United States interest rate
Federal Reserve
- Policy rate
- 3.75%–4.00%
- Sep 22, 2026
- Last move
- +0.25 pt
- Sep 22, 2026
- Inflation
- 3.4%
- Aug 2026
- 10-year bond yield
- 4.68%
- Aug 2026
The policy rate set by the Federal Reserve is 3.75%–4.00% as of Sep 22, 2026. Its most recent move: it raised its target range to 3.75%–4.00% (Sep 22, 2026). The rate is 0.25 percentage points lower than a year earlier. With consumer prices up 3.4% over the 12 months to Aug 2026, the real rate (policy rate minus inflation) is +0.5%: borrowing costs are above inflation.
Policy rate over the past two years
Sep 22, 2026: 3.875%
The chart shows the midpoint of the Federal Reserve's 0.25-point target range.
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Sep 22, 2026 | Hike | 3.50%–3.75% | 3.75%–4.00% | +0.25 pt |
| Dec 2025 | Cut | 3.75%–4.00% | 3.50%–3.75% | −0.25 pt |
| Oct 2025 | Cut | 4.00%–4.25% | 3.75%–4.00% | −0.25 pt |
| Sep 2025 | Cut | 4.25%–4.50% | 4.00%–4.25% | −0.25 pt |
| Dec 2024 | Cut | 4.50%–4.75% | 4.25%–4.50% | −0.25 pt |
| Nov 2024 | Cut | 4.75%–5.00% | 4.50%–4.75% | −0.25 pt |
| Sep 2024 | Cut | 5.25%–5.50% | 4.75%–5.00% | −0.50 pt |
Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Aug 2026: 3.4%
10-year government bond yield
Aug 2026: 4.68%
Other central banks in North America
Source: BIS; inflation: IMF CPI; bond yield: OECD. Updated daily. All central bank rates · United States economy dashboard