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Home > Markets
Historical Changes of the Target Federal Funds and Discount Rates
1971 to present
 
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date
Discount Rate
Federal Funds Rate
  
change
New Level*
Change
New Level
Primary1
Secondary2
 
2008
 
 
Apr 30
-.25
2.25
2.75
-.25 
2.00 
  
 
Mar 18
-.75
2.50
3.00
-.75 
2.25 
  
 
Mar 16
-.25
3.25
3.75
 
 
  
 
Jan 30
-.50
3.50
4.00
-.50 
3.00 
  
 
Jan 22
-.75
4.00
4.50
-.75 
3.50 
  
 
2007
 
 
Dec 11
-.25
4.75
5.25
-.25 
4.25 
  
 
Oct 31
-.25
5.00
5.50
-.25 
4.50 
  
 
Sep 18
-.50
5.25
5.75
-.50 
4.75 
  
 
Aug 17
-.50
5.75
6.25
 
 
  
 
2006
 
 
Jun 29
+.25
6.25
6.75
+.25
5.25
  
 
May 10
+.25
6.00
6.50
+.25
5.00
  
 
Mar 28
+.25
5.75
6.25
+.25
4.75
  
 
Jan 31
+.25
5.50
6.00
+.25
4.50
  
 
2005
 
 
Dec 13
+.25
5.25
5.75
+.25
4.25
  
 
Nov 1
+.25
5.00
5.50
+.25
4.00
  
 
Sep 20
+.25
4.75
5.25
+.25
3.75
  
 
Aug 9
+.25
4.50
5.00
+.25
3.50
  
 
Jun 30
+.25
4.25
4.75
+.25
3.25
  
 
May 3
+.25
4.00
4.50
+.25
3.00
  
 
Mar 22
+.25
3.75
4.25
+.25
2.75
  
 
Feb 2
+.25
3.50
4.00
+.25
2.50
  
 
2004
 
 
Dec 14
+.25
3.25
3.75
+.25
2.25
  
 
Nov 10
+.25
3.00
3.50
+.25
2.00
  
 
Sep 21
+.25
2.75
3.25
+.25
1.75
  
 
Aug 10
+.25
2.50
3.00
+.25
1.50
  
 
Jun 30
+.25
2.25
2.75
+.25
1.25
  
 
2003
 
 
Jun 25
-.25
2.00
2.50
-.25
1.00
  
 
Jan 09
2.25
2.75
 
 
*On Jan 9, 2003, this file began to track the primary and secondary credit rate.
 
 
date
Discount Rate
Federal Funds Rate
  
change
New Level
Change
New Level/
Range
 
2002
 
 
Nov 6
-1/2
3/4
-1/2
1 1/4
  
 
2001
 
 
Dec 11
-1/4
1 1/4
-1/4
1 3/4
  
 
Nov 6
-1/2
1 1/2
-1/2
2
 
 
Oct 2
-1/2
2
-1/2
2 1/2
 
 
Sep 17
-1/2
2 1/2
-1/2
3
 
 
Aug 21
-1/4
3
-1/4
3 1/2
 
 
Jun 27
-1/4
3 1/4
-1/4
3 3/4
 
 
May 15
-1/2
3 1/2
-1/2
4
 
 
Apr 18
-1/2
4
-1/2
4 1/2
 
 
Mar 20
-1/2
4 1/2
-1/2
5
 
 
Jan 31
-1/2
5
-1/2
5 1/2
 
 
Jan 4
-1/4
5 1/2
 
 
Jan 3
-1/4
5 3/4
-1/2
6
 
 
2000
 
 
May 19
+1/2
6
 
 
May 16
+1/2
6 1/2
 
Mar 21
+1/4
5 1/2
+1/4
6
 
 
Feb 2
+1/4
5 1/4
+1/4
5 3/4
 
 
1999
 
 
 
 
Nov 16
+1/4
5
+1/4
5 1/2
 
 
Aug 24
+1/4
4 3/4
+1/4
5 1/4
 
 
Jun 30
+1/4
5
 
 
1998
 
 
 
 
Nov 17
-1/4
4 1/2
-1/4
4 3/4
 
 
Oct 15
-1/4
4 3/4
-1/4
5
 
 
Sep 29
-1/4
5 1/4
 
 
1997
 
 
Mar 25
+1/4
5 1/2
  
 
1996
 
 
Jan 31
-1/4
5
-1/4
5 1/4
  
 
1995
 
 
Dec 19
-1/4
5 1/2
  
 
Jul 6
-1/4
5 3/4
  
 
Feb 1
+1/2
5 1/4
+1/2
6
  
 
1994
 
 
Nov 15
+3/4
4 3/4
+3/4
5 1/2
 
 
Aug 16
+1/2
4
+1/2
4 3/4
 
 
May 17
+1/2
3
+1/2
4 1/4
 
 
Apr 18
+1/4
3 3/4
 
 
Mar 22
+1/4
3 1/2
 
 
Feb 4
+1/4
3 1/4
 
 
1993
 
 
No changes
 
 
 
 
1992
 
 
Sep 4
 
 
-1/4
3
 
 
Jul 2
-1/2
3
-1/2
3 1/4
 
 
Apr 9
 
 
-1/4
3 3/4
 
 
1991
 
 
Dec 20
-1
3 1/2
-1/2
4
 
 
Dec 6
-1/2
6
-1/4
4 1/2
 
 
Nov 6
-1/2
4 1/2
-1/4
4 3/4
 
 
Oct 31
-1/4
5
 
 
Sep 13
-1/2
5
-1/4
5 1/4
 
 
Aug 6
-1/4
5 1/2
 
 
Apr 30
-1/2
5 1/2
-1/4
5 3/4
 
 
Mar 8
-1/4
6
 
 
Feb 1
-1/2
6
-1/2
6 1/4
 
 
Jan 9
-1/4
6 3/4
 
 
1990
 
 
Dec 18
 
 
-1/4
7
 
 
Dec 18-19
-1/2
6 1/2
 
 
Dec 7
 
 
-1/4
7 1/4
 
 
Nov 13
 
 
-1/4
7 1/2
 
 
Oct 29
-1/4
7 3/4
 
 
Jul 13
 
 
-1/4
8
 
 
1989
 
 
early Jul to mid Dec
 
 
gradual decrease
8 1/4
 
 
early Jun
 
 
-1/4 to 1/8
9 1/2 to 9 5/8
 
 
Feb 24
+1/2
7
+1/4 to 1/8
9 3/4
 
 
Feb 23
 
 
+1/4
9 1/2 to 9 5/8
 
 
early Jan to early Feb
 
 
gradual increase
9 1/4 to 9 3/8
 
 
1988
 
 
early Dec
 
 
+1/4 to 3/8
8 5/8 to 9 3/4
 
 
mid Nov
 
 
+3/8 to 1/8
8 3/8
 
 
Aug 9
+1/2
6 1/2
+1/4 to 1/2
8 to 8 1/4
 
 
Aug 5
 
 
+1/8 to 0
7 3/4
 
 
mid Jul
+1/8 to 1/4
7 5/8 to 7 3/4
 
 
late Mar to late Jun
 
 
gradual increase
7 1/2
 
 
late Jan to early Feb
 
 
gradual decrease
6 1/2
 
 
1987
 
 
in the weeks after Oct 19
 
 
-1/2 to 3/8
6 3/4 to 6 7/8
 
 
Sep 4
+1/2
6
+1/2 to 1/4
7 1/4
 
 
Sep 3
+0 to 1/4
6 3/4 to 7