United States Federal funds target range (upper bound)
United States Federal funds target range (upper bound) is 3.75 percent, in force since 18 Jun 2026. Last checked against the official source on 21 Aug 2026.
The Federal Open Market Committee's target range for the federal funds rate, the United States' primary monetary policy instrument. Served as the UPPER bound of the range.
Compare policy interest rate across all 10 North American countries →
| Current value | 3.75 percent (upper bound of 3.50-3.75% target range) |
|---|---|
| In force from | 2026-06-18 |
| Official source | Federal Open Market Committee, FOMC statement of June 17, 2026 (Federal Reserve Board press release, monetary20260617a), with Implementation Note issued June 17, 2026 (monetary20260617a1); level reaffirmed without change by the FOMC statement of July 29, 2026 -- "The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent" (vote 9-3) |
| Last verified | 2026-08-21 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
The Fed sets a RANGE, not a point. The June 16-17, 2026 FOMC meeting maintained the target range at 3-1/2 to 3-3/4 percent, effective June 18, 2026; the statement reads 'The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.' We serve the upper bound (3.75) as the numeric value; the lower bound is 3.50. Operational administered rates are set in the Implementation Note (IOR, ON RRP, discount/primary credit rate) and are NOT the same number as the target range - do not conflate them. The effective federal funds rate (EFFR), published daily by the New York Fed, is a transaction-weighted market outcome that trades inside the range and will differ from both bounds. This is the latest decision as of 2026-07-20: the next scheduled FOMC meeting is later in July 2026, so this value can change within days of the last_confirmed date. federalreserve.gov served cleanly over plain HTTPS; no paywall or JS shell.
Earlier values
| From | Value | Source |
|---|---|---|
| 2025-12-11 | 3.75 | Federal Reserve federal funds target range (upper bound)… |
| 2025-10-30 | 4 | Federal Reserve federal funds target range (upper bound)… |
| 2025-09-18 | 4.25 | Federal Reserve federal funds target range (upper bound)… |
| 2024-12-19 | 4.5 | Federal Reserve federal funds target range (upper bound)… |
| 2024-11-08 | 4.75 | Federal Reserve federal funds target range (upper bound)… |
| 2024-09-19 | 5 | Federal Reserve federal funds target range (upper bound)… |
| 2023-07-27 | 5.5 | Federal Reserve federal funds target range (upper bound)… |
| 2023-05-04 | 5.25 | Federal Reserve federal funds target range (upper bound)… |
| 2023-03-23 | 5 | Federal Reserve federal funds target range (upper bound)… |
| 2023-02-02 | 4.75 | Federal Reserve federal funds target range (upper bound)… |
| 2022-12-15 | 4.5 | Federal Reserve federal funds target range (upper bound)… |
| 2022-11-03 | 4 | Federal Reserve federal funds target range (upper bound)… |
Get it programmatically
curl https://usaref.dev/v1/us/policy-rate
# $0.005 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://usaref.dev/v1/us/policy-rate/history?from=2020-01-01
# Provenance: curl https://usaref.dev/provenance/us/policy-rateOther United States series: Value added tax · VAT registration threshold · State general sales tax rate · Federal minimum wage (FLSA) · Federal public holidays 2026 · Consumer Price Index (CPI-U), 12-month change · Federal corporate income tax rate · Withholding tax rates · Federal post-judgment interest rate (28 U.S.C. § 1961) · Federal individual income tax brackets (single filer, tax year 2026) · Statutory social-insurance contributions · Federal Reserve H.10 foreign exchange reference rates
The same figure elsewhere: Canada · Costa Rica · Dominican Republic · El Salvador · Guatemala · all 10