US federal funds effective rate
The rate at which US banks lend reserves to one another overnight, as a weekly average; the Federal Reserve steers it toward its target range.
Weekly, delayed Observed 2026-11-04 · retrieved 2026-11-07 · Source: Board of Governors of the Federal Reserve System (H.15) · Not a live quote.
US federal funds effective rate over time
Weekly observations. Use the period buttons to change the range; the table beneath the chart lists the values.
US federal funds effective rate
%.
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Latest values: US federal funds effective rate 3.88 (2026-11-04).
Related relationships: US interest rates · US Federal Reserve policy rate · 2 relationships use this data as evidence
What this indicator is and why it is watched
What it measures
The rate at which US banks lend reserves to one another overnight, as a weekly average; the Federal Reserve steers it toward its target range.
Why it is watched
It anchors US short-term borrowing costs and influences global financial conditions.
How it connects to the wider economy
Context, not a claim of cause.
Canadian and US policy rates are set independently and have not always moved together; the gap between them is one of several things economists watch alongside exchange rates.
Northline describes relationships as documented mechanisms, statistical associations or hypotheses. Nothing on this page states that a movement in this indicator caused a movement in another.
How the data are produced
- Publisher
- Board of Governors of the Federal Reserve System (H.15)
- Dataset
- Federal Reserve statistical release H.15
- Frequency
- Weekly
- Unit
- %
- Observations
- 984 (long history)
- Retrieved
- 2026-11-07
- Series id
gl22_us_fed_funds
Weekly average of daily effective rates, Federal Reserve H.15. The effective rate is market-determined within the Fed target range.
Source: Board of Governors of the Federal Reserve System, Selected Interest Rates (H.15), Federal funds effective rate. Values unmodified; Treasury yields are Treasury-published constant-maturity estimates.
Licence conditions: attribution required.
Missing observations are left missing and are never interpolated. Statistical agencies can revise published values; the observation date and retrieval date above identify the version shown. Methodology and sources.
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Questions worth testing
In Studio, the Scenarios tab can ask a what-if question about this indicator. Scenario Intelligence applies its usual checks: when there is too little history, the series are not comparable or the relationship is not stable, it reports “not enough evidence” rather than a number.