Saved copy of
Federal Funds Target Rate (DISCONTINUED) (DFEDTAR)
Federal Reserve Bank of St. Louis · 2026-09-19
<!DOCTYPE html>
<html lang="en">
<head>
<meta http-equiv="X-UA-Compatible" content="IE=edge">
<meta charset="utf-8">
<title>Federal Funds Target Rate (DISCONTINUED) (DFEDTAR) | FRED | St. Louis Fed</title>
<script>
dataLayer = []
</script>
<!-- Google Tag Manager -->
<script>(function (w, d, s, l, i) {
w[l] = w[l] || []
w[l].push({
'gtm.start':
new Date().getTime(), event: 'gtm.js'
})
var f = d.getElementsByTagName(s)[0],
j = d.createElement(s), dl = l != 'dataLayer' ? '&l=' + l : ''
j.async = true
j.src =
'//www.googletagmanager.com/gtm.js?id=' + i + dl
f.parentNode.insertBefore(j, f)
})(window, document, 'script', 'dataLayer', 'GTM-5L322W')</script>
<!-- End Google Tag Manager -->
<meta name="description" content="Graph and download economic data for Federal Funds Target Rate (DISCONTINUED) (DFEDTAR) from 1982-09-27 to 2008-12-15 about federal, interest rate, interest, rate, and USA.">
<meta name="keywords" content="fomc, federal, discontinued, interest rate, frb stl, interest, daily, frb, rate, nation, public domain: citation requested, usa, nsa, Economic Data, FRED, St. Louis Fed, Federal Reserve">
<script type="application/ld+json">
{
"@context": "http://schema.org",
"@type": "Dataset",
"license": "https://fred.stlouisfed.org/legal/#copyright-public-domain",
"name": "Federal Funds Target Rate (DISCONTINUED)",
"description": "Graph and download economic data for Federal Funds Target Rate (DISCONTINUED) (DFEDTAR) from 1982-09-27 to 2008-12-15 about federal, interest rate, interest, rate, and USA.",
"keywords": "fomc, federal, discontinued, interest rate, frb stl, interest, daily, frb, rate, nation, public domain: citation requested, usa, nsa, Economic Data, FRED, St. Louis Fed, Federal Reserve, Federal Open Markets Committee, , , , St. Louis Fed, , , Board of Governors, , , , United States of America, Not Seasonally Adjusted",
"dateModified": "2015-05-04T14:10:00-05:00",
"inLanguage": "en-US",
"distribution": {
"@type": "DataDownload",
"contentUrl": "https://fred.stlouisfed.org/series/DFEDTAR",
"encodingFormat": "application/json"
},
"alternateName": "DFEDTAR",
"includedInDataCatalog": {
"@type": "DataCatalog",
"name": "FRED",
"alternateName": "Federal Reserve Economic Data",
"url": "https://fred.stlouisfed.org/",
"publisher": {
"@type": "Organization",
"name": "Federal Reserve Bank of St. Louis",
"url": "https://www.stlouisfed.org/",
"address": {
"@type": "PostalAddress",
"addressLocality": "St. Louis",
"addressRegion": "MO",
"postalCode": "63102",
"streetAddress": "Federal Reserve Bank Plaza, 1 Broadway",
"addressCountry": "USA"
},
"department": "Research Division",
"email": "fred@stlouisfed.org",
"telephone": "(314) 444-8444"
}
}
}
</script>
<link rel="preconnect" href="https://research.stlouisfed.org">
<link rel="preconnect" href="https://uapi.stlouisfed.org">
<link rel="preconnect" href="https://alfred.stlouisfed.org">
<link rel="preconnect" href="https://fred.stlouisfed.org">
<link rel="preconnect" href="https://fred.stlouisfed.org">
<link rel="preconnect" href="https://apis.google.com">
<link rel="preconnect" href="https://cdnjs.cloudflare.com">
<link rel="preconnect" href="https://www.google-analytics.com">
<link rel="preconnect" href="https://www.googletagmanager.com">
<link rel="preconnect" href="https://fonts.gstatic.com">
<meta name="apple-itunes-app" content="app-id=451715489">
<meta name="google-play-app" content="app-id=org.stlouisfed.research.fred">
<meta name="series-tag" content="fomc"><meta name="series-tag" content="federal"><meta name="series-tag" content="discontinued"><meta name="series-tag" content="interest rate"><meta name="series-tag" content="frb stl"><meta name="series-tag" content="interest"><meta name="series-tag" content="daily"><meta name="series-tag" content="frb"><meta name="series-tag" content="rate"><meta name="series-tag" content="nation"><meta name="series-tag" content="public domain: citation requested"><meta name="series-tag" content="usa"><meta name="series-tag" content="nsa">
<meta name="twitter:card" content="summary_large_image">
<meta name="twitter:site" content="@stlouisfed">
<meta name="twitter:description" content="Federal Funds Target Rate (DISCONTINUED)">
<meta name="twitter:title" content="FRED Economic Data">
<meta name="twitter:url" content="https://fred.stlouisfed.org/series/DFEDTAR">
<meta name="twitter:image" content="https://fred.stlouisfed.org/graph/fredgraph.png?width=880&height=440&id=DFEDTAR">
<meta property="og:image" content="https://fred.stlouisfed.org/graph/fredgraph.png?width=880&height=440&id=DFEDTAR">
<meta property="og:type" content="website">
<meta property="og:title" content="Federal Funds Target Rate (DISCONTINUED)">
<meta property="og:url" content="https://fred.stlouisfed.org/series/DFEDTAR">
<link rel="unapi-server" type="application/xml" title="unAPI" href="https://fred.stlouisfed.org/unapi/"/>
<meta name="citation_type" content="Web Page">
<meta name="citation_title" content="Federal Funds Target Rate (DISCONTINUED)">
<meta name="citation_short_title" content="DFEDTAR">
<meta name="citation_author" content="">
<meta name="citation_website_title" content="FRED, Federal Reserve Bank of St. Louis">
<meta name="citation_keywords" content="DFEDTAR">
<meta name="citation_public_url" content="https://fred.stlouisfed.org/series/DFEDTAR">
<meta name="citation_rights" content="">
<meta name="dc.extra" content="Data for the period prior to 1994 come from the working paper "A New Federal Funds Rate Target Series: September 27, 1982 - December 31, 1993" (Thornton, Federal Reserve Bank of St. Louis, 2005, http://research.stlouisfed.org/wp/2005/2005-032.pdf). Due to an error in the paper values from April 2, 1986 - April 20, 1986 were adjusted manually to 7.3125%. Data from 1994 to the present are derived from FOMC meeting transcripts and FOMC meeting statements, http://www.federalreserve.gov/fomc/.
Effective December 16, 2008, target rate is reported as a range. Current data at https://fred.stlouisfed.org/series/DFEDTARU and https://fred.stlouisfed.org/series/DFEDTARL ">
<meta name="citation_date" content="2015-05-04">
<meta name="dcterms:PeriodOfTime" content="start:1982-09-27; end:2008-12-15;">
<meta content="width=device-width, initial-scale=1.0, maximum-scale=1.0, user-scalable=0" name="viewport">
<!--<meta name="viewport" content="width=device-width">-->
<link rel="canonical" href="https://fred.stlouisfed.org/series/DFEDTAR">
</head>
<body class="series-page">
<!-- Google Tag Manager (noscript) -->
<noscript>
<iframe src="https://www.googletagmanager.com/ns.html?id=GTM-5L322W"
height="0" width="0" style="display:none;visibility:hidden"></iframe>
</noscript>
<!-- End Google Tag Manager (noscript) -->
<!-- pingdom_uptime_check=uXCPjTUzTxL7ULra -->
<link rel="stylesheet" type="text/css" href=/assets/bootstrap/dist/css/1789406819.bootstrap.min.css>
<link rel="stylesheet" type="text/css" href=/assets/fontawesome-free/css/all.min.css>
<script></script>
<link rel="stylesheet" type="text/css" href=/css/1789406834.series.min.css>
<script></script>
<link rel="stylesheet" type="text/css" href=/assets/select2/dist/css/1789406817.select2.min.css>
<link rel="preconnect" href="https://fonts.googleapis.com">
<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>
<link href="https://fonts.googleapis.com/css2?family=Roboto:ital,wght@0,100..900;1,100..900&display=swap" rel="stylesheet">
<link href="https://fonts.googleapis.com/css2?family=Roboto+Slab&display=swap" rel="stylesheet">
<!--googleoff: snippet-->
<a href="#content-container" class="skip-to">Skip to main content</a>
<!--googleon: snippet-->
<a id="top"></a>
<!--Move content shift styles internal to boost performance scores-->
<style>
#zoom-and-share {
position:relative;
background-color: rgb(225, 233, 240);
min-height: 437px;
}
</style>
<div id="container">
<header>
<nav class="navbar navbar-expand-lg header-not-home py-0 EL-nonhomepage-header EL-header-and-subheader">
<div id="hidden-user" class='hide'></div>
<div id="action-modal"></div>
<div class="col-12 d-none d-lg-block">
<div class="col-12 d-none d-lg-flex">
<a class="bank-logo-gtm" target="_blank" href="https://www.stlouisfed.org">
<img class="research-logo-gtm" src="//fred.stlouisfed.org/images/Small_Stl_Fed_Logo.svg" alt="Federal Reserve Bank of St. Louis">
</a>
<hr class=" hr-post-frb-stls-logo">
</div>
<div class="col-12 d-none d-lg-flex">
<div class="col-3 align-content-center">
<a class="fred-logo-gtm" target="_blank" href="//fred.stlouisfed.org">
<img class="header-logo-eagle" src="//fred.stlouisfed.org/images/FRED_Logo_Header.svg" alt="FRED homepage">
</a>
</div>
<div class="col-9 d-none d-lg-flex align-content-center justify-content-end">
<div class='input-group EL-header-search-container' id="search-container-header">
<select id="head-search" class='EL-header-search'>
<option></option>
</select>
<button class="search-submit-select2" id="select2-nav-search-button" type="submit" aria-label="Submit Search">
<i class="fa fa-search" title="Submit Search"></i>
</button>
</div>
<nav id="blueheader-navbar-nav">
<ul id="blueheader-navbar" class="nav float-end">
<li class="blueheader-navbar-item center-content-vertically switch-products-gtm">
<span id="switchprod-popover-container" class="switchprod-popover-container">
<button type="button" id="switchProd" data-toggle="popover" aria-controls="switch-prod-list"
aria-haspopup="true" class="header-popover" aria-label="Toggle Explore Our Apps Menu">
<img class="Switch-Products-gtm" src="//fred.stlouisfed.org/images/Waffle_Menu_off.svg" alt="Toggle Explore Our Apps Menu" />
</button>
</span>
<div id="switchprod-popover" class="hide">
<!-- empty alt values handle older screen readers that don't handle WAI-ARIA roles. Both methods allow the screenreader to skip the image and not read the filename to the user. -->
<h2 class="explore-products-desk">Explore Our Apps</h2>
<hr>
<ul id="switch-prod-list" class="list-group switch-products-list" role="menu" aria-labelledby="switchProduct">
<li role="presentaion" id="ham-fred-dev" class="list-group-item product-fred">
<a class="d-flex burger-fred-gtm" role="menuitem" href="//fred.stlouisfed.org">
<div>
<img class="switch-icon-padding burger-fred-gtm" src="//fred.stlouisfed.org/images/FRED_Logo_for_Waffle.svg" alt="" role="presentation">
</div>
<div>
<h3 class="burger-fred-gtm">FRED</h3>
<p>Tools and resources to find and use economic data worldwide</p>
</div>
</a>
</li>
<li role="presentaion" id="ham-fraser" class="list-group-item">
<a rel="noopener" target="_blank" class="d-flex burger-fraser-gtm" role="menuitem" href="https://fraser.stlouisfed.org/">
<div>
<img class="switch-icon-padding burger-fraser-gtm" src="//fred.stlouisfed.org/images/FRASER_Logo_for_Waffle.svg" alt="" role="presentation">
</div>
<div>
<h3 class="burger-fraser-gtm">FRASER</h3>
<p>U.S. financial, economic, and banking history</p>
</div>
</a>
</li>
<li role="presentaion" id="ham-alfred" class="list-group-item">
<a rel="noopener" target="_blank" class="d-flex burger-alfred-gtm" role="menuitem" href="//alfred.stlouisfed.org">
<div>
<img class="switch-icon-padding burger-alfred-gtm" src="//fred.stlouisfed.org/images/ALFRED_Logo_for_Waffle.svg" alt="" role="presentation">
</div>
<div>
<h3 class="burger-alfred-gtm">ALFRED</h3>
<p>Vintages of economic data from specific dates in history</p>
</div>
</a>
</li>
<li role="presentaion" id="ham-ecolowdown" class="list-group-item">
<a rel="noopener" target="_blank" class="d-flex burger-econlowdown-gtm" role="menuitem" href="https://cassidi.stlouisfed.org/index">
<div>
<img class="burger-econlowdown-gtm" src="//fred.stlouisfed.org/images/CASSIDI_Logo_for_Waffle.svg" alt="" role="presentation">
</div>
<div>
<h3 class="burger-econlowdown-gtm">CASSIDI</h3>
<p>View banking market concentrations and perform HHI analysis</p>
</div>
</a>
</li>
</ul>
</div> </li>
<li class="blueheader-navbar-item center-content-vertically">
<div class="hidden-xs" id="signin-wrap">
<div id="user-nav" class="EL-my-account-link"></div>
</div>
</li>
</ul>
</nav>
</div>
</div>
</div>
<div class="col-12 d-lg-none">
<div class="fred-logo-div col-6 align-content-center">
<a class="fred-logo-gtm" href="//fred.stlouisfed.org/">
<img class="header-logo" src="//fred.stlouisfed.org/images/FRED_Logo_Header_white_text.svg" alt="FRED homepage">
</a>
</div>
<div class="blueheader-navbar center-content-vertically">
<button type="button" id="search-btn-open" aria-controls="mobile-search-container"
onclick="mobileSearchToggle('open')" aria-label="Open Search">
<i class="fas fa-solid fa-search" title="Open Search"></i>
</button>
<button type="button" id="search-btn-close" class="hide" aria-controls="mobile-search-container"
onclick="mobileSearchToggle('close')" aria-label="Close Search" disabled="true">
<i class="fa-solid fa-x" title="Close Search"></i>
</button>
<button type="button" id="hamburger-btn-open" class="hamburger-gtm" aria-controls="hamburger-drawer"
onclick="hamburgerMenuToggle('open')" aria-label="Open Mobile Menu">
<i id="hamburger" class="fas fa-bars hamburger-header" title="Open Mobile Menu"></i>
</button>
<button type="button" id="hamburger-btn-close" class="close-btn burger-close-gtm hide" aria-controls="hamburger-drawer"
onclick="hamburgerMenuToggle('close')" aria-label="Close Mobile Menu">
<i class="fa-solid fa-x" title="Close Mobile Menu"></i>
</button>
</div>
</div>
<div id="notifications-container"></div>
</nav>
<div class="blueheader-navbar d-lg-none">
<div id="mobile-search-container" class="hide col-12">
<input type="hidden" id="mobile-search-input" class="search-text-input" placeholder="Search FRED Data..." disabled="disabled">
<button type="submit" class="search-submit-select2" id="mobile-search-submit" disabled="disabled">
<i class="fas fa-solid fa-search" title="Search"></i>
</button>
</div>
<nav id="hamburger-drawer" class="hide">
<div class="slide-content">
<div id="hamburger-navigation">
<div id="hamburger-home">
<ul class="list-group flush-list hamburger-list col-12">
<li class="list-group-item">
<a class="burger-calendar-gtm" href="https://fred.stlouisfed.org/releases/calendar">Release Calendar</a>
</li>
<li class="list-group-item hamburger-menu-item">
<button type="button" class="burger-tools-gtm" onclick="toggleMenuNavigation('hamburger-tools', true)" aria-controls="hamburger-tools">Tools
<i class="fas fa-solid fa-angle-down" title="Toggle FRED Tools Submenu"></i>
</button>
<ul id="hamburger-tools" role="menu" class="hide list-group hamburger-submenu-list col-12">
<li role="presentation" class="list-group-item">
<a role="menuitem" class="burger-fred-excel-add-in-gtm" href="https://fred.stlouisfed.org/fred-addin"> FRED Add-in for Excel</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="burger-fred-api-gtm" href="https://fred.stlouisfed.org/docs/api/fred"> FRED API</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="burger-fred-mobile-apps-gtm" href="https://fred.stlouisfed.org/fred-mobile"> FRED Mobile Apps</a>
</li>
</ul>
</li>
<li class="list-group-item">
<a class="burger-news-gtm" href="https://news.research.stlouisfed.org/category/fred-announcements/">News</a>
</li>
<li class="list-group-item">
<a class="burger-blog-gtm" href="https://fredblog.stlouisfed.org">Blog</a>
</li>
<li class="list-group-item hamburger-menu-item">
<button type="button" class="burger-about-gtm" onclick="toggleMenuNavigation('hamburger-about-fred', true)" aria-controls="hamburger-about-fred">About
<i class="fas fa-solid fa-angle-down" title="Toggle About FRED Submenu"></i>
</button>
<ul id="hamburger-about-fred" role="menu" class="hide list-group hamburger-submenu-list col-12">
<li role="presentation" class="list-group-item">
<a role="menuitem" class="burger-fred-about-gtm" href="https://fredhelp.stlouisfed.org/fred/about/about-fred/what-is-fred/"> What is FRED</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="burger-tutorials-gtm" href="https://fredhelp.stlouisfed.org"> Tutorials</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="burger-data-literacy-gtm" href="https://fred.stlouisfed.org/digital-badges/">
Digital Badges
</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="burger-contact-us-gtm" href="https://fred.stlouisfed.org/contactus/"> Contact Us</a>
</li>
</ul>
</li>
<li class="list-group-item">
<a class="burger-myaccount-gtm" href="https://fredaccount.stlouisfed.org">My Account</a>
</li>
<li class="list-group-item hamburger-menu-item">
<button type="button" class="burger-switch-gtm" onclick="toggleMenuNavigation('hamburger-products', true)" aria-controls="hamburger-products">
Explore Our Apps
<i class="fas fa-solid fa-angle-down" title="Toggle Apps Submenu"></i>
</button>
<div id="hamburger-products" class="hide">
<!-- empty alt values handle older screen readers that don't handle WAI-ARIA roles. Both methods allow the screenreader to skip the image and not read the filename to the user. -->
<h2 class="explore-products-desk">Explore Our Apps</h2>
<hr>
<ul id="switch-prod-list" class="list-group switch-products-list" role="menu" aria-labelledby="switchProduct">
<li role="presentaion" id="ham-fred-dev" class="list-group-item product-fred">
<a class="d-flex burger-fred-gtm" role="menuitem" href="//fred.stlouisfed.org">
<div>
<img class="switch-icon-padding burger-fred-gtm" src="//fred.stlouisfed.org/images/FRED_Logo_for_Waffle.svg" alt="" role="presentation">
</div>
<div>
<h3 class="burger-fred-gtm">FRED</h3>
<p>Tools and resources to find and use economic data worldwide</p>
</div>
</a>
</li>
<li role="presentaion" id="ham-fraser" class="list-group-item">
<a rel="noopener" target="_blank" class="d-flex burger-fraser-gtm" role="menuitem" href="https://fraser.stlouisfed.org/">
<div>
<img class="switch-icon-padding burger-fraser-gtm" src="//fred.stlouisfed.org/images/FRASER_Logo_for_Waffle.svg" alt="" role="presentation">
</div>
<div>
<h3 class="burger-fraser-gtm">FRASER</h3>
<p>U.S. financial, economic, and banking history</p>
</div>
</a>
</li>
<li role="presentaion" id="ham-alfred" class="list-group-item">
<a rel="noopener" target="_blank" class="d-flex burger-alfred-gtm" role="menuitem" href="//alfred.stlouisfed.org">
<div>
<img class="switch-icon-padding burger-alfred-gtm" src="//fred.stlouisfed.org/images/ALFRED_Logo_for_Waffle.svg" alt="" role="presentation">
</div>
<div>
<h3 class="burger-alfred-gtm">ALFRED</h3>
<p>Vintages of economic data from specific dates in history</p>
</div>
</a>
</li>
<li role="presentaion" id="ham-ecolowdown" class="list-group-item">
<a rel="noopener" target="_blank" class="d-flex burger-econlowdown-gtm" role="menuitem" href="https://cassidi.stlouisfed.org/index">
<div>
<img class="burger-econlowdown-gtm" src="//fred.stlouisfed.org/images/CASSIDI_Logo_for_Waffle.svg" alt="" role="presentation">
</div>
<div>
<h3 class="burger-econlowdown-gtm">CASSIDI</h3>
<p>View banking market concentrations and perform HHI analysis</p>
</div>
</a>
</li>
</ul>
</div>
</li>
<li class="list-group-item">
<a class="burger-stls-home-gtm" href="https://www.stlouisfed.org/">STL Fed Home Page</a>
</li>
</ul>
</div>
</div>
</div>
</nav>
</div>
<div class='navbar navbar-expand-lg sub-header EL-header-and-subheader'>
<div class="container-fluid gx-0">
<div class="col d-flex justify-content-end">
<div class="container-fluid gx-0">
<hr class="col-12 hr-pre-subheader-nav d-none d-lg-block">
<nav class="col-12 navbar EL-main-nav navbar-expand-sm d-none d-lg-flex" id="subheader-nav">
<div class="navbar-collapse collapse d-flex justify-content-end">
<ul id="subheader-navbar" class="nav float-end navbar-nav">
<li class="nav-li-subheader">
<a href="https://fred.stlouisfed.org/releases/calendar" class="nav-releasecal-subheader-gtm">Release Calendar</a>
</li>
<li class="nav-li-subheader">
<span class="sub-header-nav-tools-gtm header-popover fred-tools-container">
<button type="button" id="fred-tools-link" class="align-icon header-popover tools-gtm"
aria-haspopup="true" aria-controls="fred-tools-menu" data-toggle="popover"
onclick="toggleMenuNavigation('fred-tools-popover')">Tools
<i class="fas fa-angle-down" title="Toggle Tools Menu"></i>
</button>
</span>
<div id="fred-tools-popover" class="hide">
<ul id="fred-tools-menu" role="menu" class="header-list-popover list-group flush-list">
<li role="presentation" class="list-group-item">
<a role="menuitem" class="homepage-nav-tools-fred-excel-addin-gtm" href="https://fred.stlouisfed.org/fred-addin">FRED Add-in for Excel</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="homepage-nav-tools-fred-api-gtm" href="https://fred.stlouisfed.org/docs/api/fred">FRED API</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="homepage-nav-tools-fred-mobile-gtm" href="https://fred.stlouisfed.org/fred-mobile">FRED Mobile Apps</a>
</li>
</ul>
</div> </li>
<li class="nav-li-subheader">
<a href="https://news.research.stlouisfed.org/category/fred-announcements/" class="nav-news-subheader-gtm">News</a>
</li>
<li class="nav-li-subheader">
<a href="https://fredblog.stlouisfed.org" class="nav-fredblog-subheader-gtm">Blog</a>
</li>
<li class="nav-li-subheader">
<span class="subheader-nav-about-gtm about-fred-container">
<button type="button" id="about-fred-link" class="align-icon header-popover about-gtm"
data-toggle="popover" aria-controls="about-fred-menu" aria-haspopup="true"
onclick="toggleMenuNavigation('about-fred-popover')">About
<i class="fas fa-angle-down" alt="Toggle About Menu"></i>
</button>
</span>
<div id="about-fred-popover" class="hide">
<ul id="about-fred-menu" role="menu" aria-labelledby="about-fred-link" class="header-list-popover list-group flush-list">
<li role="presentation" class="list-group-item">
<a role="menuitem" class="about-fred-what-is-gtm" href="https://fredhelp.stlouisfed.org/fred/about/about-fred/what-is-fred/">
What is FRED
</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="about-fred-tutorials-gtm" href="https://fredhelp.stlouisfed.org">
Tutorials
</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="about-research-data-literacy-gtm" href="https://fred.stlouisfed.org/digital-badges/">
Digital Badges
</a>
</li>
<li role="presentation" class="list-group-item">
<a role="menuitem" class="about-fred-contact-gtm" href="https://fred.stlouisfed.org/contactus/ ">
Contact Us
</a>
</li>
</ul>
</div>
</li>
</ul>
</div>
</nav>
</div>
</div>
</div>
</div>
</header>
<nav id="site-breadcrumbs" class="site-breadcrumbs d-none d-lg-block align-content-center" aria-label="site breadcrumbs">
<div class="container gx-0">
<a class="breadcrumb_link" href="/">Home</a> <span class="px-2">></span> <a class="breadcrumb_link" href="/categories">Categories</a> <span class="px-2">></span> <a class="breadcrumb_link" href="/categories/32991">Money, Banking, & Finance</a> <span class="px-2">></span> <a class="breadcrumb_link" href="/categories/22">Interest Rates</a> <span class="px-2">></span> <a class="breadcrumb_link" href="/categories/118">FRB Rates - discount, fed funds, primary credit</a>
</div>
</nav>
<div class="clear row gx-0 container" id="content-container">
<abbr class="unapi-id" title="DFEDTAR"></abbr>
<div class="col-12 container-fluid" id="main-content-column">
<div id="page-title" class="page-title">
<div class="series-title">
<div id="series-title-text-container" class="col-10 col-lg-11 d-flex align-items-center">
<h1 style="display: inline"><div id='favorite-toggle-container' class="favorite-toggle-container"><a href="#" tabindex="0" id='favorite-star' class="far fa4 fa-star series-focus favorite-toggle" data-series-id="DFEDTAR" title="Add to Favorites"></a></div>Federal Funds Target Rate (DISCONTINUED)<span class="smaller"> (DFEDTAR)</span></h1>
</div>
</div>
<div class="hrule hrule-dark"></div>
<input type="hidden" name="series-recently-viewed" class="series-recently-viewed" value="Federal Funds Target Rate (DISCONTINUED)">
</div>
<link rel="stylesheet" type="text/css" href=/assets/fontawesome-free/css/all.min.css>
<link rel="stylesheet" type="text/css" href=/assets/bootstrap-datepicker/dist/1789406819.bootstrap-datepicker.min.css>
<div id="series-meta-row" class="row series-attributes">
<div id="meta-left-col" class="col-12 col-md-auto flex-grow-1 d-flex px-2 px-md-0">
<div id="mobile-meta-col" style="display:none;" class="default-text float-start gx-0 mb-0">
<span class = 'recent-obs-link-container'>
<p class="series-meta-label default-text text-link" id="recent-obs-link" tabindex="0" data-toggle="popover" role="button">Observations <i class="fas fa-chevron-down" aria-hidden="true"></i></p>
</span>
<p class="mb-2">
2008-12-15: <span class="series-meta-observation-value">1.0000</span> |
Percent, Not Seasonally Adjusted |
<span class="series-meta-value-frequency">
Daily,<br />7-Day </span>
</p>
<p class="mb-0">
Updated:
<span title="May 4, 2015 2:10 PM CDT">
<span class="series-meta-updated-date">May 4, 2015</span>
<span class="series-meta-updated-time">2:10 PM CDT</span>
</span>
</p>
<p class="mb-0">
<a href="/releases/calendar?rid=101&y=2026" tabindex="0" target="_blank" class="series-focus recent-obs-link">
<span class="updated-text text-link" title="Sep 20, 2026">
Next Release Date:
<span class="series-meta-updated-date text-link" target="_blank">Sep 20, 2026</span>
</span>
</a>
</p>
</div>
<div class="meta-col col-sm-auto flex-shrink-1 flex-xl-shrink-0 flex-xxl-grow-1" style="padding-left: 0px">
<span class = 'recent-obs-link-container'>
<p class="series-meta-label default-text text-link" id="recent-obs-link" tabindex="0" data-toggle="popover" role="button">Observations <i class="fas fa-chevron-down" aria-hidden="true"></i></p>
</span>
<div class="default-text">
<span class="series-meta-value">2008-12-15:</span>
<span class="series-meta-observation-value">1.0000</span>
</div>
<div class="default-text">
<span class="updated-text default-text" title="May 4, 2015 2:10 PM CDT">
Updated:
<span class="series-meta-updated-date default-text">May 4, 2015</span>
<span class="series-meta-updated-time default-text">2:10 PM CDT</span>
</span>
</div>
<div class="default-text">
<a href="/releases/calendar?rid=101&y=2026" tabindex="0" target="_blank" class="series-focus recent-obs-link">
<span class="updated-text text-link" title="Sep 20, 2026">
Next Release Date:
<span class="series-meta-updated-date text-link" target="_blank">Sep 20, 2026</span>
</span>
</a>
</div>
<div class="d-none d-md-flex hide">
<div id="recent-obs-table">
<table id="recent-obs" class="table table-condensed">
<tr>
<td align="right">2008-12-15: </td>
<td align="right" class="series-obs value">1.0000</td>
<td> </td>
</tr>
<tr>
<td align="right">2008-12-14: </td>
<td align="right" class="series-obs value">1.0000</td>
<td> </td>
</tr>
<tr>
<td align="right">2008-12-13: </td>
<td align="right" class="series-obs value">1.0000</td>
<td> </td>
</tr>
<tr>
<td align="right">2008-12-12: </td>
<td align="right" class="series-obs value">1.0000</td>
<td> </td>
</tr>
<tr>
<td align="right">2008-12-11: </td>
<td align="right" class="series-obs value">1.0000</td>
<td> </td>
</tr>
<tr><td colspan=2><a id="viewall-button" href="/data/DFEDTAR" target="_blank" class="series-btn-508 series-btn-508-primary viewall-button-focus fg-view-all-obs fg-mega-edit-gtm fg-view-all-obs-gtm fg-download-share-gtm fg-download-gtm">View All</a></td></tr>
</table>
</div>
</div>
</div>
<div class="meta-col col-sm-auto flex-shrink-1 flex-xxl-shrink-0 flex-xxl-grow-1">
<p class="series-meta-label default-text">Units:</p>
<div class="default-text">
<span class="series-meta-value"><span class="series-meta-value-units">Percent</span>,</div><div class="default-text">Not Seasonally Adjusted </span>
</div>
</div>
<div class="meta-col col-sm-auto">
<p class="series-meta-label default-text">Frequency:</p>
<div class="default-text">
<span class="series-meta-value">
<span class="series-meta-value-frequency">
Daily,</div><div class="default-text">7-Day </span>
</span>
</div>
</div>
</div>
<div id="meta-right-col" class="col-12 col-lg-auto meta-col d-flex flex-colum">
</div>
<div id="graph-buttons" class="col-12 col-sm-12 col-lg-auto flex-lg-column">
<div id="edit-button-container" class="col-lg-12 flex-grow-1 flex-lg-grow-0 graph-button-container">
</div>
<div id="download-button-container" class="col-lg-12 flex-grow-1 flex-lg-grow-0 graph-button-container">
</div>
<div id="desktop-view-chart-button-container" class="col-lg-12 graph-button-container">
</div>
</div>
</div>
<link rel="preconnect" href="https://fonts.googleapis.com">
<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>
<link href="https://fonts.googleapis.com/css2?family=IBM+Plex+Serif:wght@300&display=swap" rel="stylesheet">
<link rel="stylesheet" type="text/css" href=/assets/stlrch-fred/fred-graph-react/1789406816.fredgraph.min.css>
<link rel="stylesheet" type="text/css" href=/assets/stlrch-fred/fred-graph-react/1789406816.fredgraph508.min.css>
<link rel="stylesheet" type="text/css" href=/assets/stlrch-fred/fred-account-react/src/css/1789406816.fredaccount508.css>
<script type="text/javascript">
WebFontConfig = {
google: { families: ["Open+Sans"]}
};
(function() {
var wf = document.createElement('script');
wf.src = ('https:' == document.location.protocol ? 'https' : 'http') +
'://ajax.googleapis.com/ajax/libs/webfont/1.5.18/webfont.js';
wf.type = 'text/javascript';
wf.async = 'true';
var s = document.getElementsByTagName('script')[0];
s.parentNode.insertBefore(wf, s);
})(); </script>
<input type="hidden" id="cosd" value="1982-09-27">
<input type="hidden" id="coed" value="2008-12-15">
<input type="hidden" id="range" value="">
<input type="hidden" id="mode" value="fred">
<div>
<div id="zoom-and-share">
<div id="fullscreen-container">
<div id="resizable-graph-container">
<div id="root" data-graph-mode="fred">
<div class="loading-ring" /></div>
</div>
</div>
<br style="clear:both">
<div tabindex="0" style="align: right" aria-label="Full screen" type="button" id="fullscreen-btn-508">
Fullscreen <i class="fas fa-expand fullscreen-btn-508-icon"></i>
</div>
</div>
</div>
</div><div id="save-share-tab" class="save-share pt-15 pb-15">
<div class="row">
<div id="share-col-copyright" class="float-start">
<p class="copyright-note hide"><strong>Data in this graph are copyrighted. Please review the copyright information in the <a aria-label="series notes" href="#notes" class="link show-notes">series notes</a> before sharing.</strong></p>
</div>
</div>
<div class="row">
<div id="share-col-1" class="col-12 col-lg-6 gx-0 d-flex">
<div class="btn-group share-dropdown">
<button type="button" id="share-links-btn" class="series-btn-508 share-acct-btn dropdown-toggle fg-chart-share-links-btn-gtm" data-bs-toggle="dropdown" aria-expanded="false">
Share Graph <i class="fa fa-share-square fg-share-links-btn-gtm"></i>
</button>
<ul id="share-links-menu" class="dropdown-menu" aria-labelledby='share-links-btn'>
<li class="fg-chart-page-permalink-gtm share-link-item"><a id="page-short-url" href="#" class="permalink-btn dropdown-btn-focus page-permalink-btn" data-target=".page-permalink-container"><i class="fa fa-link bigger"></i> Custom Graph Link</a></li>
<li class="fg-chart-page-embed-code-btn-gtm share-link-item"><a id="embed-in-website" href="#" class="permalink-btn dropdown-btn-focus embed-code-btn" data-target=".embed-code-container"><i class="fa fa-code bigger"></i> Embed in Website</a></li>
<li class="fg-chart-image-permalink-gtm share-link-item"><a id="image-short-url" href="#" class="permalink-btn dropdown-btn-focus image-permalink-btn" data-target=".image-permalink-container"><i class="fa fa-link bigger"></i> Graph Image Link</a></li>
</ul>
</div><!-- /share-dropdown -->
<div id="add-category-modal"><!-- React component; initialized with JS --></div>
<div class="btn-group account-dropdown">
<button type="button" id="user-save-links-btn" class="series-btn-508 share-acct-btn dropdown-toggle fg-account-tools-btn-gtm" data-bs-toggle="dropdown" aria-expanded="false">
Account<span class="collapsable-btn-text fg-account-tools-btn-gtm"> Tools</span></a> <i class="fa fa-user-cog fg-account-tools-btn-gtm"></i>
</button>
<ul id="account-tools-menu" class="dropdown-menu" aria-labelledby="user-save-links-btn">
<li class="save-graph save-graph-modal-btn account-dropdown-graph" id="save-graph-modal-btn"><!-- React component; initialized with JS--></li>
<li class="add-to-dashboard account-dropdown-graph" id="add-to-dashboard-modal-btn"><!-- React component; initialized with JS--></li>
<li class="add-data-list account-dropdown-graph"><a href="https://fredaccount.stlouisfed.org/datalists/addseries/DFEDTAR" id="datalist" target="_blank" class="FredAddToDataList-gtm dropdown-btn-focus"><i class="fa fa-table bigger"></i> Add to Data List</a></li>
<li class="save-map save-map-modal-btn account-dropdown-map" id="save-map-modal-btn"><!-- React component; initialized with JS--></li>
</ul>
</div>
</div><!-- /share-col-1 -->
<div id="share-col-2" class="col-12 col-lg-6">
<div id="share-socialmedia" class="social-links d-flex">
<a href="/graph/share.php" target="_blank" class="share-twitter social-links-focus tooltips social-share-link fg-download-share-gtm fg-social-share-gtm" data-bs-toggle="tooltip" data-bs-placement="top" data-share-type="twitter" title="Share on X"> </a>
<a href="/graph/share.php" target="_blank" class="share-facebook social-links-focus tooltips social-share-link fg-download-share-gtm fg-social-share-gtm" data-bs-toggle="tooltip" data-bs-placement="top" data-share-type="facebook" title="Post on Facebook"><i class="fab fa-facebook-f fa-3x fg-share-gtm fg-download-share-gtm fg-social-share-gtm"></i></a>
<a href="/graph/share.php" target="_blank" class="share-reddit social-links-focus tooltips social-share-link fg-download-share-gtm fg-social-share-gtm" data-bs-toggle="tooltip" data-bs-placement="top" data-share-type="reddit" title="Share on Reddit" ><i class="fab fa-reddit fa-3x fg-share-gtm fg-download-share-gtm fg-social-share-gtm"></i></a>
<a href="/graph/share.php" target="_blank" class="share-linkedin social-links-focus tooltips social-share-link fg-download-share-gtm fg-social-share-gtm" data-bs-toggle="tooltip" data-bs-placement="top" data-share-type="linkedin" title="Post to Linkedin"><i class="fab fa-linkedin-in fa-3x fg-share-gtm fg-download-share-gtm fg-social-share-gtm"></i></a>
</div>
</div><!-- /share-col-2 -->
</div><!-- /row -->
</div><!-- /save-share-tab -->
<div class="tabs-left tabs-scroll">
<div class="tab-content-scroll noscrollbar" data-target="#tab-nav">
<div id="notes" class="tab-pane ">
<div class="panel notes-series-group">
<h2 class="fred-series-page-panel-header">
Notes
</h2>
<div id="notes-content" class="panel-body">
<p class="col-12 col-md-6 float-start padding-r25 mb-2"><strong>Source:</strong>
<a class="note-source series-source series-focus fg-ext-link-gtm fg-source-link-gtm" rel="nofollow" href="https://www.federalreserve.gov" target="_blank">Board of Governors of the Federal Reserve System (US)
<i class="fas fa-external-link-alt" aria-hidden="true"></i></a>
<p class="col-12 col-md-6 float-start mb-2"><strong>Release:</strong>
<a
class="note-release series-release series-focus fg-ext-link-gtm fg-release-link-gtm" rel="nofollow"
href="http://www.federalreserve.gov/fomc/" target="_blank">FOMC Press Release
<i class="fas fa-external-link-alt" aria-hidden="true"></i></a> <div class="clearfix"></div>
<p class="col-12 float-start mb-2"><strong>Units:</strong>
<span class="series-meta-value"><span class="series-meta-value-units">
Percent</span>, Not Seasonally Adjusted
</span>
</p>
<p class="col-12 float-start mb-2"><strong>Frequency:</strong>
<span class="series-meta-value">
<span class="series-meta-value-frequency">
Daily, 7-Day </span>
</span>
</p>
<div class="col-12 float-start"><h4 class="section-title">Notes:</h4></div>
<p class="series-notes mb-2">Data for the period prior to 1994 come from the working paper "A New Federal Funds Rate Target Series: September 27, 1982 - December 31, 1993" (Thornton, Federal Reserve Bank of St. Louis, 2005, <a href="http://research.stlouisfed.org/wp/2005/2005-032.pdf" class="breakable" target="_blank">http://research.stlouisfed.org/wp/2005/2005-032.pdf</a>). Due to an error in the paper values from April 2, 1986 - April 20, 1986 were adjusted manually to 7.3125%. Data from 1994 to the present are derived from FOMC meeting transcripts and FOMC meeting statements, <a href="http://www.federalreserve.gov/fomc/" class="breakable" target="_blank">http://www.federalreserve.gov/fomc/</a>.<br><br>Effective December 16, 2008, target rate is reported as a range. Current data at <a href="https://fred.stlouisfed.org/series/DFEDTARU" class="breakable" target="_blank">https://fred.stlouisfed.org/series/DFEDTARU</a> and <a href="https://fred.stlouisfed.org/series/DFEDTARL" class="breakable" target="_blank">https://fred.stlouisfed.org/series/DFEDTARL</a></p>
<div class="series-citation">
<h4 class="section-title">Suggested Citation:</h4>
<div>
<p class="citation mb-3">
Board of Governors of the Federal Reserve System (US),
Federal Funds Target Rate (DISCONTINUED) [DFEDTAR],
retrieved from FRED,
Federal Reserve Bank of St. Louis;
https://fred.stlouisfed.org/series/DFEDTAR,
<span class="cit-date"></span>.
</p>
</div>
</div>
</div>
</div><!-- panel -->
</div>
<div id="releasetables" class="tab-pane hide">
<div class="panel">
<h2 class="fred-series-page-panel-header">
Release Tables
</h2>
<div id="releasetables-content" class="panel-body">
</div><!-- /panel-body -->
</div><!-- /panel -->
</div><!-- /relatedcontent -->
<div id="relatedcontent" class="tab-pane ">
<div class="panel">
<h2 class="fred-series-page-panel-header">
Related Data and Content
</h2>
<div id="relatedcontent-content" class="panel-body" style="padding-bottom: 0px;">
<h3 class="my-3 fred-series-h3">Data Suggestions Based On Your Search</h3>
<div id="trending-series-container" class="row">
<div class="col-12 col-md-6 col-lg-3 related-resource gx-0 trending-series-item">
<a href="/series/DFEDTARL" tabindex="-1" target="_blank" title="Federal Funds Target Range - Lower Limit">
<img class="lazy-load related-resource-img fg-res-data-img-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=DFEDTARL&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/DFEDTARL"
target="_blank" title="Federal Funds Target Range - Lower Limit"><strong
class="fg-res-data-ttl-lnk-gtm">Federal Funds Target Range - Lower Limit</strong></a>
</div>
</div> <div class="col-12 col-md-6 col-lg-3 related-resource gx-0 trending-series-item">
<a href="/series/DFEDTARU" tabindex="-1" target="_blank" title="Federal Funds Target Range - Upper Limit">
<img class="lazy-load related-resource-img fg-res-data-img-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=DFEDTARU&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/DFEDTARU"
target="_blank" title="Federal Funds Target Range - Upper Limit"><strong
class="fg-res-data-ttl-lnk-gtm">Federal Funds Target Range - Upper Limit</strong></a>
</div>
</div> <div class="col-12 col-md-6 col-lg-3 related-resource gx-0 trending-series-item">
<a href="/series/IEABCPIA" tabindex="-1" target="_blank" title="Balance on primary income">
<img class="lazy-load related-resource-img fg-res-data-img-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=IEABCPIA&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/IEABCPIA"
target="_blank" title="Balance on primary income"><strong
class="fg-res-data-ttl-lnk-gtm">Balance on primary income</strong></a>
</div>
</div> <div class="col-12 col-md-6 col-lg-3 related-resource gx-0 trending-series-item">
<a href="/series/MRTSMPCSM44X72USS" tabindex="-1" target="_blank" title="Retail Sales: Retail Trade and Food Services">
<img class="lazy-load related-resource-img fg-res-data-img-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=MRTSMPCSM44X72USS&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/MRTSMPCSM44X72USS"
target="_blank" title="Retail Sales: Retail Trade and Food Services"><strong
class="fg-res-data-ttl-lnk-gtm">Retail Sales: Retail Trade and Food Services</strong></a>
</div>
</div> <div id="moreTrendingSeries" class="row collapse">
<div class="col-12 col-md-6 col-lg-3 related-resource gx-0 more-trending-series-item">
<a href="/series/WSHONBIIL" tabindex="-1" target="_blank" title="Assets: Securities Held Outright: U.S. Treasury Securities: Notes and Bonds, Inflation-Indexed: Wednesday Level">
<img class="lazy-load related-resource-img fg-res-data-img-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=WSHONBIIL&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/WSHONBIIL"
target="_blank" title="Assets: Securities Held Outright: U.S. Treasury Securities: Notes and Bonds, Inflation-Indexed: Wednesday Level"><strong
class="fg-res-data-ttl-lnk-gtm">Assets: Securities Held Outright: U.S. Treasury Securities: Notes and Bonds, Inflation-Indexed: Wednesday Level</strong></a>
</div>
</div> <div class="col-12 col-md-6 col-lg-3 related-resource gx-0 more-trending-series-item">
<a href="/series/MARTSMPCSM44X72USS" tabindex="-1" target="_blank" title="Advance Retail Sales: Retail Trade and Food Services">
<img class="lazy-load related-resource-img fg-res-data-img-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=MARTSMPCSM44X72USS&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/MARTSMPCSM44X72USS"
target="_blank" title="Advance Retail Sales: Retail Trade and Food Services"><strong
class="fg-res-data-ttl-lnk-gtm">Advance Retail Sales: Retail Trade and Food Services</strong></a>
</div>
</div> <div class="col-12 col-md-6 col-lg-3 related-resource gx-0 more-trending-series-item">
<a href="/series/IIPUSNETIA" tabindex="-1" target="_blank" title="U.S. Net International Investment Position">
<img class="lazy-load related-resource-img fg-res-data-img-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=IIPUSNETIA&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/IIPUSNETIA"
target="_blank" title="U.S. Net International Investment Position"><strong
class="fg-res-data-ttl-lnk-gtm">U.S. Net International Investment Position</strong></a>
</div>
</div> <div class="col-12 col-md-6 col-lg-3 related-resource gx-0 more-trending-series-item">
<a href="/series/WSHOBL" tabindex="-1" target="_blank" title="Assets: Securities Held Outright: U.S. Treasury Securities: Bills: Wednesday Level">
<img class="lazy-load related-resource-img fg-res-data-img-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=WSHOBL&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/WSHOBL"
target="_blank" title="Assets: Securities Held Outright: U.S. Treasury Securities: Bills: Wednesday Level"><strong
class="fg-res-data-ttl-lnk-gtm">Assets: Securities Held Outright: U.S. Treasury Securities: Bills: Wednesday Level</strong></a>
</div>
</div> </div>
<div class="text-center">
<a class="fw-bold see-more-content" data-bs-toggle="collapse" href="#moreTrendingSeries" role="button" aria-expanded="false" aria-controls="moreTrendingSeries" aria-label="click to see more">
See More...
</a>
<hr>
</div>
</div>
<h3 class="my-3 fred-series-h3">Content Suggestions</h3>
<div id="related-resource-container" class="row">
<div class="col-12 col-md-6 col-lg-3 related-resource gx-0">
<a href=" https://fredblog.stlouisfed.org/2015/09/federal-funds-rate-target-vs-reality/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog
" tabindex="-1" target="_blank" title="Federal funds rate: target vs. reality">
<img class="lazy-load related-resource-img fg-res-img-lnk-gtm" src="/images/loading.svg"
data-src=" https://fred.stlouisfed.org/graph/fredgraph.png?g=1RLI&nsh=1&width=600&height=400&trc=1
">
</a>
<div class="related-resource-source">
FRED Blog
</div>
<div class="related-resource-title">
<a href=" https://fredblog.stlouisfed.org/2015/09/federal-funds-rate-target-vs-reality/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog
" target="_blank" title="Federal funds rate: target vs. reality">
<strong class="fg-res-ttl-lnk-gtm">Federal funds rate: target vs. reality</strong>
</a>
</div>
</div>
<div class="col-12 col-md-6 col-lg-3 related-resource gx-0">
<a href=" https://fredblog.stlouisfed.org/2015/09/the-many-faces-of-the-federal-funds-rate/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog
" tabindex="-1" target="_blank" title="The many faces of the federal funds rate">
<img class="lazy-load related-resource-img fg-res-img-lnk-gtm" src="/images/loading.svg"
data-src=" https://fred.stlouisfed.org/graph/fredgraph.png?g=1Sju&nsh=1&width=600&height=400&trc=1
">
</a>
<div class="related-resource-source">
FRED Blog
</div>
<div class="related-resource-title">
<a href=" https://fredblog.stlouisfed.org/2015/09/the-many-faces-of-the-federal-funds-rate/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog
" target="_blank" title="The many faces of the federal funds rate">
<strong class="fg-res-ttl-lnk-gtm">The many faces of the federal funds rate</strong>
</a>
</div>
</div>
<div class="col-12 col-md-6 col-lg-3 related-resource gx-0">
<a href=" https://fredblog.stlouisfed.org/2020/04/unexpected-changes-to-the-benchmark-u-s-interest-rate/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog
" tabindex="-1" target="_blank" title="Unexpected changes to the benchmark U.S. interest rate">
<img class="lazy-load related-resource-img fg-res-img-lnk-gtm" src="/images/loading.svg"
data-src=" https://fred.stlouisfed.org/graph/fredgraph.png?g=qk2X&nsh=1&width=600&height=400&trc=1
">
</a>
<div class="related-resource-source">
FRED Blog
</div>
<div class="related-resource-title">
<a href=" https://fredblog.stlouisfed.org/2020/04/unexpected-changes-to-the-benchmark-u-s-interest-rate/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog
" target="_blank" title="Unexpected changes to the benchmark U.S. interest rate">
<strong class="fg-res-ttl-lnk-gtm">Unexpected changes to the benchmark U.S. interest rate</strong>
</a>
</div>
</div>
<div class="col-12 col-md-6 col-lg-3 related-resource gx-0">
<a href="https://alfred.stlouisfed.org/series?seid=DFEDTAR&utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=alfred"
tabindex="-1" target="_blank" title="Federal Funds Target Rate (DISCONTINUED)">
<img class="lazy-load related-resource-img fg-alfred-lnk-gtm" src="/images/loading.svg"
data-src="https://alfred.stlouisfed.org/graph/alfredgraph.png?mode=alfred&nsh=1&type=image/png&chart_type=column&width=600&height=400&id=DFEDTAR&vintage_date=2008-12-15&cosd=1982-09-27&coed=2008-12-15&key=d948d8e7cd91ac0e771c10cbf944a163">
</a>
<div class="related-resource-source">
ALFRED Vintage Series
</div>
<div class="related-resource-title">
<a href="https://alfred.stlouisfed.org/series?seid=DFEDTAR&utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=alfred"
target="_blank" title="Federal Funds Target Rate (DISCONTINUED)"><strong
class="fg-alfred-lnk-gtm">Federal Funds Target Rate (DISCONTINUED)</strong></a>
</div>
</div>
<div id="moreContentSuggestions" class="row collapse">
<div class="col-12 col-md-6 col-lg-3 related-resource gx-0">
<a href="/series/FEDFUNDS" tabindex="-1" target="_blank" title="Federal Funds Effective Rate">
<img class="lazy-load related-resource-img fg-ser-lnk-gtm" src="/images/loading.svg"
data-src="https://fred.stlouisfed.org/graph/fredgraph.png?id=FEDFUNDS&nsh=1&width=600&height=400">
</a>
<div class="related-resource-source">
</div>
<div class="related-resource-title">
<a href="/series/FEDFUNDS"
target="_blank" title="Federal Funds Effective Rate"><strong
class="fg-ser-lnk-gtm">Federal Funds Effective Rate</strong></a>
</div>
</div>
</div>
<div class="text-center">
<a class="fw-bold see-more-content" data-bs-toggle="collapse" href="#moreContentSuggestions" role="button" aria-expanded="false" aria-controls="moreContentSuggestions" aria-label="click to see more">
See More...
</a>
<hr>
</div>
</div>
<h3 class="my-3 fred-series-h3">Related Categories</h3>
<div class="series-tag-cloud">
<a class="series-tag fg-related-category-link-gtm" href="/categories/118"
target="_blank">FRB Rates - discount, fed funds, primary credit</a>
<a class="series-tag fg-related-category-link-gtm" href="/categories/22"
target="_blank">Interest Rates</a>
<a class="series-tag fg-related-category-link-gtm" href="/categories/32991"
target="_blank">Money, Banking, & Finance</a>
<div class="clearfix"></div>
</div>
<h3 class="my-3 fred-series-h3">Releases</h3>
<div class="series-tag-cloud">
<a class="series-tag fg-related-release-link-gtm" href="/release?rid=101" target="_blank">More
Series from FOMC Press Release</a>
<div class="clearfix"></div>
</div>
<h3 class="my-3 fred-series-h3">Tags</h3>
<div class="series-tag-cloud">
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=fomc" target="_blank">
Federal Open Markets Committee
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=federal" target="_blank">
Federal
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=discontinued" target="_blank">
Discontinued
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=interest%20rate" target="_blank">
Interest Rate
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=frb%20stl" target="_blank">
St. Louis Fed
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=interest" target="_blank">
Interest
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=daily" target="_blank">
Daily
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=frb" target="_blank">
Board of Governors
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=rate" target="_blank">
Rate
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=nation" target="_blank">
Nation
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=public%20domain%3A%20citation%20requested" target="_blank">
Public Domain: Citation Requested
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=usa" target="_blank">
United States of America
</a>
<a class="series-tag fg-tag-lnk-gtm" href="/tags/series?t=nsa" target="_blank">
Not Seasonally Adjusted
</a>
</div>
<div class="clearfix"></div>
</div><!-- /panel-body -->
</div><!-- /panel -->
</div><!-- /relatedcontent -->
</div>
</div>
<div class="modal fade" id="permalink-modal">
<div class="modal-dialog" style="max-width: 600px">
<div class="modal-content">
<div class="modal-header modal-header-blue">
<h5 id="permalink-modal-header" tabindex="0" aria-label="Share link" aria-describedby="modal-descriptor" role="presentation" style='margin:0'>Permalink/Embed</h5>
<p id="modal-descriptor" class="offscreen"> modal open, choose link customization options </p>
<button id="btn-close" type="button" class="btn-close btn-close-white hover-focus" onclick="focusShareLinks()" data-bs-dismiss="modal" aria-label="close"></button>
</div>
<div class="modal-body">
<p id="modal-heading" class="">Select automatic updates to the data or a static time frame. All data are subject to revision.</p>
<!-- /Share Radio -->
<div class="col-12" id="graph-radios">
<div class="radio graph-link-container form-check" id="graph-link-update-container">
<input aria-labelledby="graph-link-update" aria-describedby="modal-heading" id="graph-link-update-radio" class="graph-link-update-radio fg-chart-embed-share-always-latest-gtm" type="radio">
<label class="form-check-label">
<div id="graph-link-update"></div>
</label>
</div>
<div class="radio graph-link-container form-check" id="graph-link-range-container">
<input aria-labelledby="graph-link-range" aria-describedby="modal-heading" id="graph-link-range-radio" class="graph-link-range-radio fg-chart-embed-share-range-gtm" type="radio">
<label class="form-check-label">
<div id="graph-link-range"></div>
</label>
</div>
<div class="radio graph-link-container form-check" id="graph-link-static-container">
<input aria-labelledby="graph-link-static" aria-describedby="modal-heading" id="graph-link-static-radio" class="fg-chart-embed-share-static-date-gtm graph-link-static-radio" type="radio">
<label class="form-check-label">
<div id="graph-link-static"></div>
</label>
</div>
</div>
<div class="float-start col-12 embed-input-container">
<div class="embed-code-container input-group input-group-sm padding-btm20">
<input type="text" id="embed-code" aria-label="embed link URL" class="readonly form-control fg-share-embed-gtm fg-share-gtm fg-download-share-gtm fg-share-link-gtm hover-focus" readonly="readonly" value="">
<span tabindex="0" id="copy-embed-code" aria-label="copy URL" data-clipboard-target="#embed-code" class="btn btn-default fg-share-gtm input-group-btn input-group-text copy-to-clipboard fg-download-share-gtm fg-share-link-gtm hover-focus">
<i class="far fa-copy fg-download-share-gtm fg-share-link-gtm" data-original-title="" title=""></i>
</span>
</div>
<a href="#" id="collapse-embed-responsive" class="embed-code-container collapse-embed-responsive hide">
Make it responsive
</a>
<div id="embed-container-responsive" class="embed-container-responsive input-group input-group-sm hidden padding-top20 padding-btm20">
<input type="text" id="embed-code-responsive" aria-label="responsive embed link URL" class="readonly form-control fg-download-share-gtm fg-share-link-gtm hover-focus" readonly>
<span id="copy-embed-code-responsive" aria-label="copy URL" tabindex="0" data-clipboard-target="#embed-code-responsive" class="btn btn-default btn-response fg-share-gtm float-start input-group-btn input-group-text copy-to-clipboard fg-download-share-gtm fg-share-link-gtm hover-focus">
<i class="far fa-copy fg-download-share-gtm fg-share-link-gtm" data-original-title="" title=""></i>
</span>
</div>
<a id="fredhelp-embed" href="https://fredhelp.stlouisfed.org/fred/graphs/share-my-fred-graph/how-to-embedding-fred-graphs/" target="_blank" class="embed-code-container">
See FRED Help for usage instructions
</a>
<div class="page-permalink-container input-group input-group-sm" style="display:none">
<input type="text" id="link-code" aria-label="link URL" class="form-control fg-download-share-gtm fg-share-link-gtm fg-share-gtm" value="" readonly="readonly" />
<span tabindex="0" aria-label="copy URL" id="copy-link-code" data-clipboard-target="#link-code" class="btn btn-default fg-share-gtm input-group-text copy-to-clipboard fg-download-share-gtm fg-share-link-gtm">
<i class="far fa-copy fg-download-share-gtm fg-share-link-gtm" data-original-title="" title=""></i>
</span>
</div>
<div class="image-permalink-container input-group input-group-sm" style="display:none">
<input type="text" id="image-code" aria-label="image link URL" class="readonly form-control fg-share-image-gtm fg-share-gtm fg-download-share-gtm fg-share-link-gtm hover-focus" value="" readonly="readonly">
<span tabindex="0" id="copy-image-code" aria-label="copy URL" data-clipboard-target="#image-code" class="btn btn-default fg-share-gtm input-group-text input-group-btn copy-to-clipboard fg-download-share-gtm fg-share-link-gtm hover-focus">
<i class="far fa-copy fg-download-share-gtm fg-share-link-gtm" data-original-title="" title=""></i>
</span>
</div>
</div>
<br />
</div>
<div class="modal-footer">
<button id="share-copy" type="button" class="btn btn-blue" onclick="focusShareLinks()" data-bs-dismiss="modal">Copy Share Link</button>
</div>
</div>
</div>
</div>
<script>
function focusShareLinks(){
setTimeout(()=>{
$('#share-links-btn').focus();
}, 1000
)
}
</script>
<!-- -->
<!-- <button disabled id="filter-button" class="hidden drawer-dropdown-trigger filter-tags-btn btn sticky-bottom btn-block btn-default dropdown-is-active">-->
<!-- <div class="filter-button-inner">-->
<!-- <i class="fa fa-filter" style="padding-right:5px;"></i>Filter-->
<!-- <span class="badge badge-primary subpage-badge-primary">0</span>-->
<!-- </div>-->
<!-- </button>-->
<!-- -->
</div>
</div>
<link href=/css/1789406834.footer.min.css rel="stylesheet" media="all">
<script></script>
<br class="clear">
</div>
<div class="hidden-print d-lg-none icon-container sticky-bottom btt-ct col-12">
<a id="back-to-top" class="back-to-top" href="#top">
<i aria-hidden="true" class="fas fa-solid fa-chevron-up" title="Back to Top"></i>
<span class="fa-sr-only">Back to Top</span></a>
</div>
<button disabled id="filter-button" class="hidden drawer-dropdown-trigger filter-tags-btn btn sticky-bottom btn-block btn-default dropdown-is-active">
<div class="filter-button-inner">
<i class="fa fa-filter" style="padding-right:5px;"></i>Filter
<span class="badge badge-primary subpage-badge-primary">0</span>
</div>
</button>
<div class="footer2 hidden-print row EL-footer2">
<div class="container d-md-flex">
<div class="col-md-6 col-lg-5 col-12">
<div class="col-12">
<h3 class="col-12">Subscribe to the FRED newsletter</h3>
<form id="subscribe-div" class="form-horizontal form-control newsletter-form">
<div class="col-12">
<div class="input-group">
<input id="subscribe-email-input" type="text" name="email" placeholder="Email"
class="form-control email" aria-label="email">
<button id="subscribe-email-btn" type="button"
class="btn subscribe-newsletter-btn-gtm">
Subscribe</button>
</div>
</div>
</form>
</div>
<div class="col-12">
<h3 class="col-12">Follow us</h3>
<div id="follow-icons" class="col-12">
<span id="li-container" class="icon-container">
<a href="http://bit.ly/d056zL">
<i aria-hidden="true" class="fab fa-brands fa-linkedin-in" title="Linked In"></i>
<span class="fa-sr-only">Saint Louis Fed linkedin page</span></a></span>
<span id="fb-container" class="icon-container">
<a href="https://www.facebook.com/stlfed">
<i aria-hidden="true" class="fab fa-brands fa-facebook-f" title="Facebook"></i>
<span class="fa-sr-only">Saint Louis Fed facebook page</span></a></span>
<span id="x-container" class="icon-container">
<a href="http://bit.ly/9ngC3L">
<i aria-hidden="true" class="fab fa-brands fa-x-twitter" title="X (formerly Twitter)"></i>
<span class="fa-sr-only">Saint Louis Fed X page</span></a></span>
<span id="yt-container" class="icon-container">
<a href="http://bit.ly/aY9TVF">
<i aria-hidden="true" class="fab fa-brands fa-youtube" title="YouTube"></i>
<span class="fa-sr-only">Saint Louis Fed YouTube page</span></a></span>
</div>
</div>
</div>
<div class="col-md-1 col-lg-2 d-none d-md-block"> </div>
<div class="col-md-4 col-lg-3 col-7 need-help">
<h3 class="col-12">Need Help?</h3>
<div class="col-12">
<div class="footer-link">
<a class="footer-questions-gtm q-and-a-link-gtm" href="//fred.stlouisfed.org/contactus/">
Questions or Comments</a></div>
<div class="footer-link">
<a class="footer-fredhelp-gtm" href="//fredhelp.stlouisfed.org/">FRED Help</a></div>
</div>
<hr class="col-12">
<div class="col-12">
<div class="footer-link">
<a href="//fred.stlouisfed.org/legal/">Legal</a></div>
<div class="footer-link">
<a href="https://www.stlouisfed.org/about-us/privacy-policy/online-notice">Privacy Notice & Policy</a></div>
</div>
</div>
<div class="col-md-1 col-lg-2 d-none d-md-block"> </div>
</div>
</div>
<script>
// function to parse cookies, and return the value
function getCookie(name) {
var cookies = document.cookie.split(';');
for (var i in cookies) {
var cookie = cookies[i].trim().split('=');
if (cookie[0] == name) {
return cookie[1];
}
}
return null;
}
// certain pages in FRED set a custom tag variable
// this gets sent to Google Analytics so we can see what tags people are using
if (window.tags) {
dataLayer.push({ 'tags': tags });
}
// if the user is logged in, send the value of the liruid cookie to Google Analytics
var researchLiruid = getCookie('research-liruid');
dataLayer.push({ 'userId': researchLiruid });
</script>
<script src="//fred.stlouisfed.org/assets/jquery/dist/1789406818.jquery.min.js" type="text/javascript"></script>
<script src="//fred.stlouisfed.org/assets/popperjs/dist/umd/1789406820.popper.min.js"></script>
<script src="//fred.stlouisfed.org/assets/bootstrap/dist/js/1789406819.bootstrap.min.js"></script>
<script src="//fred.stlouisfed.org/assets/select2/dist/js/1789406817.select2.full.min.js"></script>
<script>
// force expire the .fred.stlouisfed.org _ga cookie
document.cookie = document.cookie + '_ga=;domain=.fred.stlouisfed.org;expires=Sat, 01-Jan-2000 00:00:00 GMT';
</script>
<script defer src="//fred.stlouisfed.org/assets/jquery-menu-aim/1789406833.jquery.menu-aim.min.js"></script>
<script src="//fred.stlouisfed.org/js/1789406833.common.min.js"></script>
<script src="//fred.stlouisfed.org/js/1789406833.508.min.js"></script>
<script>
var appConfig = {
uapi_host: 'https://fred.stlouisfed.org/uapi',
research_host: 'https://www.stlouisfed.org/research',
fred_host: 'https://fred.stlouisfed.org',
alfred_host: 'https://alfred.stlouisfed.org',
gsi_client_id: '115290014367-vpb89b600koe9kn0njeeq38c1unfr3gk.apps.googleusercontent.com',
fred_account_host: 'https://fredaccount.stlouisfed.org',
};
var domain_suffix = (window.location.hostname.split(".")[0].split("-")[1] || '');
appConfig.logged_in = getCookie('research-lirua' + (domain_suffix ? '-' + domain_suffix : '')) !== null && getCookie('research-lirua' + (domain_suffix ? '-' + domain_suffix : '')) !== undefined;
var getAuth = function (callback) {
if (typeof callback === 'function') {
callback();
}
return;
};
window.getAuth = getAuth;
</script>
<script>
<!--suppress back to top before scroll-->
window.onscroll = function(){
backTop = $("#back-to-top");
window.pageYOffset >= 205 ? backTop.css('display', 'block') : backTop.css('display', 'none');
}
</script>
<script src="//fred.stlouisfed.org/assets/dompurify/dist/1789406819.purify.min.js"></script>
<script defer src="//fred.stlouisfed.org/js/1789406718.banner.js"></script>
<script src="//accounts.google.com/gsi/client" async defer></script>
<script src="//fred.stlouisfed.org/assets/stlrch-fred/fred-account-react/dist/1789406816.main.dist.js"></script>
<script src="//fred.stlouisfed.org/assets/stlrch-fred/fred-account-react/dist/1789406816.vendor.dist.js"></script>
<script type="text/javascript">
// update mobile footer filter bar active filter count to content.tagsDrawers tags-number
$('.filter-button-inner .badge').text($('.tags-number').text());
</script>
<link href=/css/1789406834.contact.min.css rel="stylesheet" media="(min-width: 767px)">
<script></script>
<script>
var websiteCfg = {"research_host" : "", "fred_host" : "fred.stlouisfed.org", "alfred_host" : "alfred.stlouisfed.org"};
</script>
<script src=/assets/bootstrap-datepicker/dist/1789406819.bootstrap-datepicker.min.js></script>
<script defer src=/assets/clipboard.js/dist/1789406819.clipboard.min.js></script>
<script src=/assets/coloris/dist/1789406718.coloris.min.js></script>
<link rel="stylesheet" type="text/css" href=/assets/coloris/dist/1789406718.coloris.min.css>
<script type="text/javascript">
Coloris({
el: '.coloris',
closeButton: true,
clearButton: true,
wrap: true,
swatches: [
'#023e8a',
'#2a9d8f',
'#e9c46a',
'#f4a261',
'#e76f51',
'#d62828'
]
});
document.addEventListener('wrap', function() {
Coloris.wrap('.coloris');
}, false);
</script>
<script src=/assets/stlrch-fred/fred-graph-react/1789406816.bottomextra.min.js></script>
<script type="text/javascript">
let today = new Date().toLocaleString("en-US", {timeZone: "America/Chicago", month:'long', day:'numeric', year:'numeric'});
$(".cit-date").html(today);
</script>
<head>
<link href=/assets/stlrch-fred/fred-graph-react/1789406816.fred-graph-react.css rel="stylesheet">
</head>
<script src=/assets/stlrch-fred/fred-graph-react/1789406816.fred-graph-react.umd.js></script>
<script type="text/javascript" src="/HW5Caa5B17cx4ni0s9RI2qePkeY/OiOukVJLJwVwQhhibO/QC9EKwE/Nj00J1Ef/Jzw"></script></body>
</html>