Current Fed Policy

Data as of May 18, 2026
Fed Target Range
3.50% – 3.75%
FOMC lower and upper bounds
Effective Fed Funds
3.63%
Actual overnight rate
SOFR
3.55%
-8 bps vs DFF
Last Target Move
Latest target move: Cut
Next FOMC Meeting
June 16-17, 2026 29 days
Historical Rates

Target range, effective fed funds, and SOFR

Line chart data is available in the table below.
Preparing chart data...
Data from FRED via the Federal Reserve Bank of St. Louis API.
View chart data table
Chart values for the selected date range
Date Target Lower Target Upper Effective FFR SOFR
Chart data will appear after the chart initializes.
DFEDTARL DFEDTARU DFF SOFR FEDFUNDS

Data from FRED® | Federal Reserve Bank of St. Louis | This product uses the FRED API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.

View full rate changes table
Rate moves in basis points — Data as of May 18, 2026
Series Current Previous 1 Week 1 Month 1 Year
Target Upper Bound DFEDTARU 3.75% 0 bps 0 bps 0 bps -75 bps
Effective Fed Funds DFF 3.63% 0 bps 0 bps -1 bps -70 bps
SOFR SOFR 3.55% -1 bps -5 bps -17 bps -76 bps
Monthly Fed Funds FEDFUNDS 3.64% 0 bps 0 bps 0 bps -69 bps
Understanding Fed Rates

How to read this dashboard

Target Range vs. Effective Rate

The FOMC sets a target range for the federal funds rate—the rate at which banks lend reserves to each other overnight. The effective federal funds rate is the volume-weighted average of actual overnight transactions.

When the effective rate sits comfortably within the target range, the Fed's policy implementation is working as intended.

Why SOFR Matters

SOFR (Secured Overnight Financing Rate) is based on Treasury repo transactions. While not the Fed's policy rate, it reflects overnight funding conditions in secured markets.

Comparing SOFR with fed funds shows whether secured and unsecured overnight markets are aligned.

FAQ

Fed Rate Dashboard FAQ

What is the federal funds rate?

The federal funds rate is the interest rate at which depository institutions lend reserve balances to other depository institutions overnight. The FOMC sets a target range for this rate as its primary tool for implementing monetary policy.

What is the difference between the target rate and effective rate?

The target rate is the range the FOMC sets as its policy goal. The effective rate is the actual volume-weighted average of overnight transactions. The effective rate typically trades within the target range, confirming the Fed's policy is being implemented correctly.

What is SOFR and how does it relate to fed funds?

SOFR (Secured Overnight Financing Rate) is a benchmark rate based on transactions in the Treasury repurchase agreement market. It reflects secured overnight borrowing costs, while fed funds represents unsecured interbank lending. Both tend to move together but can diverge during market stress.

How often does the Fed change interest rates?

The FOMC meets eight times per year to review economic conditions and decide on monetary policy. Rate changes are announced at the end of these scheduled meetings, though the Fed can act between meetings in extraordinary circumstances.

Is this a Fed rate cut probability tracker?

No. This dashboard tracks realized rates and official target ranges from FRED. It does not estimate market-implied probabilities of future rate moves from Fed Funds futures or options markets.

How frequently is this data updated?

The page uses a 4-hour server-side cache. FRED observations are date-based (daily for most series), so the page displays "Data as of" reflecting the latest available observation date, not an intraday timestamp.

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Disclaimer: This dashboard is for education and research only. It is not investment, tax, legal, or financial planning advice. Always verify source data before making financial decisions.