Line chart showing the federal funds rate (upper and lower range) and the effective federal funds rate from September 2020 to October 29, 2025. Rates stayed near zero through 2021, then climbed rapidly throughout 2022 and 2023, peaking above 5%. In September 2024, the Federal Reserve delivered its first rate cut in four years. Additional cuts followed in 2025, bringing the target range to 3.75% to 4.0%. A label notes the current effective rate around 3.83%. The chart highlights two key policy moments: a rate cut announced in September 2024 and the first rate cut of 2025 announced in September 2025. The effective rate closely tracks within the target range over time.