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Line 1 - Federal government current expenditures: Interest payments/(Gross Domestic Product/4)*100
Line 1
(a) Federal government current expenditures: Interest payments, Billions of Dollars, Seasonally Adjusted Annual Rate (A091RC1Q027SBEA)
BEA Account Code: A091RC For more information about this series, please see http://www.bea.gov/national/.

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(b) Gross Domestic Product, Billions of Dollars, Seasonally Adjusted Annual Rate (GDP)
BEA Account Code: A191RC Gross domestic product (GDP), the featured measure of U.S. output, is the market value of the goods and services produced by labor and property located in the United States.For more information, see the Guide to the National Income and Product Accounts of the United States (NIPA) and the Bureau of Economic Analysis (http://www.bea.gov/national/pdf/nipaguid.pdf).

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    For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

    Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

    Finally, you can change the units of your new series.

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    Line 1 - Federal government current expenditures: Interest payments/(Gross Domestic Product/4)*100
    Line 2
    (a) Federal Funds Effective Rate, Percent, Not Seasonally Adjusted (FEDFUNDS)
    Daily Federal Funds Rate from 1928-1954 (https://fred.stlouisfed.org/categories/33951). The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. When a depository institution has surplus balances in its reserve account, it lends to other banks in need of larger balances. In simpler terms, a bank with excess cash, which is often referred to as liquidity, will lend to another bank that needs to quickly raise liquidity. (1) The rate that the borrowing institution pays to the lending institution is determined between the two banks; the weighted average rate for all of these types of negotiations is called the effective federal funds rate.(2) The effective federal funds rate is essentially determined by the market but is influenced by the Federal Reserve through open market operations to reach the federal funds rate target.(2) The Federal Open Market Committee (FOMC) meets eight times a year to determine the federal funds target rate. As previously stated, this rate influences the effective federal funds rate through open market operations or by buying and selling of government bonds (government debt).(2) More specifically, the Federal Reserve decreases liquidity by selling government bonds, thereby raising the federal funds rate because banks have less liquidity to trade with other banks. Similarly, the Federal Reserve can increase liquidity by buying government bonds, decreasing the federal funds rate because banks have excess liquidity for trade. Whether the Federal Reserve wants to buy or sell bonds depends on the state of the economy. If the FOMC believes the economy is growing too fast and inflation pressures are inconsistent with the dual mandate of the Federal Reserve, the Committee may set a higher federal funds rate target to temper economic activity. In the opposing scenario, the FOMC may set a lower federal funds rate target to spur greater economic activity. Therefore, the FOMC must observe the current state of the economy to determine the best course of monetary policy that will maximize economic growth while adhering to the dual mandate set forth by Congress. In making its monetary policy decisions, the FOMC considers a wealth of economic data, such as: trends in prices and wages, employment, consumer spending and income, business investments, and foreign exchange markets. The federal funds rate is the central interest rate in the U.S. financial market. It influences other interest rates such as the prime rate, which is the rate banks charge their customers with higher credit ratings. Additionally, the federal funds rate indirectly influences longer- term interest rates such as mortgages, loans, and savings, all of which are very important to consumer wealth and confidence.(2) References (1) Federal Reserve Bank of New York. "Federal funds." Fedpoints, August 2007. (2) Board of Governors of the Federal Reserve System. "Monetary Policy (https://www.federalreserve.gov/monetarypolicy.htm)". For questions on the data, please contact the data source (https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl=/releases/h15/%). For questions on FRED functionality, please contact us here (https://fred.stlouisfed.org/contactus/).</p>

    Select a date that will equal 100 for your custom index:
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    to

    Write a custom formula to transform one or more series or combine two or more series.

    You can begin by adding a series to combine with your existing series.

    Type keywords to search for data

      Now create a custom formula to combine or transform the series.

      For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

      Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

      Finally, you can change the units of your new series.

      Select a date that will equal 100 for your custom index:
          Enter date as YYYY-MM-DD

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      Line 1
      Federal government current expenditures: Interest payments/(Gross Domestic Product/4)*100
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      Line 2
      Federal Funds Effective Rate
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      Notes

      Federal government current expenditures: Interest payments  (A091RC1Q027SBEA)

      Source: U.S. Bureau of Economic Analysis  

      Release: Gross Domestic Product  

      Units:  Billions of Dollars, Seasonally Adjusted Annual Rate

      Frequency:  Quarterly

      Notes:

      BEA Account Code: A091RC

      For more information about this series, please see http://www.bea.gov/national/.

      Suggested Citation:

      U.S. Bureau of Economic Analysis, Federal government current expenditures: Interest payments [A091RC1Q027SBEA], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/A091RC1Q027SBEA, April 2, 2025.

      Gross Domestic Product  (GDP)

      Source: U.S. Bureau of Economic Analysis  

      Release: Gross Domestic Product  

      Units:  Billions of Dollars, Seasonally Adjusted Annual Rate

      Frequency:  Quarterly

      Notes:

      BEA Account Code: A191RC

      Gross domestic product (GDP), the featured measure of U.S. output, is the market value of the goods and services produced by labor and property located in the United States.For more information, see the Guide to the National Income and Product Accounts of the United States (NIPA) and the Bureau of Economic Analysis.

      Suggested Citation:

      U.S. Bureau of Economic Analysis, Gross Domestic Product [GDP], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/GDP, April 2, 2025.

      Federal Funds Effective Rate  (FEDFUNDS)

      Source: Board of Governors of the Federal Reserve System (US)  

      Release: H.15 Selected Interest Rates  

      Units:  Percent, Not Seasonally Adjusted

      Frequency:  Monthly

      Notes:

      Averages of daily figures.

      For additional historical federal funds rate data, please see Daily Federal Funds Rate from 1928-1954.

      The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. When a depository institution has surplus balances in its reserve account, it lends to other banks in need of larger balances. In simpler terms, a bank with excess cash, which is often referred to as liquidity, will lend to another bank that needs to quickly raise liquidity. (1) The rate that the borrowing institution pays to the lending institution is determined between the two banks; the weighted average rate for all of these types of negotiations is called the effective federal funds rate.(2) The effective federal funds rate is essentially determined by the market but is influenced by the Federal Reserve through open market operations to reach the federal funds rate target.(2)
      The Federal Open Market Committee (FOMC) meets eight times a year to determine the federal funds target rate. As previously stated, this rate influences the effective federal funds rate through open market operations or by buying and selling of government bonds (government debt).(2) More specifically, the Federal Reserve decreases liquidity by selling government bonds, thereby raising the federal funds rate because banks have less liquidity to trade with other banks. Similarly, the Federal Reserve can increase liquidity by buying government bonds, decreasing the federal funds rate because banks have excess liquidity for trade. Whether the Federal Reserve wants to buy or sell bonds depends on the state of the economy. If the FOMC believes the economy is growing too fast and inflation pressures are inconsistent with the dual mandate of the Federal Reserve, the Committee may set a higher federal funds rate target to temper economic activity. In the opposing scenario, the FOMC may set a lower federal funds rate target to spur greater economic activity. Therefore, the FOMC must observe the current state of the economy to determine the best course of monetary policy that will maximize economic growth while adhering to the dual mandate set forth by Congress. In making its monetary policy decisions, the FOMC considers a wealth of economic data, such as: trends in prices and wages, employment, consumer spending and income, business investments, and foreign exchange markets.
      The federal funds rate is the central interest rate in the U.S. financial market. It influences other interest rates such as the prime rate, which is the rate banks charge their customers with higher credit ratings. Additionally, the federal funds rate indirectly influences longer- term interest rates such as mortgages, loans, and savings, all of which are very important to consumer wealth and confidence.(2)
      References
      (1) Federal Reserve Bank of New York. "Federal funds." Fedpoints, August 2007.
      (2) Board of Governors of the Federal Reserve System. "Monetary Policy".

      For questions on the data, please contact the data source. For questions on FRED functionality, please contact us here.

      Suggested Citation:

      Board of Governors of the Federal Reserve System (US), Federal Funds Effective Rate [FEDFUNDS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/FEDFUNDS, April 2, 2025.

      Release Tables

      Gross Domestic Product
      H.15 Selected Interest Rates

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      Other Formats

      Federal government current expenditures: Interest payments

      Millions of Dollars, Quarterly, Not Seasonally Adjusted

      Gross Domestic Product

      Annual, Not Seasonally Adjusted Annual, Not Seasonally Adjusted Index 2017=100, Quarterly, Not Seasonally Adjusted Millions of Dollars, Quarterly, Not Seasonally Adjusted Percent Change from Preceding Period, Annual, Not Seasonally Adjusted Percent Change from Preceding Period, Quarterly, Seasonally Adjusted Annual Rate

      Federal Funds Effective Rate

      Annual, Not Seasonally Adjusted Biweekly, Not Seasonally Adjusted Daily, Not Seasonally Adjusted Daily, Not Seasonally Adjusted Weekly, Not Seasonally Adjusted

      Related Categories

      Gov't Receipts, Expenditures & Investment National Income & Product Accounts National Accounts GDP/GNP FRB Rates - discount, fed funds, primary credit Interest Rates Money, Banking, & Finance

      Releases

      More Series from Gross Domestic Product More Series from H.15 Selected Interest Rates

      Tags

      Payments Expenditures Federal Government National Income and Product Accounts Interest Bureau of Economic Analysis Gross Domestic Product Quarterly Seasonally Adjusted Nation Public Domain: Citation Requested United States of America H.15 Selected Interest Rates Interest Rate Board of Governors Rate Monthly Not Seasonally Adjusted

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