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Historical Changes of the Target Federal Funds and Discount Rates
1971 to present
 
   
 
 
date
Discount Rate
Federal Funds Rate
  
change
New Level*
Change
New Level
Primary1
Secondary2
 
2010
          
 
Feb 19
+.25
0.75
1.25
 
    
 
2008
          
 
Dec 16
-.75
0.50
1.00
-1 to -.75 
0.00 - 0.25 
  
 
Oct 29
-.50
1.25
1.75
-.50 
1.00 
  
 
Oct 8
-.50
1.75
2.25
-.50 
1.50 
  
 
Apr 30
-.25
2.25
2.75
-.25 
2.00 
  
 
Mar 18
-.75
2.50
3.00
-.75 
2.25 
  
 
Mar 16
-.25
3.25
3.75
 
 
  
 
Jan 30
-.50
3.50
4.00
-.50 
3.00 
  
 
Jan 22
-.75
4.00
4.50
-.75 
3.50 
  
 
2007
          
 
Dec 11
-.25
4.75
5.25
-.25 
4.25 
  
 
Oct 31
-.25
5.00
5.50
-.25 
4.50 
  
 
Sep 18
-.50
5.25
5.75
-.50 
4.75 
  
 
Aug 17
-.50
5.75
6.25
 
 
  
 
2006
          
 
Jun 29
+.25
6.25
6.75
+.25
5.25
  
 
May 10
+.25
6.00
6.50
+.25
5.00
  
 
Mar 28
+.25
5.75
6.25
+.25
4.75
  
 
Jan 31
+.25
5.50
6.00
+.25
4.50
  
 
2005
          
 
Dec 13
+.25
5.25
5.75
+.25
4.25
  
 
Nov 1
+.25
5.00
5.50
+.25
4.00
  
 
Sep 20
+.25
4.75
5.25
+.25
3.75
  
 
Aug 9
+.25
4.50
5.00
+.25
3.50
  
 
Jun 30
+.25
4.25
4.75
+.25
3.25
  
 
May 3
+.25
4.00
4.50
+.25
3.00
  
 
Mar 22
+.25
3.75
4.25
+.25
2.75
  
 
Feb 2
+.25
3.50
4.00
+.25
2.50
  
 
2004
          
 
Dec 14
+.25
3.25
3.75
+.25
2.25
  
 
Nov 10
+.25
3.00
3.50
+.25
2.00
  
 
Sep 21
+.25
2.75
3.25
+.25
1.75
  
 
Aug 10
+.25
2.50
3.00
+.25
1.50
  
 
Jun 30
+.25
2.25
2.75
+.25
1.25
  
 
2003
          
 
Jun 25
-.25
2.00
2.50
-.25
1.00
  
 
Jan 09
  
2.25
2.75
      
 
*On Jan 9, 2003, this file began to track the primary and secondary credit rate.
 
 
date
Discount Rate
Federal Funds Rate
  
change
New Level
Change
New Level/
Range
 
2002
          
 
Nov 6
-1/2
3/4
-1/2
1 1/4
  
 
2001
          
 
Dec 11
-1/4
1 1/4
-1/4
1 3/4
  
 
Nov 6
-1/2
1 1/2
-1/2
2
 
 
Oct 2
-1/2
2
-1/2
2 1/2
 
 
Sep 17
-1/2
2 1/2
-1/2
3
 
 
Aug 21
-1/4
3
-1/4
3 1/2
 
 
Jun 27
-1/4
3 1/4
-1/4
3 3/4
 
 
May 15
-1/2
3 1/2
-1/2
4
 
 
Apr 18
-1/2
4
-1/2
4 1/2
 
 
Mar 20
-1/2
4 1/2
-1/2
5
 
 
Jan 31
-1/2
5
-1/2
5 1/2
 
 
Jan 4
-1/4
5 1/2
    
 
 
Jan 3
-1/4
5 3/4
-1/2
6
 
 
2000
          
 
May 19
+1/2
6
    
 
 
May 16
    
+1/2
6 1/2
 
 
Mar 21
+1/4
5 1/2
+1/4
6
 
 
Feb 2
+1/4
5 1/4
+1/4
5 3/4
 
 
1999
 
 
    
 
 
Nov 16
+1/4
5
+1/4
5 1/2
 
 
Aug 24
+1/4
4 3/4
+1/4
5 1/4
 
 
Jun 30
    
+1/4
5
 
 
1998
 
 
    
 
 
Nov 17
-1/4
4 1/2
-1/4
4 3/4
 
 
Oct 15
-1/4
4 3/4
-1/4
5
 
 
Sep 29
    
-1/4
5 1/4
 
 
1997
          
 
Mar 25
    
+1/4
5 1/2
  
 
1996
          
 
Jan 31
-1/4
5
-1/4
5 1/4
  
 
1995
          
 
Dec 19
    
-1/4
5 1/2
  
 
Jul 6
    
-1/4
5 3/4
  
 
Feb 1
+1/2
5 1/4
+1/2
6
  
 
1994
          
 
Nov 15
+3/4
4 3/4
+3/4
5 1/2
 
 
Aug 16
+1/2
4
+1/2
4 3/4
 
 
May 17
+1/2
3
+1/2
4 1/4
 
 
Apr 18
    
+1/4
3 3/4
 
 
Mar 22
    
+1/4
3 1/2
 
 
Feb 4
    
+1/4
3 1/4
 
 
1993
          
 
No changes
 
 
    
 
 
1992
          
 
Sep 4
 
 
-1/4
3
 
 
Jul 2
-1/2
3
-1/2
3 1/4
 
 
Apr 9
 
 
-1/4
3 3/4
 
 
1991
          
 
Dec 20
-1
3 1/2
-1/2
4
 
 
Dec 6
-1/2
6
-1/4
4 1/2
 
 
Nov 6
-1/2
4 1/2
-1/4
4 3/4
 
 
Oct 31
    
-1/4
5
 
 
Sep 13
-1/2
5
-1/4
5 1/4
 
 
Aug 6
    
-1/4
5 1/2
 
 
Apr 30
-1/2
5 1/2
-1/4
5 3/4
 
 
Mar 8
    
-1/4
6
 
 
Feb 1
-1/2
6
-1/2
6 1/4
 
 
Jan 9
    
-1/4
6 3/4
 
 
1990
          
 
Dec 18
 
 
-1/4
7
 
 
Dec 18-19
-1/2
6 1/2
    
 
 
Dec 7
 
 
-1/4
7 1/4
 
 
Nov 13
 
 
-1/4
7 1/2
 
 
Oct 29
    
-1/4
7 3/4
 
 
Jul 13
 
 
-1/4
8
 
 
1989
          
 
early Jul to mid Dec
 
 
gradual decrease
8 1/4
 
 
early Jun
 
 
-1/4 to 1/8
9 1/2 to 9 5/8
 
 
Feb 24
+1/2
7
+1/4 to 1/8
9 3/4
 
 
Feb 23
 
 
+1/4
9 1/2 to 9 5/8
 
 
early Jan to early Feb
 
 
gradual increase
9 1/4 to 9 3/8
 
 
1988
          
 
early Dec
 
 
+1/4 to 3/8
8 5/8 to 9 3/4
 
 
mid Nov
 
 
+3/8 to 1/8
8 3/8
 
 
Aug 9
+1/2
6 1/2
+1/4 to 1/2
8 to 8 1/4
 
 
Aug 5
 
 
+1/8 to 0
7 3/4
 
 
mid Jul
    
+1/8 to 1/4
7 5/8 to 7 3/4
 
 
late Mar to late Jun
 
 
gradual increase
7 1/2
 
 
late Jan to early Feb
 
 
gradual decrease
6 1/2
 
 
1987
          
 
in the weeks after Oct 19
 
 
-1/2 to 3/8
6 3/4 to 6 7/8
 
 
Sep 4
+1/2
6
+1/2 to 1/4
7 1/4
 
 
Sep 3
    
+0 to 1/4
6 3/4 to 7
 
 
late Apr to mid May
 
 
gradual increase
6 3/4
 
 
1986
          
 
late Dec
    
+1/8
6
 
 
Aug 21
    
-3/8 to 1/2
5 7/8
 
 
Aug 20-21
-1/2
5 1/2
    
 
 
mid Aug
 
 
-1/8 to 0
6 1/4 to 6 3/8
 
 
Jul 11
    
-1/2
6 3/8
 
 
Jul 10-11
-1/2
6
    
 
 
mid Jun
 
 
+1/8 to 0
6 7/8
 
 
late May
    
+0 to 1/8
6 3/4 to 6 7/8
 
 
Apr 18-21
-1/2
6 1/2
-1/2
6 3/4
 
 
Mar 7
-1/2
7
-1/2
7 1/4
 
 
1985
          
 
Dec 18
 
 
-1/4
7 3/4
 
 
Sep 6
 
 
+1/4 to 0
8
 
 
late Jul to late Aug
 
 
gradual increase
7 3/4 to 8
 
 
mid Jul
    
-1/8 to 0
7 5/8 to 7 3/4
 
 
May 20
 
 
-1/2
7 3/4
 
 
May 17-20
-1/2
7 1/2
    
 
 
mid Apr
 
 
-1/4
8 1/4
 
 
late Mar to early Apr
 
 
gradual decrease
8 1/2
 
 
mid Feb to mid Mar
 
 
gradual increase
9
 
 
1984
          
 
Dec 21-24
-1/2
8
-1/2
8 1/4
 
 
early Dec
 
 
-1/4
8 3/4
 
 
Nov 22
    
-1/2
9
 
 
Nov 21
-1/2
8 1/2
    
 
 
early Nov
 
 
-1/2
9 1/2
 
 
early Sep to mid Oct
 
 
gradual decrease
10
 
 
late Jul to late Aug
 
 
gradual increase
11 1/2 to 11 3/4
 
 
late Jun
    
+1/2
11
 
 
Apr 6-9
+1/2
9
+1/2 to 0
10 1/2
 
 
Mar 29
 
 
+1/4 to 1/2
10 to 10 1/2
 
 
early to late Mar
    
gradual increase
9 3/4 to 10
 
 
1983
          
 
late Aug to early Oct
 
 
gradual decrease
9 1/4 to 9 1/2
 
 
late May to mid Aug
    
gradual increase
9 1/2 to 9 5/8
 
 
1982
          
 
Dec 13-15
-1/2
8 1/2
-1/2
8 1/2
 
 
Nov 22
 
 
-1/2
9
 
 
Nov 19-22
-1/2
9
    
 
 
Oct 12
 
 
-1/2
9 1/2
 
 
Oct 8-12
-1/2
9 1/2
    
 
 
early Sep
 
 
+1/2
10
 
 
Aug 27
    
-1/2 to 1
9 1/2
 
 
Aug 26-27
-1/2
10
    
 
 
Aug 16
    
-1
10 to 10 1/2
 
 
Aug 13-16
-1/2
10 1/2
    
 
 
Aug 2
 
 
-1/2
11 to 11 1/2
 
 
Jul 30 to Aug 2
-1/2
11
    
 
 
Jul 20
 
 
-1
11 1/2 to 12
 
 
Jul 19-20
-1/2
11 1/2
    
 
 
mid Apr to mid Jul
 
 
gradual decrease
13
 
 
early Jan to mid Apr
    
gradual increase
15
 
 
1981
          
 
Dec 4
 
 
-1
12
 
 
Dec 3-4
-1
12
    
 
 
mid to late Nov
    
gradual decrease
13
 
 
Nov 2
 
 
-1 1/2
13 to 14
 
 
Oct 30 to Nov 2
-1
13
    
 
 
mid Jun to mid Oct
 
 
gradual decrease
18 to 20
 
 
late May
    
gradual increase
20
 
 
May 8
 
 
raised to
18 to 20
 
 
May 4-5
+1
14
    
 
 
late Jan to mid Apr
    
gradual decrease
16
 
 
early to mid Jan
 
 
raised towards
19 to 20
 
 
1980
          
 
Dec 29
 
 
-2
17 to 18
 
 
Dec
    
+2
19 to 20
 
 
Dec 4-5
+1
13
    
 
 
Nov 26
 
 
+2 to 3
17 to 18
 
 
Nov 14-17
+1
12
    
 
 
Nov 7
    
+1 1/2 to 1 1/4
15
 
 
mid Oct to early Nov
 
 
gradual increase
13 1/2 to 13 3/4
 
 
early Oct
    
+1/4 to 0
12
 
 
Sep 25-26
+1
11
+3/4 to 1
11 3/4 to 12
 
 
mid Sep
 
 
+1
11
 
 
Aug 7
 
 
+1 1/2 to 1/2
10
 
 
Jul 25-28
-1
10
    
 
 
Jun 12-13
-1
11
    
 
 
Jun 5
 
 
-1 to 1 1/4
8 1/2 to 9 1/2
 
 
May 28-30
-1
12
    
 
 
May 22
    
-1 to 3/4
9 1/2 to 3/4
 
 
Apr to mid May
 
 
gradual decrease
10 to 1/2 to 11 1/2
 
 
late Feb to late Mar
    
gradual decrease
20
 
 
Feb 15
+1
13
+1/2 to 1
14 1/2 to 15
 
 
early to late Jan
 
 
gradual increase
14
 
 
1979
          
 
Nov to Dec
 
 
gradual decrease
12 to 14
 
 
late Oct
    
+2 1/2
15 1/2
 
 
Oct 8
 
 
+1 1/2
13
 
 
Oct6-8
+1
12
    
 
 
Sep 19
    
+1/8
11/12
 
 
Sep 18-19
+1/2
11
    
 
 
Aug 31
 
 
+1/8
11 3/8
 
 
late Aug
    
+1/4
11/14
 
 
Aug 16-17
+1/2
10 1/2
    
 
 
Aug 15
    
+3/8
11
 
 
Jul 27
 
 
+1/8
10 5/8
 
 
Jul 20
+1/2
10
+1/4
10 1/2
 
 
late Apr
 
 
+1/4
10 1/4
 
 
1978
          
 
Dec 20
    
+1/8
10
 
 
mid Nov
 
 
+3/8 to 1/8
9 7/8
 
 
Nov 1
+1
9 1/2
    
 
 
days prior to May 1
 
 
+1/2 to 3/4
9 1/2 to 9 3/4
 
 
Oct 18
 
 
+1/4
9
 
 
Oct 13-16
+1/2
8 1/2
    
 
 
Sep 29
 
 
+1/8
8 3/4
 
 
Sep 22
+1/4
8
+1/8
8 5/8
 
 
Sep 20
    
+1/8
8 1/2
 
 
Sep
 
 
+1/8
8 3/8
 
 
Aug 25
 
 
+1/4 to 1/8
8 1/4
 
 
Aug 18-21
+1/2
7 3/4
+0 to 1/8
8 to 8 1/8
 
 
Aug 16
 
 
+1/8
8
 
 
Jul 19
 
 
+1/8
7 7/8
 
 
Jun 30 to Jul 3
+1/4
7 1/4
    
 
 
Jun 21
    
+1/4
7 3/4
 
 
May 17
 
 
+1/4
7 1/2
 
 
May 11
+1/2
7
    
 
 
Apr 27
 
 
+1/2
7 1/4
 
 
Apr 26
 
 
+1/8
7 1/8
 
 
Apr 19
    
+1/4
7
 
 
Jan 9
 
 
+1/4
6 3/4
 
 
Jan 6-9
+1/2
6 1/2
    
 
 
1977
          
 
Oct 25-26
+1/4
6
    
 
 
mid Oct
    
+1/4
6 1/2
 
 
Sep 20
 
 
+1/8
6 1/4
 
 
mid Sep
  
 
+1/8
6 1/8
 
 
Aug 29-31
+1/2 
5 3/4
    
 
 
mid Aug
    
+1/8
6
 
 
1976
          
 
early Dec to early Aug '77
 
 
gradual increase
5 7/8
 
 
Nov 26
    
-1/8
4 3/4
 
 
Nov 19-22
-1/4
5 1/4
-1/8
4 7/8
 
 
mid Oct
 
 
-1/8
5
 
 
Jul to early Oct
 
 
gradual decrease
5 1/8
 
 
May
 
 
gradual increase
5 1/2
 
 
Apr 21
    
+1/8
4 7/8
 
 
Jan 16-19
-1/2
5 1/2
    
 
 
Jan 12
 
 
-1/8
4 3/4
 
 
1975
          
 
Oct to early Jan '76
    
gradual decrease
4 7/8
 
 
mid Jun to mid Sep
 
 
gradual increase
6 1/4 to 6 1/2
 
 
early Jun
 
 
+1/4 to 0
5 1/4
 
 
May 15-16
-1/4
6
    
 
 
early May
    
-1/4 to 0
5 to 5 1/4
 
 
late Apr
 
 
-1/4
5 1/4
 
 
May 21
 
 
-1/4
5 1/2
 
 
Mar 7-10
-1/2
6 1/4
-1/4
5 3/4
 
 
late Feb
 
 
-1/4
6
 
 
Feb
 
 
-1/4
6 1/4
 
 
Feb 4-5
-1/2
6 3/4
    
 
 
days prior to Feb 4
    
-1/4 to 1/2
6 1/2
 
 
mid Jan
 
 
gradual decrease
6 3/4 to 7
 
 
Jan 10
 
 
-1/4
7 1/4
 
 
Jan 3-10
-1/2
7 1/4
-1/2
7 1/2
 
 
1974
          
 
late Dec
 
 
-1/4
8
 
 
mid to late Dec
 
 
gradual decrease
8 1/4
 
 
Dec 9
    
-1/4 to 0
8 3/4 to 9
 
 
Dec 6-9
-1/4
7 3/4
-0 to 1/4
9
 
 
late Nov
 
 
-1/4 to 0
9 to 9 1/4
 
 
late Jul to late Nov
 
 
gradual decrease
9 1/4
 
 
late May to mid Jul
 
 
gradual increase
13
 
 
Apr 25
    
+1/2 to 1/4
11
 
 
Apr 24-25
+1/2
8
    
 
 
days prior to Apr 24
 
 
+1/2 to 3/4
10 1/2 to 10 3/4
 
 
Mar to mid Apr
 
 
gradual increase
10
 
 
1973
          
 
Sep to Feb '74
 
 
gradual decrease
9
 
 
late Aug
    
+1/2
11
 
 
Aug 13-14
+1/2
7 1/2
    
 
 
late Jul
 
 
+1/2 to 1/4
10 1/2
 
 
mid Jul
 
 
gradual increase
10 to 10 1/4
 
 
Jul 6
    
+1/4
9 1/2
 
 
Jun 29 to Jul 2
+1/2
7
+3/4
9 1/4
 
 
jUN 8-11
+1/2
6 1/2
+1/4
8 1/2
 
 
late May
 
 
+3/8
8 1/4
 
 
May 18
    
+3/8
7 7/8
 
 
May 10-11
+1/4
6
+1/4 to 0
7 1/2
 
 
May 4
    
+0 to 1/4
7 1/4 to 7 1/2
 
 
Apr 20 to May 4
+1/4
5 3/4
+1/4
7 1/4
 
 
late Mar
 
 
+1/4 to 0
7
 
 
mid Mar
    
+0 to 1/4
6 3/4 to 7
 
 
early Mar
    
+1/8 to 0
6 3/4
 
 
Feb 22-23
+1/2
5 1/2
+1/8 to 1/4
6 5/8 to 6 3/4
 
 
mid Feb
 
 
+1/8
6 1/2
 
 
late Jan
 
 
gradual increase
6 3/8
 
 
Jan 19
    
+1/4 to 1/8
6
 
 
Jan 12-15
+1/2
5
+0 to 1/8
5 3/4 to 5 7/8
 
 
early Jan
 
 
+1/4 to 0
5 3/4
 
 
1972
          
 
Mar to late Dec
 
 
gradual increase
5 1/2 to 5 3/4
 
 
1971
          
 
days prior to Nov 10
    
-0 to 1/8
5
  
 
Sep to Oct
 
 
gradual decrease
5 to 5 1/8
 
 
mid Aug
 
 
+1/2 to 1/4
5 1/2 to 5 3/4
 
 
Jul 15-16
+1/4
5
+0 to 1/4
5 to 5 1/2
 
 
early Jul
 
 
-0 to 1/4
5 to 5 1/4
 
 
Mar to early Jul
 
 
gradual increase
5 to 5 1/2
 
 
Feb 19
    
-1/4
3 1/2
 
 
Feb 12-19
-1/4
4 3/4
    
 
 
early Feb
 
 
-1/4
3 3/4
 
 
late Jan
 
 
-1/4
4
 
 
Jan 18-22
-1/4
5
    
 
 
Jan 12
 
 
-1/4
4 1/4
 
 
Jan 8
 
 
-1/4
4 1/2
 
 
Jan 7
-1/4
5 1/4
    
 
 
 
 
 

 
 
 
 
 
 
 
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