U.S. federal funds target rate
July 2000–May 2025

The line chart shows the federal funds target rate from July 2000 through May 2025.
Note: From December 2008 to present, the chart reflects the midpoint of the Federal Reserve's target range. The target rate began in 1982.
Shaded areas indicate recessions as defined by the National Bureau of Economic Research.
Source: Federal Reserve Bank of New York
Target rate as of May 7, 2025