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Federal Funds Rate Range
The current benchmark interest rate maintained by the Federal Reserve.
Primary Sources
US Fed decision today: Interest rates likely on hold amid sticky ...
Sticky inflation, oil surge and Powell’s exit keep US monetary policy in wait-and-watch modeThe Federal Reserve is set to deliver its latest interest rate decision today, with expectations firmly anchored around a pause, but the real focus for markets will be on how policymakers interpret a rapidly evolving economic and geopolitical backdrop.The Federal Open Market Committee (FOMC) is widely expected to keep the benchmark federal funds rate unchanged in the 3.5-3.75 per cent range, marking a third straight meeting without a move. Financial markets have priced in near certainty of a hold, reflecting consensus that the Fed is not yet ready to pivot toward rate cuts.STORY CONTINUES BELOW THIS ADInflation: the Fed’s unresolved battleInflation remains the central constraint on the Fed’s policy flexibility. While price pressures had shown signs of easing earlier, recent data indicates that progress has stalled.Core inflation is still running close to 3 per cent, significantly above the Fed’s 2 per cent target. More importantly, rising energy prices, driven by ongoing geopolitical tensions and supply disruptions, are adding a fresh layer of uncertainty.More from BusinessCrude oil hovering near $100 per barrel and a renewed surge in gasoline prices are beginning to filter through the broader economy. Policymakers are increasingly wary that such shocks, if prolonged, could feed into inflation expectations and make disinflation even harder to achieve.This leaves the Fed in a difficult position: cutting rates too early risks reigniting inflation, while holding them high for too long could weigh on growth.Labour market: stable but slowingOn the employment front, the picture is equally nuanced.The labour market has cooled from its post-pandemic highs, with hiring slowing and wage growth moderating. However, unemployment remains relatively low, and layoffs have not surged, suggesting that the economy is not under immediate stress.This “soft landing” scenario, while broadly positive, complicates policymaking. The Fed lacks a clear signal that would justify easing policy. At the same time, the absence of strong labour market momentum limits the case for further tightening.The result is a cautious, wait-and-watch approach.Powell’s final meeting adds significanceToday’s meeting carries additional weight as it is likely to be the last chaired by Jerome Powell before his term ends in May. Powell’s tenure has been defined by navigating the pandemic shock, aggressive rate hikes...
Fed holds interest rates steady again in Powell's last meeting ... - CNN
Washington — The Federal Reserve on Wednesday kept interest rates unchanged for a third consecutive meeting, with some policymakers citing still-elevated energy prices due to the US-Israeli war with Iran. Fed officials kept the benchmark lending rate in a range of 3.5-3.75%, in what is expected to be Jerome Powell’s final meeting as chair before his term ends on May 15. Powell is set to address reporters at 2:30 p.m. ET to discuss the Fed’s latest decision, and possibly announce whether he plans to remain on the Fed’s board after his term as chair expires. He is serving a concurrent term as a Fed governor that runs through January 2028. Kevin Warsh, President Donald Trump’s nominee to succeed Powell, is widely expected to favor additional rate cuts this year, and he cleared a key hurdle in his confirmation process earlier Wednesday, putting him firmly on track to assume one of the most powerful positions in the global economy. His nomination is expected to advance to the broader Senate chamber for a final vote. But, while Warsh may favor lower rates, there currently isn’t a convincing economic argument for easier monetary policy anytime soon — a view that three key Fed voters telegraphed at this meeting. The decision to hold steady was nearly unanimous, with only Fed Governor Stephen Miran casting a dissenting vote in favor of lower rates than the majority wants for the sixth consecutive meeting. But Fed presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas “did not support inclusion of an easing bias in the statement at this time.” Their dissents underscore how difficult it will be for Warsh, if he’s confirmed, to persuade the majority of the Fed’s 12-person rate-setting committee to go along with lower rates. While the Fed chair wields considerable influence, controlling the agenda for every Fed meeting, they have only one vote in a committee that makes consensus-based decisions. This story is developing and will be updated.
Fed rate decision today: Will the Federal Reserve cut rates? All eyes ...
Fed rate decision today: All attention is on the Federal Reserve today as it prepares to announce its third interest rate decision of 2026, with markets, economists, and consumers all watching closely for any sign of a shift.
Federal Reserve Board - News & Events
G.5 - Foreign Exchange Rates H.15 - Selected Interest Rates H.8 - Assets and Liabilities of Commercial Banks in the U.S.
