View data of the Effective Federal Funds Rate, or the interest rate depository institutions charge each other for overnight loans of funds.

View data of the Effective Federal Funds Rate, or the interest rate depository institutions charge each other for overnight loans of funds.

This series represents upper limit of the federal funds target range established by the Federal Open Market Committee. The data updated each day is the data effective as of that day.

Source ID: FL634090005.Q For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx). With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx). In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FL634090005&t=) provided by the source.

The retail money funds component of M2 is constructed from weekly data collected by the Investment Company Institute (ICI), a trade association for the investment company industry. The retail money funds component of M2 excludes IRA and Keogh balances held at MMMFs, which are reported by ICI on a quarterly basis.

Series is calculated as the spread between 10-Year Treasury Constant Maturity (BC_10YEAR) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

This series represents lower limit of the federal funds target range established by the Federal Open Market Committee. The data updated each day is the data effective as of that day.

The projections for the federal funds rate are the value of the midpoint of the projected appropriate target range for the federal funds rate or the projected appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run. Each participant's projections are based on his or her assessment of appropriate monetary policy. The range for each variable in a given year includes all participants' projections, from lowest to highest, for that variable in the given year. This series represents the median value of the range forecast established by the Federal Open Market Committee. For each period, the median is the middle projection when the projections are arranged from lowest to highest. When the number of projections is even, the median is the average of the two middle projections. Digitized originals of this release can be found at https://fraser.stlouisfed.org/publication/?pid=677.

OECD Descriptor ID: CCUSSP01 OECD unit ID: XDR OECD country ID: SDR All OECD data should be cited as follows: OECD, "Main Economic Indicators - complete database", Main Economic Indicators (database), https://dx.doi.org/10.1787/data-00052-en (Accessed on date) Copyright, 2016, OECD. Reprinted with permission

Data for the period prior to 1994 come from the working paper "A New Federal Funds Rate Target Series: September 27, 1982 - December 31, 1993" (Thornton, Federal Reserve Bank of St. Louis, 2005, http://research.stlouisfed.org/wp/2005/2005-032.pdf). Due to an error in the paper values from April 2, 1986 - April 20, 1986 were adjusted manually to 7.3125%. Data from 1994 to the present are derived from FOMC meeting transcripts and FOMC meeting statements, http://www.federalreserve.gov/fomc/. Effective December 16, 2008, target rate is reported as a range. Current data at https://fred.stlouisfed.org/series/DFEDTARU and https://fred.stlouisfed.org/series/DFEDTARL

The federal funds market consists of domestic unsecured borrowings in U.S. dollars by depository institutions from other depository institutions and certain other entities, primarily government-sponsored enterprises. The effective federal funds rate (EFFR) is calculated as a volume-weighted median of overnight federal funds transactions reported in the FR 2420 Report of Selected Money Market Rates. For more information, see https://www.newyorkfed.org/markets/obfrinfo

Exchange Traded Funds (ETFs) are shares of trusts that hold portfolios of stocks designed to closely track the price performance and yield of specific indices. Copyright, 2016, Chicago Board Options Exchange, Inc. Reprinted with permission.

Exchange Traded Funds (ETFs) are shares of trusts that hold portfolios of stocks designed to closely track the price performance and yield of specific indices. Copyright, 2016, Chicago Board Options Exchange, Inc. Reprinted with permission.

Series is calculated as the spread between 3-Month Treasury Bill: Secondary Market Rate (ROUND_B1_CLOSE_13WK_2M)) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFRM). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between 5-Year Treasury Constant Maturity (BC_5YEAR) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Source ID: FA634090005.Q For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx). With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx). In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FA634090005&t=) provided by the source.

Source ID: FL632051103.Q For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx). With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx). In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FL632051103&t=) provided by the source.

Series is calculated as the spread between 1-Year Treasury Constant Maturity (BC_1YEAR) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/DFF). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Source ID: FL072052006.Q For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx). With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx). In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FL072052006&t=) provided by the source.

Series is calculated as the spread between 3-Month AA Financial Commercial Paper (RIFSPPFAAD90NB) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/DFF). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between Moody's Seasoned Baa Corporate Bond© (https://fred.stlouisfed.org/series/DBAA) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). ©2017, Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "Moody's"). All rights reserved. Moody's ratings and other information ("Moody's Information") are proprietary to Moody's and/or its licensors and are protected by copyright and other intellectual property laws. Moody's Information is licensed to Client by Moody's. MOODY'S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

The longer-run projections are the rates of growth, inflation, unemployment, and federal funds rate to which a policymaker expects the economy to converge over time in the absence of further shocks and under appropriate monetary policy. Because appropriate monetary policy, by definition, is aimed at achieving the Federal Reserve's dual mandate of maximum employment and price stability in the longer run, policymakers' longer-run projections for economic growth and unemployment may be interpreted, respectively, as estimates of the economy's longer-run potential growth rate and the longer-run normal rate of unemployment; similarly, the longer-run projection of inflation is the rate of inflation which the FOMC judges to be most consistent with its dual mandate in the longer-term. The projections for the federal funds rate are the value of the midpoint of the projected appropriate target range for the federal funds rate or the projected appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run. Each participant's projections are based on his or her assessment of appropriate monetary policy. The range for each variable in a given year includes all participants' projections, from lowest to highest, for that variable in the given year. This series represents the median value of the range forecast established by the Federal Open Market Committee. For each period, the median is the middle projection when the projections are arranged from lowest to highest. When the number of projections is even, the median is the average of the two middle projections. Digitized originals of this release can be found at https://fraser.stlouisfed.org/publication/?pid=677.

Series is calculated as the spread between Moody's Seasoned Aaa Corporate Bond© (https://fred.stlouisfed.org/series/DAAA) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/DFF). ©2017, Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "Moody's"). All rights reserved. Moody's ratings and other information ("Moody's Information") are proprietary to Moody's and/or its licensors and are protected by copyright and other intellectual property laws. Moody's Information is licensed to Client by Moody's. MOODY'S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Series is calculated as the spread between 3-Month Treasury Constant Maturity (BC_3MONTH) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

High value of the federal funds rate published in The Wall Street Journal as recorded by the authors. For some, but not all periods, the source identifies the data as an “offered” rate. For additional details, see Sriya Anbil, Mark Carlson, Christopher Hanes, and David C. Wheelock. “A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954.” ( https://research.stlouisfed.org/publications/review/2021/01/14/a-new-daily-federal-funds-rate-series-and-history-of-the-federal-funds-market-1928-54) Federal Reserve Bank of St. Louis Review, First Quarter 2021, 103(1), pp. 45-70.

The federal funds market consists of domestic unsecured borrowings in U.S. dollars by depository institutions from other depository institutions and certain other entities, primarily government-sponsored enterprises. The effective federal funds rate (EFFR) is calculated as a volume-weighted median of overnight federal funds transactions reported in the FR 2420 Report of Selected Money Market Rates. For more information, see https://www.newyorkfed.org/markets/obfrinfo

The projections for the federal funds rate are the value of the midpoint of the projected appropriate target range for the federal funds rate or the projected appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run. Each participant's projections are based on his or her assessment of appropriate monetary policy.he range for each variable in a given year includes all participants' projections, from lowest to highest, for that variable in the given year. This series represents the low value of the range forecast established by the Federal Open Market Committee. Digitized originals of this release can be found at https://fraser.stlouisfed.org/publication/?pid=677.

The overnight bank funding rate is calculated using federal funds transactions and certain Eurodollar transactions. The federal funds market consists of domestic unsecured borrowings in U.S. dollars by depository institutions from other depository institutions and certain other entities, primarily government-sponsored enterprises, while the Eurodollar market consists of unsecured U.S. dollar deposits held at banks or bank branches outside of the United States. U.S.-based banks can also take Eurodollar deposits domestically through international banking facilities (IBFs). The overnight bank funding rate (OBFR) is calculated as a volume-weighted median of overnight federal funds transactions and Eurodollar transactions reported in the FR 2420 Report of Selected Money Market Rates. Volume-weighted median is the rate associated with transactions at the 50th percentile of transaction volume. Specifically, the volume-weighted median rate is calculated by ordering the transactions from lowest to highest rate, taking the cumulative sum of volumes of these transactions, and identifying the rate associated with the trades at the 50th percentile of dollar volume. The published rates are the volume-weighted median transacted rate, rounded to the nearest basis point. For more information, see https://www.newyorkfed.org/markets/obfrinfo

The projections for the federal funds rate are the value of the midpoint of the projected appropriate target range for the federal funds rate or the projected appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run. Each participant's projections are based on his or her assessment of appropriate monetary policy. The range for each variable in a given year includes all participants' projections, from lowest to highest, for that variable in the given year. This series represents the midpoint of the range forecast's high and low values established by the Federal Open Market Committee. Digitized originals of this release can be found at https://fraser.stlouisfed.org/publication/?pid=677.

Series is calculated as the spread between 6-Month Treasury Constant Maturity (BC_6MONTH) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/EFFR). Starting with the update on June 21, 2019, the Treasury bond data used in calculating interest rate spreads is obtained directly from the U.S. Treasury Department (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield).

Source ID: FL623069503.Q For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx). With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx). In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FL623069503&t=) provided by the source.

Source ID: FL594090005.Q For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx). With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx). In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FL594090005&t=) provided by the source.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Exchange Traded Funds (ETFs) are shares of trusts that hold portfolios of stocks designed to closely track the price performance and yield of specific indices. Copyright, 2016, Chicago Board Options Exchange, Inc. Reprinted with permission.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

This series covers commercial real estate price indices. Currently, there is limited international experience in constructing representative real estate price indices as real estate markets are heterogeneous, both within and across countries, and illiquid. A rapid increase in real estate prices, followed by a sharp economic downturn, can have a detrimental effect on financial sector soundness by affecting credit quality and the value of collateral. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Series is calculated as the spread between 6-Month Treasury Bill: Secondary Market Rate (https://fred.stlouisfed.org/series/TB6MS) and Effective Federal Funds Rate (https://fred.stlouisfed.org/series/FEDFUNDS).

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

For further information, please refer to the Board of Governors of the Federal Reserve System's Senior Loan Officer Opinion Survey on Bank Lending Practices release, online at http://www.federalreserve.gov/boarddocs/SnLoanSurvey/.

The projections for the federal funds rate are the value of the midpoint of the projected appropriate target range for the federal funds rate or the projected appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run. Each participant's projections are based on his or her assessment of appropriate monetary policy. The range for each variable in a given year includes all participants' projections, from lowest to highest, for that variable in the given year; the central tendencies exclude the three highest and three lowest projections for each year. This series represents the midpoint of the central tendency forecast's high and low values established by the Federal Open Market Committee. Digitized originals of this release can be found at https://fraser.stlouisfed.org/publication/?pid=677.

View the ratio of debt incurred by resident households of the U.S. economy as a percentage of economic output.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Notes regarding this series can be found in International Financial Statistics Yearbooks produced by the International Monetary Fund (IMF). We have requested these publications from the IMF. Notes on this series will populate once they become available. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available from the IMF (http://www.imf.org/external/terms.htm).

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

Value represents the benchmark prices which are representative of the global market. They are determined by the largest exporter of a given commodity. Prices are period averages in nominal U.S. dollars. Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.