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United States policy interest rate

Name: United States policy interest rate 2026 — official value and source
Creator: usaref

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.

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)
Last verified	2026-07-20
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
2018-01-01	1.5	Federal Reserve federal funds target range (upper bound), de
2018-03-22	1.75	Federal Reserve federal funds target range (upper bound), de
2018-06-14	2	Federal Reserve federal funds target range (upper bound), de
2018-09-27	2.25	Federal Reserve federal funds target range (upper bound), de
2018-12-20	2.5	Federal Reserve federal funds target range (upper bound), de
2019-08-01	2.25	Federal Reserve federal funds target range (upper bound), de
2019-09-19	2	Federal Reserve federal funds target range (upper bound), de
2019-10-31	1.75	Federal Reserve federal funds target range (upper bound), de
2020-03-04	1.25	Federal Reserve federal funds target range (upper bound), de
2020-03-16	0.25	Federal Reserve federal funds target range (upper bound), de
2022-03-17	0.5	Federal Reserve federal funds target range (upper bound), de
2022-05-05	1	Federal Reserve federal funds target range (upper bound), de

Get it programmatically

curl https://usaref.dev/v1/us/policy-rate
# $0.001 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-rate

Other United States series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates