US Effective federal funds interest rate (EFFR)
US Effective federal funds interest rate (EFFR) stood at 3.88% on Oct 15, 2026, according to Office of Financial Research (Short-term Funding Monitor). It is one of the indicators in the Overnight interest rate distribution table (Value · Daily), with a complete series running from Mar 1, 2016 to Oct 15, 2026. The complete series with an interactive chart, free to download.
This indicator in the Overnight interest rate distribution table
| Indicator | 15-10-2026 | 14-10-2026 | 13-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | 02-10-2026 | 01-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Effective federal funds interest rate (EFFR)4 | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | |
| Effective federal funds interest rate - 1st percentile | 3.85 | 3.8 | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 | |
| Effective federal funds interest rate - 25th percentile | 3.87 | 3.87 | 3.88 | 3.87 | 3.87 | 3.87 | 3.87 | 3.87 | 3.87 | 3.87 |
Understanding US Effective federal funds interest rate (EFFR)
The US Effective federal funds interest rate measures the volume-weighted median of overnight federal funds transactions arranged through brokers. It captures unsecured borrowing between depository institutions, reflecting the marginal cost of wholesale short-term funding and the stance of monetary policy. Unlike broader market benchmarks, this series focuses exclusively on domestic unsecured lending in the federal funds market, deliberately excluding secured transactions and foreign-related institution borrowings that drive alternate funding metrics.
This indicator is published daily on each business day, covering activity from the prior business session without subsequent routine revisions. Analysts should evaluate the series by tracking its trajectory relative to central bank policy targets rather than applying month-on-month or year-on-year growth comparisons, which hold little analytical value for overnight rates. Seasonality is largely absent from the daily prints, though fluctuations regularly cluster around major tax payment dates, regulatory reporting periods, and systemic liquidity adjustments.