# What is the federal funds rate right now?

*The Federal Reserve's current target range for the federal funds rate, the recent decisions that set it, and the latest effective rate from the Fed's H.15 release.*

- Type: Data
- Section: Markets
- By: Markets Desk
- Published: 2026-11-11T23:00:26-05:00
- Updated: 2026-11-11T23:23:34-05:00
- URL: https://factsdesk.com/markets/what-is-the-federal-funds-rate-right-now/

## Key facts

- The Federal Reserve's target range for the federal funds rate is 3.75% to 4.00%, the level listed for its most recent change, dated Sep 17, 2026. Source: [Federal Reserve Board](https://www.federalreserve.gov/monetarypolicy/openmarket.htm). Confirmed 2026-11-11T23:23:34-05:00. Cite: https://factsdesk.com/markets/what-is-the-federal-funds-rate-right-now/#the-federal-reserve-s-target-range-for-the-federal-funds
- That change was an increase of 25 basis points. Source: [Federal Reserve Board](https://www.federalreserve.gov/monetarypolicy/openmarket.htm). Confirmed 2026-11-11T23:23:34-05:00. Cite: https://factsdesk.com/markets/what-is-the-federal-funds-rate-right-now/#that-change-was-an-increase-of-25-basis-points
- The effective federal funds rate was 3.88% on Nov 9, 2026, according to the Fed's H.15 release. Source: [Federal Reserve Board](https://www.federalreserve.gov/releases/h15/). Confirmed 2026-11-11T23:23:34-05:00. Cite: https://factsdesk.com/markets/what-is-the-federal-funds-rate-right-now/#the-effective-federal-funds-rate-was-3-88-on-nov-9-2026
- The Fed posts the H.15 release, which carries the effective rate, Monday through Friday at 4:15 p.m., except on holidays. Source: [Federal Reserve Board](https://www.federalreserve.gov/releases/h15/). Confirmed 2026-11-11T23:23:34-05:00. Cite: https://factsdesk.com/markets/what-is-the-federal-funds-rate-right-now/#the-fed-posts-the-h-15-release-which-carries-the-effective

Last data: 2026-11-09T00:00:00-05:00 from [Federal Reserve Board](https://www.federalreserve.gov/monetarypolicy/openmarket.htm), updated daily.

| Date of change | Target range | Change (points) |
| --- | --- | --- |
| Sep 17, 2026 | 3.75% to 4.00% | +0.25 |
| Dec 11, 2025 | 3.50% to 3.75% | -0.25 |
| Oct 30, 2025 | 3.75% to 4.00% | -0.25 |
| Sep 18, 2025 | 4.00% to 4.25% | -0.25 |
| Dec 19, 2024 | 4.25% to 4.50% | -0.25 |
| Nov 8, 2024 | 4.50% to 4.75% | -0.25 |
| Sep 19, 2024 | 4.75% to 5.00% | -0.50 |
| Jul 27, 2023 | 5.25% to 5.50% | +0.25 |
| May 4, 2023 | 5.00% to 5.25% | +0.25 |
| Mar 23, 2023 | 4.75% to 5.00% | +0.25 |

The table lists the most recent changes to the target range, newest first, as the Federal Reserve lists them. A change of 0.25 points is 25 basis points.

The key facts at the top give the Federal Reserve's current target range for the federal funds rate and the latest effective rate. The table lists the most recent changes to the target range, newest first, as the Fed lists them on its open market operations page.

## Two numbers with the same name

The Fed describes the federal funds rate as the interest rate at which depository institutions lend reserve balances to other depository institutions overnight. Its Federal Open Market Committee sets a target range for that rate. The effective federal funds rate is a measure of the rates actually paid: since March 1, 2016, the Fed has calculated it as a volume-weighted median of transaction-level data that depository institutions report to it.

## How to read the table

The Fed states each change in basis points; this page shows it in percentage points, so a change of 25 basis points appears as 0.25.

## When it updates

The target range changes when the committee decides to change it. The effective rate is published in the Fed's H.15 release, which is posted Monday through Friday at 4:15 p.m. except on holidays. This page reads both Fed pages every few hours and updates at the same address.

This page reports published rates and is not financial advice.

## Sources

1. [Open Market Operations: policy rate changes](https://www.federalreserve.gov/monetarypolicy/openmarket.htm), Federal Reserve Board, 2026-09-17 (primary source)
2. [H.15 Selected Interest Rates](https://www.federalreserve.gov/releases/h15/), Federal Reserve Board, 2026-11-09 (primary source)