US Effective federal funds interest rate Index
US Effective federal funds interest rate Index stood at 3.88% on Oct 9, 2026, according to San Francisco FED. It is one of the indicators in the News sentiment and implied interest rate table (Value · Daily), with a complete series running from Jun 4, 1976 to Oct 9, 2026. The complete series with an interactive chart, free to download.
This indicator in the News sentiment and implied interest rate table
| Indicator | 09-10-2026 | 02-10-2026 | 25-09-2026 | 18-09-2026 | 11-09-2026 | 04-09-2026 | 28-08-2026 | 21-08-2026 | 14-08-2026 | 07-08-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest rate (Weekly) | |||||||||||
| Real federal funds interest rate | 3.88 | 3.88 | 3.88 | 3.7 | 3.63 | 3.63 | 3.63 | 3.63 | 3.63 | 3.63 | |
| Implied policy interest rate | 5.11 | 5.14 | 5.12 | 5.03 | 4.67 | 4.59 | 4.49 | 4.39 | 4.46 | 4.52 |
Understanding US Effective federal funds interest rate Index
The United States Effective federal funds interest rate Index measures the actual volume-weighted average rate at which depository institutions lend balances overnight in the interbank market. It records actual execution prices of overnight transactions, excluding longer-term debt instruments, commercial paper yields, and retail consumer lending rates. This series differs from implied policy metrics and target corridors by reflecting the precise rate where market supply and demand for overnight liquidity equilibrate in practice.
Released on a regular schedule, the index is occasionally subject to minor revisions if late-reporting institution data necessitates a recalculation of the daily weighted average. Given its high-frequency nature, the series is best analyzed by observing structural trends and the stability of the rate relative to official policy bands over monthly horizons, rather than focusing on single-day anomalies. Day-to-day volatility often spikes around reserve maintenance settlement periods, quarter-ends, and heavy tax payment dates due to temporary liquidity pressures in the financial sector.