US Fed Funds Rate History(2021–2026)

Fed ChairWarshPresidentTrump

September minutes: officials saw another hike possible this year, timing unclear.

“In the meeting just concluded, the FOMC decided to raise the target range for the federal funds rate by a ¼ percentage point to 3¾ to 4 percent, in support of the Federal Reserve’s dual mandate.”

• FedMinutes of the FOMC, September 15-16, 2026
• CNBCFed officials see another hike coming, but no sign as to when, minutes show
• APFed officials believe another interest rate hike may be in order this year

Fed ChairWarshPresidentTrump

At Jackson Hole Warsh stressed vigilance on inflation, signalling a possible hike.

“Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed.”

• ReutersWarsh signals Fed may need to hike rates if above-target inflation persists
• CNBCFed Chairman Warsh warns on inflation at Jackson Hole
• APWarsh raises stakes for Fed's next meeting: takeaways from Jackson Hole

Fed ChairWarshPresidentTrump

Uncertainty high amid Middle East conflict; supply shocks incl. energy keep inflation elevated. Unanimous 12-0 hold.

“As you saw a few moments ago, the Committee decided to maintain the target range for the fed funds rate at 3½ to 3¾ percent, in support of the Fed’s dual mandate.”

• ReutersWarsh kicks off Fed chief era with sweeping review as rates remain unchanged
• CNBCFed holds rates steady, pares down statement to remove cutting bias
• APFederal Reserve policymakers show support for rate hikes as Warsh reins in guidance

Fed ChairPowellPresidentTrump

Inflation elevated, partly from higher global energy prices. Held; three opposed the easing bias. · Dissent: Miran cut; Hammack, Kashkari, Logan against easing bias

“Today, the FOMC decided to leave our policy rate unchanged.”

• ReutersFed holds rates steady, but board vote is most divided since 1992
• CNBCFed holds rates steady but with highest level of dissent since 1992
• APPowell to remain on the Fed board after chair term ends

Fed ChairPowellPresidentTrump

January minutes: officials split on the policy path and discussed AI's economic impact.

“In support of our goals, today the Federal Open Market Committee decided to leave our policy rate unchanged.”

• ReutersFed minutes show officials grappling with policy split, impact of AI on economy
• CNBCFed minutes January 2026
• FedFOMC minutes (Jan 27-28, 2026)

Fed ChairPowellPresidentTrump

At Jackson Hole Powell said the shifting balance of risks 'may warrant' adjusting policy.

“Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”

• FedSpeech by Chair Powell (Jackson Hole)
• CNBCPowell indicates conditions 'may warrant' interest rate cuts
• APFed's Powell signals both openness to rate cuts and caution in key speech

Fed ChairPowellPresidentTrump

Held; uncertainty diminished but still elevated.

“In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged.”

• ReutersFed keeps rates steady but pencils in two cuts by end of 2025
• CNBCFed holds key rate steady
• APFed leaves rates unchanged but still expects 2 cuts this year

Fed ChairPowellPresidentTrump

Markets swung after the tariff announcements; March minutes flagged higher-inflation, slower-growth risks.

“In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged.”

• ReutersFed minutes show broad sense US risks tilted towards higher inflation, slower growth
• APFederal Reserve could be in 'difficult' spot with higher prices, slower hiring
• FedFOMC minutes (Mar 18-19, 2025)

Fed ChairPowellPresidentTrump

January minutes: concern that tariffs and policy shifts could stoke inflation.

“In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings.”

• ReutersPotential impact of Trump policies stirring inflation concerns at Fed, minutes show
• CNBCFed officials worried about tariffs' impact on inflation, minutes show
• FedFOMC minutes (Jan 28-29, 2025)

Fed ChairPowellPresidentBiden

September minutes: a 'substantial majority' backed the 50 bp cut, though views were divided.

“Today, the Federal Open Market Committee decided to reduce the degree of policy restraint by lowering our policy interest rate by ½ percentage point.”

• ReutersA 'substantial majority' of Fed favored large cut in Sept, minutes show
• CNBCFed officials were divided on whether to cut by half a point, minutes show
• FedFOMC minutes (Sep 17-18, 2024)

Fed ChairPowellPresidentBiden

At Jackson Hole Powell said 'the time has come for policy to adjust', signalling a September cut.

“The time has come for policy to adjust.”

• FedSpeech by Chair Powell on the economic outlook (Jackson Hole)
• CNBCPowell: 'The time has come for policy to adjust'
• ReutersKey quotes from Powell's speech at Fed's Jackson Hole conference
• APWall Street rallies as 'time has come' for cuts to rates

Fed ChairPowellPresidentBiden

'Modest further progress' on inflation. Held.

“Today, the FOMC decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings.”

• ReutersFed holds rates, projects fewer cuts in 2024
• APFederal Reserve envisions just one rate cut this year
• CNBCCNBC Daily Open: Fed signals just one rate cut

Fed ChairPowellPresidentBiden

March minutes and sticky inflation data dented confidence in disinflation.

“Today, the FOMC decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings.”

• ReutersFed's 'confidence' in disinflation not bolstered by recent data, minutes show
• CNBCFed wants more confidence that inflation is moving toward 2% target, minutes indicate
• APFederal Reserve minutes: Some officials highlighted worsening inflation

Fed ChairPowellPresidentBiden

January minutes: officials wary of cutting too soon; March-cut bets faded.

“Today, the FOMC decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings.”

• ReutersFed worried about cutting rates too soon, minutes of January meeting show
• CNBCDollar edges down as Fed meeting minutes meet expectations
• APFederal Reserve officials caution against cutting US interest rates too soon or too much

Fed ChairPowellPresidentBiden

Growth slowed; inflation eased but elevated. Held, with projections pointing to 2024 cuts.

“We’ve raised our policy interest rate by 5¼ percentage points and have continued to reduce our securities holdings at a brisk pace.”

• ReutersWith rate hikes likely done, Fed turns to timing of cuts
• CNBCFed holds rates steady, indicates 3 cuts coming in 2024
• APFederal Reserve minutes: Officials saw inflation cooling but were cautious about timing of rate cuts

Fed ChairPowellPresidentBiden

September minutes released; with long-term yields surging, the Fed shifted to 'watch and see' on further hikes.

“The Committee decided to raise the target range for the federal funds rate to 5-1/4 to 5-1/2 percent.”

• FedFOMC minutes (Sep 19-20, 2023)
• CNBCFed minutes October 2023
• ReutersFed's Waller: Fed can 'watch and see' if further hikes needed

Fed ChairPowellPresidentBiden

At Jackson Hole Powell said the Fed was 'prepared to raise rates further'; 10Y yields hit 2007-era highs.

“We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

• FedSpeech by Chair Powell on the economic outlook (Jackson Hole)
• CNBCFed Chair Powell calls inflation 'too high' and warns that 'we are prepared to raise rates further'
• APEconomy's solid growth could require more Fed hikes to fight inflation, Powell says at Jackson Hole
• ReutersFed's Powell: higher rates may be needed, will move 'carefully'

Fed ChairPowellPresidentBiden

First hold after 10 hikes; the dot plot signalled two more hikes this year.

“Looking ahead, nearly all Committee participants view it as likely that some further rate increases will be appropriate this year to bring inflation down to 2 percent over time.”

• CNBCFed pauses rate hikes, sees two more ahead this year
• APFed Chair Powell sees progress on inflation, though not quickly enough
• FedFOMC statement

Fed ChairPowellPresidentBiden

March minutes: Fed staff projected a 'mild recession' later in the year after the bank turmoil.

“Inflation has moderated somewhat since the middle of last year, but the strength of these recent readings indicates that inflation pressures continue to run high.”

• APBank turmoil led Fed officials to forecast fewer rate hikes
• ReutersSeveral Fed officials considered rate pause in March, minutes show
• CNBCFed expects banking crisis to cause a recession this year, minutes show

Fed ChairPowellPresidentBiden

UK gilt turmoil; September CPI still at 8.2%

“Today the FOMC raised its policy interest rate by ¾ percentage point, and we anticipate that ongoing increases will be appropriate.”

• FedFOMC statement, September 21, 2022
• FedMinutes of the FOMC, September 21, 2022
• FedPress conference transcript, September 21, 2022

Fed ChairPowellPresidentBiden

Jackson Hole: taming inflation will bring some pain; markets slide

“Reducing inflation is likely to require a sustained period of below-trend growth.”

• FedPowell, Jackson Hole remarks
• FedFOMC statement, July 27, 2022
• FedMinutes of the FOMC, July 27, 2022
• FedPress conference transcript, July 27, 2022

Fed ChairPowellPresidentBiden

March CPI at 8.5%; Powell says a 50bp move is on the table for May

“Today, in support of these goals, the FOMC raised its policy interest rate by ¼ percentage point.”

• FedFOMC statement, March 16, 2022
• FedMinutes of the FOMC, March 16, 2022
• FedPress conference transcript, March 16, 2022

Fed ChairPowellPresidentBiden

Russia invades Ukraine; January CPI hits 7.5%, a 40-year high