MACRO · RATES
US federal funds rate
The rate actually set when US banks lend each other overnight funds.
Current value3.88%0.00 ppChange from previous observation · as of Oct 13, 2026
Latest value
Published every business day| Current value | 3.88% |
|---|---|
| Observation date | Oct 13, 2026 |
| Published | Every business day |
| vs previous observation | 0.00 pp |
| vs 1 month ago | +0.25 pp |
| vs 1 year ago | -0.22 pp |
| Past-year range | 3.62% to 4.12% |
| Position in range | 52% (0% = 1-year low, 100% = 1-year high) |
Source: Board of Governors of the Federal Reserve System (US), Federal Funds Effective Rate [DFF], retrieved from FRED, Federal Reserve Bank of St. Louis
What this number measures
The federal funds rate is the rate at which US banks lend each other, for one day, the funds they hold at the Federal Reserve. The Federal Open Market Committee (FOMC) sets a target range, actual trades mostly happen within it, and this indicator combines the day's trades into a single value.
It is called the policy rate because it serves as the starting point for other rates. It is linked to US mortgages and corporate bonds and to money flows around the world, which makes it one of the most often quoted numbers.
How it is calculated and when it is released
The value Jupick shows is the effective federal funds rate formed in actual trades. It is not the target range the FOMC announces (for example 4.25 to 4.50%) but a single number observed each day within that range.
Updated every US business day with the previous business day's trades. There are no new observations on weekends and US holidays, so the value stays the same.
What this number does not tell you
- It is the result of actual trades, not today's policy target range. The upper and lower ends of the target range are not shown here.
- The Bank of Korea sets Korea's policy rate separately. This value says nothing about Korean rates.
- It holds only the level of the rate, not why it reached that level or where it goes next.
Common misreadings
- Confusing it with the target range
The "US policy rate of 4.25 to 4.50%" in the news is the target range set by the FOMC. The value on this page is the overnight rate actually formed within it. The two are usually close but are not the same number.
- Unit of change
A move from 4.50% to 4.75% is a rise of 0.25 percentage points (pp). Writing it as a 5.6% rise would describe the rate of change of the rate, not its level, which means something else.
- When the value stays the same for days
There are no new observations on weekends and holidays. An observation date other than today does not mean collection is behind.
※ This explains the definition and past observations of the indicator. It does not forecast future values or market direction.
Other indicators in this group (Interest rates)
This page is information based on public data and is not advice on any stock or financial product. The indicators summarize current and past facts and do not forecast the future.