U.S. Federal Reserve
Monthly
FEDFUNDS
Fed funds rate (effective)
Level
3.63%
▼
Prev 3.64% (-0.01 pt)
2026-05-01 as of
The effective federal funds rate — the U.S. policy rate the Fed steers. One of the most influential numbers for global rates, FX, and equities.
Key points
- The U.S. policy rate steered by the Fed (effective)
- Hikes = tightening, cuts = easing
- The U.S.–Japan rate gap drives USD/JPY
How to read it
The Fed steers it via hikes and cuts. Higher = tightening (curb inflation), lower = easing (support growth). The U.S.–Japan rate gap is a key driver of USD/JPY. Read both the level and the direction.
Recent trend
| Period | Value | Change |
|---|---|---|
| 2026-05-01 | 3.63 | -0.01 |
| 2026-04-01 | 3.64 | 0 |
| 2026-03-01 | 3.64 | 0 |
| 2026-02-01 | 3.64 | 0 |
| 2026-01-01 | 3.64 | -0.08 |
| 2025-12-01 | 3.72 | -0.16 |
| 2025-11-01 | 3.88 | -0.21 |
| 2025-10-01 | 4.09 | -0.13 |
| 2025-09-01 | 4.22 | -0.11 |
| 2025-08-01 | 4.33 | 0 |
| 2025-07-01 | 4.33 | 0 |
| 2025-06-01 | 4.33 | 0 |
FAQ
What is the fed funds rate?
The interbank overnight lending rate in the U.S., which the Fed steers as its policy rate.
Why does it matter abroad?
The U.S.–Japan rate gap strongly affects USD/JPY, feeding into import prices and corporate earnings.
Sources (primary)
This article is an independent summary based on the official U.S. data below. Please verify the latest and exact details with the official sources.
- FRED (series page)：FEDFUNDS
- Source agency：U.S. Federal Reserve
- FRED last updated：2026-06-01 15:18:49-05
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