US FED H.15 Effective Federal Funds Interest Rate
US FED H.15 Effective Federal Funds Interest Rate stood at 3.88% on Oct 15, 2026, according to FRED (Federal Reserve Bank of St. Louis). It is one of the indicators in the FED interest rates table (Value · Daily), with a complete series running from Jul 1, 1954 to Oct 15, 2026. The complete series with an interactive chart, free to download.
This indicator in the FED interest rates table
| Indicator | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 11-10-2026 | 10-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Effective federal funds interest rate (H.15, from 1954) | 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 (EFFR) | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | 3.88 | ||||
| Secured overnight financing interest rate (SOFR) | 3.89 | 3.88 | 3.89 | 3.87 | 3.87 | 3.88 | 3.9 |
Understanding US FED H.15 Effective Federal Funds Interest Rate
The policy interest rate in the United States tracks the effective federal funds rate, representing the benchmark rate for unsecured overnight reserve loans executed in the market, as published by the Federal Reserve. The values reflect actual completed transactions rather than policy targets. Compared with the current effective federal funds rate series, the notable features are its long historical span and its ability to traverse changes in methodology, transaction sources, or presentation conventions; consequently, the two series may describe the same concept but are not always direct substitutes for one another.
For long-term analysis, it is necessary to examine data links and avoid treating the entire history as calculated using an invariant methodology. For short-term movements, one should compare the previous day and place the data alongside the prevailing target corridor; year-on-year comparisons do not remove much noise because overnight rates respond primarily to policy and liquidity rather than seasonality. Fluctuations around end-of-period dates may stem from balance sheet demand or reserve allocation, meaning a single sharp deviation is insufficient to prove that a trend has reversed.
Frequently asked questions
- Is this historical series a target interest rate?
- No. It represents the interest rate formed from actual overnight transactions.
- Why might it differ from the current EFFR series?
- The historical length introduces the possibility of changes in methodology, data scope, and splicing methods.
- Does a sharp single-day increase signal a policy shift?
- Not necessarily. Check the target corridor and observe subsequent days to separate liquidity fluctuations from policy changes.