United States Federal funds target range (upper bound)
United States Federal funds target range (upper bound) is 4 percent, in force since 17 Sep 2026, cited to Federal Open Market Committee, FOMC statement of September 16. It was 3.75 percent before that. Last checked against the official source on 8 Oct 2026.
Official source: Federal Open Market Committee, FOMC statement of September 16 · Last checked 2026-10-08 · source fingerprint
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.
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| Current value | 4 percent (upper bound of 3.75-4.00% target range) |
|---|---|
| In force from | 2026-09-17 |
| Official source | Federal Open Market Committee, FOMC statement of September 16, 2026 (Federal Reserve Board press release monetary20260916a), approved 12-0: 'The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent'; Implementation Note of the same date (monetary20260916a1): interest on reserve balances raised to 3.90 percent 'effective September 17, 2026' |
| Last verified | 2026-10-08 |
| 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 September 15-16, 2026 FOMC meeting raised the target range by 25bp to 3-3/4 to 4 percent, effective September 17, 2026. We serve the upper bound (4.00) as the numeric value; the lower bound is 3.75. Operational administered rates are set in the Implementation Note (IORB 3.90% from 17 Sep 2026, ON RRP, primary credit rate) and are NOT the target range - do not conflate them. The effective federal funds rate (EFFR, New York Fed, daily) is a market outcome inside the range. Landed 2026-10-08 from the FOMC statement.
Earlier values
| From | Value | Source |
|---|---|---|
| 2026-06-18 | 3.75 | Federal Open Market Committee, FOMC statement of June 17… |
| 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)… |
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
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Other 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 · Tax filing deadlines
The same figure elsewhere: Canada · Costa Rica · Dominican Republic · El Salvador · Guatemala · all 10