Federal Reserve cuts interest rates for the first time in 2025


U.S. federal funds rate since 2000

The line chart shows the federal funds target rate from July 2000 through September 2025.
Note: From December 2008 to present, the chart reflects the midpoint of the Federal Reserve's target range. Shaded areas show recessions.
Chart: Gabriel Cortes / CNBCSource: Federal Reserve Bank of New York
Target rate as of Sept. 17, 2025