FEDFUNDS: Effective Federal Funds Rate Monthly Data from FRED (1954–2026)

The FEDFUNDS series, published monthly by FRED from New York Fed source data, tracks the monthly average of the effective overnight federal funds rate since July 1954 — over 800 monthly observations. FEDFUNDS measures the realized rate at which depository institutions lend reserve balances to each other overnight, and is the operational anchor through which Federal Reserve monetary policy transmits to every other US interest rate, from money-market funds to mortgage spreads.

Dataset: Federal Funds Rate History (1954–2026) · Updated 2026-07-01

Source: FRED series FEDFUNDS · Federal Reserve Bank of St. Louis

Macro Takeaway

Dataset Overview

Dataset Variables

The CSV and Excel files contain the following columns.

Column names match the CSV headers exactly.

Download the Complete Dataset

The full dataset is available in CSV and Excel formats.

FRED Direct CSV Access

The underlying data is available from FRED under series code FEDFUNDS:

https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS

Direct CSV Access — Eco3min Structured Dataset

https://eco3min.fr/dataset/federal-funds-rate.csv

This URL returns the complete dataset in CSV format. It can be used directly in pandas, R, curl, or any data tool.

Using the Dataset in Python

import pandas as pd

url = "https://eco3min.fr/dataset/federal-funds-rate.csv"
df = pd.read_csv(url, parse_dates=["date"])

print(df.head())
print(df["fed_funds_rate"].describe())

Using the Dataset in R

library(readr)

url <- "https://eco3min.fr/dataset/federal-funds-rate.csv"
df <- read_csv(url)

head(df)
summary(df$fed_funds_rate)

Both examples load the dataset directly from the URL — no download or API key required.

Methodology

FEDFUNDS is the monthly average of the effective federal funds rate (DFF), itself the volume-weighted median of overnight federal funds transactions reported to the New York Fed by US depository institutions via the FR 2420 data collection. Each daily print covers transactions between US banks borrowing reserve balances from other banks (and, since 2015, from eligible non-bank counterparties through the Standing Repo Facility framework).

The Federal Open Market Committee (FOMC) sets a target range for the federal funds rate at its eight scheduled meetings per year, plus any unscheduled meetings in emergency conditions. The effective rate reported by FEDFUNDS is the market-determined realized rate inside that range — typically trading 5–10 basis points below the upper bound under the corridor system in place since 2008. Periodic technical adjustments to the IORB rate are used to keep FEDFUNDS centered within the FOMC range.

The series is updated monthly on FRED, with the prior month’s average typically published in the first week of the following month. Eco3min mirrors this monthly cadence with an automated pull on the 15th of each month at 08:00 UTC.

Data Quality & Provider Notes

FEDFUNDS is a foundational series with high integrity. The underlying transaction data is collected directly by the NY Fed under regulatory mandate, and the published rate reflects realized market activity rather than survey estimates.

• Release latency. The daily effective rate (DFF) is published by the NY Fed at approximately 09:00 ET on the business day following the trade date. FRED’s monthly FEDFUNDS series aggregates to monthly average and is published in the first week of the following month. Eco3min mirrors with a monthly pull on the 15th.
• Revisions policy. FEDFUNDS is rarely revised. When revisions occur, they correct underlying DFF reporting errors and are typically small (under 1 basis point). The series has no scheduled vintage revisions, unlike GDP or NFP.
• Alternative sources. NY Fed direct (newyorkfed.org/markets/reference-rates), FRED DFF for daily data, Bloomberg FEDL01 ticker for daily effective rate. All sources reference the same NY Fed publication. ALFRED preserves historical FEDFUNDS vintages for researchers requiring real-time data.
• Known gaps. None for monthly FEDFUNDS. The underlying daily DFF series has weekend and US holiday gaps (no overnight federal funds activity). Historical data prior to 1954 is not available — the series begins July 1954, coinciding with the establishment of the federal funds market.

For real-time monitoring at higher frequency than monthly, refer to the underlying DFF (Daily Federal Funds Rate) series on FRED. The IORB rate, published separately by the Board of Governors, provides the administered counterpart to FEDFUNDS.

Common Pitfalls When Using FEDFUNDS

FEDFUNDS is one of the most cited series in macroeconomic research, but several recurring interpretation errors distort the signal.

1. Confusing target rate and effective rate. The FOMC announces a target range (for example, 5.25–5.50%), while FEDFUNDS reports the realized effective rate inside that range (typically near 5.33% in this example). Users sometimes treat the target midpoint as if it were the realized rate, missing the actual market-clearing print that propagates into other rates.
2. Reading FEDFUNDS nominal without inflation context. A 5% FEDFUNDS rate against 9% inflation (1981) implies a deeply negative real rate; a 5% FEDFUNDS rate against 2.5% inflation (2024) implies a meaningfully positive real rate. The two are not comparable as measures of monetary tightness without subtracting realized or expected inflation.
3. Comparing cycles across regimes without adjusting for structural factors. A FEDFUNDS reading of 5% in 1980 occurred against a backdrop of roughly 50% household debt-to-disposable-income; the same nominal rate in 2024 hits an economy with materially different debt levels, demographic composition, and global capital flows. Historical comparisons require adjustment for inflation, debt structure, and the composition of the financial system.
4. Conflating FEDFUNDS with IORB. Since October 2008, the Fed has paid interest on reserve balances (IORB). FEDFUNDS and IORB are closely linked but distinct: IORB is administered (set by the Fed), FEDFUNDS is realized (market-determined). The spread between them — typically 5–15 basis points — is a clean indicator of money-market tightness and is the operational signal the Fed monitors to calibrate its corridor.

Historical Regimes

1954–1965 — Stable post-war baseline. FEDFUNDS oscillated between 0.5% and 4%, anchored by the Bretton Woods system of fixed exchange rates and constrained by interest-rate ceilings on bank deposits (Regulation Q). The Fed’s policy mandate was narrower than today, and the rate functioned largely as a tool of reserve management rather than active inflation targeting.

1965–1981 — Inflation acceleration and Volcker peak. As US inflation climbed from 2% to nearly 15%, FEDFUNDS tracked but lagged the price acceleration through three Fed chair terms (Martin, Burns, Miller). Paul Volcker’s appointment in August 1979 marked a structural break: FEDFUNDS was pushed above 19% in early 1981 (monthly peak: 19.10% in June 1981) to break inflation expectations and re-anchor credibility.

1982–1991 — Disinflation cycle. With inflation broken, FEDFUNDS entered a secular decline from above 15% toward 3%, punctuated by tightening cycles in 1984 and 1988–89. The 1990–91 recession produced the first sustained sub-4% readings since the 1960s.

1991–2007 — The Greenspan era. Three full cycles (1994 preemptive hike, 2001 ZIRP, 2004–06 measured pace) defined an active counter-cyclical use of FEDFUNDS. The 1% trough of 2003–04 was, at the time, the lowest sustained reading in series history.

2008–2015 — Zero lower bound. Following the Global Financial Crisis, FEDFUNDS was held at 0.06–0.20% (effective floor) for seven years. Conventional monetary policy was constrained; the Fed relied on quantitative easing and forward guidance to deliver additional accommodation. The 2-year Treasury yield is a useful complement to FEDFUNDS during this period — see the study on 2Y leadership at Fed turning points.

2015–2019 — Normalization attempt. A measured tightening cycle lifted FEDFUNDS from near zero to 2.42% before the 2019 mid-cycle adjustment cuts and the 2020 pandemic reset. The cycle ended below the prior tightening peak — a recurring pattern across the post-1980 era.

2020–2024 — Pandemic to record tightening. FEDFUNDS collapsed to 0.05–0.10% in March 2020 as the Fed cut rates by 150 basis points in two weeks. The post-pandemic inflation surge prompted the most aggressive tightening cycle since 1980: 525 basis points in 16 months, with FEDFUNDS reaching 5.33% by July 2023. The cross-asset implications of this tightening are covered in our quantitative audit of 70 years of Fed decisions.

2024–present — Plateau and easing. After holding at 5.33% for 13 months, the FOMC initiated a cutting cycle in September 2024. FEDFUNDS through 2025–2026 reflects an extended easing path whose terminal level remains a function of disinflation persistence and labor-market dynamics.

Related Macroeconomic Datasets

FEDFUNDS is the operational anchor of US monetary policy, but its signal is only fully readable in combination with inflation, real-rate, and term-structure data. The datasets below cover the immediate ecosystem of complementary series.

Macroeconomic Dataset Hub

This dataset is part of the Eco3min macro-financial data repository.

Explore the Eco3min Dataset Hub

Sources

• Federal Reserve Bank of New York — Effective Federal Funds Rate, derived from FR 2420 transaction reporting
• Federal Reserve Bank of St. Louis — FRED series FEDFUNDS
• Board of Governors of the Federal Reserve System — FOMC target range announcements

Dataset Reference

Eco3min Research. (2026). FEDFUNDS — Effective Federal Funds Rate Monthly Data (1954–2026).<br> https://eco3min.fr/en/federal-funds-rate-history-dataset/