Federal Reserve cuts rates for third time in 2025

— Federal funds rate ■ Recession

The line chart shows the federal funds target rate from July 2000 through December 2025.

(Please use a modern browser to see the interactive version of this visualization)

Note: From December 2008 to present, the chart reflects the midpoint of the Federal Reserve's target range.

Chart: Gabriel Cortes and Luke Fountain / CNBCSource: Federal Reserve Bank of New York
Target rate as of Dec. 10, 2025