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The effective federal funds rate over time, through December 2023. This is a list of historical rate actions by the United States Federal Open Market Committee (FOMC). The FOMC controls the supply of credit to banks and the sale of treasury securities. The Federal Open Market Committee meets every two months during the fiscal year.
The move means officials have now slashed the Fed’s key benchmark interest rate — the federal funds rate — a full percentage point, bringing the new target rate down to 4.25-4.5 percent.
Mortgage and refinance rates for Dec. 27, 2024: Average rates for 30-year benchmark hover at 7.00% after post–Fed cut spike Kelly Suzan Waggoner Updated December 27, 2024 at 6:44 AM
The Fed lowered the federal funds rate — the interest rate banks charge each other for short-term loans — to a range of 4.25% to 4.5%, down from its previous target range of 4.5% to 4.75%.
After the Fed's three rate cuts in 2024, many online banks lowered their rates. For example, Wealthfront dropped its APY from 4.25% to 4.00%, while SoFi reduced its savings yield from 4.00% to 3.80%.
The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarter-point just twice in 2025, down from their estimate in September of four rate cuts.
At the conclusion of its eighth and final rate-setting policy meeting of the year on December 18, 2024, the Federal Reserve announced it was lowering the federal funds target interest rate by 25 ...
Thursday’s Fed rate cut reduced its benchmark rate to about 4.6%, down from a four-decade high of 5.3%. The Fed had kept its rate that high for more than a year to fight the worst inflation ...