The Federal Reserve's 2022-2023 Rate Hike Campaign to Date - May 3, 2023

After dropping the federal funds rate to zero on March 15, 2020 at the outset of the Covid-19 pandemic, the Federal Reserve began an aggressive rate-hike campaign two years later aimed at taming decades-high inflation. It has raised the federal funds rate to a target range of 5.00%-5.25% over 14 months.