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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.
Meeting date. Rate change. Target. January 9, 1991: Conference call-25 basis points. 6.75 percent. February 1, 1991: Conference call-50 basis points. 6.25 percent
The target rate remained at 5.25% for over a year, until the Federal Reserve began lowering rates in September 2007. The last cycle of easing monetary policy through the rate was conducted from September 2007 to December 2008 as the target rate fell from 5.25% to a range of 0.00–0.25%.
The prime rate reported by the Federal Reserve is the prime rate quoted by a majority of the nation’s 25 largest banks. The prime rate published by The Wall Street Journal is the base rate on ...
The Fed made substantial open-market purchases in 1924 and 1927. In 1928, as it became more apparent that a stock market bubble was forming, the Federal Reserve increased discount rates, sold securities, and set guidelines prohibiting banks that made stock market loans from borrowing from the Fed.
The Fed cut its federal funds rate — the interest rate banks charge each other for short-term loans — by 0.25 percentage points, lowered the rate to a range of 4.25% to 4.5%, down from its ...
The Fed’s rate cuts have done nothing to bring down historically high mortgage rates. The national average rate on a 30-year fixed mortgage has been stuck above 7 percent for most of January ...
The Fed wrapped up 2024 with three rate cuts in total. The central bank started with a bigger half-point cut in September, then made smaller quarter-point cuts in both November and December.