inputs can differ from the agency’s published headline rounding.

Which measure fits your question? Compare definitions and complementary measures before drawing a conclusion.

Transformations and related measures

Published level retains the source unit. Year-over-year change compares with the same reference period one year earlier. Weekly series compare with 52 weeks earlier (364 days) to retain the weekday. Previous-period percentage change measures the relative change; absolute change subtracts the preceding level. For a rate already expressed in percent, absolute change is in percentage points. Invalid or missing denominators produce an unavailable result. No frequency conversion or hidden rescaling is applied.

Source and methodology

Producer / code

Federal Reserve / RIFSPFF_N.B

Source table

H.15 Selected Interest Rates

Frequency / adjustment

Daily / Not seasonally adjusted

Geography

United States

Approved history

2017-01-02 to 2026-09-28

Acquired at

2026-09-30T15:05:37.946228+00:00

Original producer

Federal Reserve Bank of New York

Intermediary

Federal Reserve Board H.15

Source file SHA-256

c8fc40a6ae5943559db6bac35c2a8921e7cefee4d79abd77c93e12f888c5af54

Producer documentation · Acquisition endpoint / file · Producer release information

The effective federal funds rate is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the effective federal funds rate by US Economic Data, does not endorse any particular republication, and has no liability for your use. New York Fed terms. © 2026 Federal Reserve Bank of New York.

Revisions and archived snapshots

Two site acquisitions are archived. Matching unchanged series identities can be compared between versions; this is not a complete agency vintage history. Previous-period readings above come from the same acquired snapshot. The revision comparison separates changes to matching historical observations from new coverage and corrected series identities. Earlier agency vintages remain outside this archive. Read the revision policy and download this frozen snapshot.