Fed interest rates: latest decision, history and what they move
The US Federal Reserve sets a target range for the federal funds rate, the interest banks charge each other for overnight reserves. The range is 25 basis points wide (for example 3.75% to 4.00%), and the day’s effective rate, published by the New York Fed, sits inside it.
It is decided by the Federal Open Market Committee (FOMC) at its eight scheduled meetings a year. The statement is released at 2:00 p.m. Eastern time and the Chair’s press conference starts half an hour later. At four of the meetings (March, June, September and December) the members’ projections are also published, including the dot plot.
The latest figure
The Fed raises rates by 25 basis points to a 3.75–4.00% range (September 17, 2026)
The Federal Reserve has raised the federal funds target range by 25 basis points, to 3.75–4.00% from September 17, 2026. The effective rate (EFFR) published by the New York Fed that day was 3.88%.
| Effective | Target range |
|---|---|
| September 17, 2026 | 3.75–4.00% |
| December 11, 2025 | 3.50–3.75% |
| October 30, 2025 | 3.75–4.00% |
| September 18, 2025 | 4.00–4.25% |
| March 3, 2025 | 4.25–4.50% |
A rate change moves the dollar against every currency and the overnight swap on your USD positions. Check your position size if you trade EUR/USD, USD/JPY or gold around decision days. Central bank calendar.
History
| Date | What happened | Figure |
|---|---|---|
| The Fed raises rates by 25 basis points to a 3.75–4.00% range | From 3.50–3.75% to 3.75–4.00%. | |
| The Fed cuts rates by 25 basis points to a 3.50–3.75% range | From 3.75–4.00% to 3.50–3.75%. | |
| The Fed cuts rates by 25 basis points to a 3.75–4.00% range | From 4.00–4.25% to 3.75–4.00%. |
What a Fed decision moves
It is probably the most important date on the calendar for any market. A Fed that is more hawkish than expected tends to lift the dollar and bond yields and weigh on indices such as the S&P 500 and the Nasdaq; a more dovish one tends to do the opposite. Gold and bitcoin react too, because they compete with the yield on the dollar.
As with the ECB, the decision itself is almost always priced in. What moves the market is the tone of the statement, the dot plot when there is one and the answers at the press conference. In the hour after 2:00 p.m. ET, Nasdaq and S&P 500 futures can cover in minutes what they cover in a normal day.
How to trade Fed day
If you hold open positions, the risk is the gap: price can jump over your stop and fill it further away. With futures, size the contracts for a wider stop in the futures calculator; with forex or CFDs, in the lot size calculator. The dates of every FOMC meeting are in its calendar.
This page updates itself when the Fed changes the range: the figure is checked every morning against the effective rate published by the New York Fed.
To use with this data: FOMC meeting calendar · Futures calculator · EUR/USD lot size calculator.
Information based on published official data. This is not investment advice: leveraged trading can lose you more than you invest.
Frequently asked questions
What is the latest figure?
The Fed raises rates by 25 basis points to a 3.75–4.00% range (September 17, 2026). From 3.50–3.75% to 3.75–4.00%.
How often does the Fed meet?
The FOMC holds eight scheduled meetings a year. The statement is released at 2:00 p.m. Eastern time.
What is the dot plot?
A chart of where each FOMC member expects rates to be in the coming years. It is published in March, June, September and December with the economic projections.
How do Fed rates affect the dollar?
A more hawkish Fed than expected tends to strengthen the dollar and a more dovish one tends to weaken it. Expectations for the next meetings move it most.