Appearance
US Federal's Interest Rate History
| Meeting date | Rate change | Target |
|---|---|---|
| January 9, 1991: Conference call | -25 basis points | 6.75 percent |
| February 1, 1991: Conference call | -50 basis points | 6.25 percent |
| March 8, 1991: Unscheduled move | -25 basis points | 6 percent |
| April 30, 1991: Conference call | -25 basis points | 5.75 percent |
| Aug. 5, 1991: Conference call | -25 basis points | 5.5 percent |
| Sept. 13, 1991: Conference call | -25 basis points | 5.25 percent |
| Oct. 30, 1991: Conference call | -25 basis points | 5 percent |
| Nov. 5, 1991 | -25 basis points | 4.75 percent |
| Dec. 6, 1991 (After a Dec. 2, 1991, conference call) | -25 basis points | 4.5 percent |
| Dec. 20, 1991 (After Dec. 17, 2001, meeting) | -50 basis points | 4 percent |
| April 9, 1992: Unscheduled move | -25 basis points | 3.75 percent |
| June 30-July 1, 1992 | -50 basis points | 3.25 percent |
| Sept. 4, 1992: Unscheduled move | -25 basis points | 3 percent |
| Feb. 3-4, 1994 | +25 basis points | 3.25 percent |
| March 22, 1994 | +25 basis points | 3.5 percent |
| April 18, 1994: Emergency meeting | +25 basis points | 3.75 percent |
| May 17, 1994 | +50 basis points | 4.25 percent |
| Aug. 16, 1994 | +50 basis points | 4.75 percent |
| Nov. 15, 1994 | +75 basis points | 5.5 percent |
| Jan. 31-Feb. 1, 1995 | +50 basis points | 6 percent |
| July 5- 6, 1995 | -25 basis points | 5.75 percent |
| Dec. 19, 1995 | -25 basis points | 5.5 percent |
| Jan. 30-31, 1996 | -25 basis points | 5.25 percent |
| March 25, 1997 | +25 basis points | 5.5 percent |
| Sept. 29, 1998 | -25 basis points | 5.25 percent |
| Oct. 15, 1998: Emergency meeting | -25 basis points | 5 percent |
| Nov. 17, 1998 | -25 basis points | 4.75 percent |
| June 29-30, 1999 | +25 basis points | 5 percent |
| Aug. 24, 1999 | +25 basis points | 5.25 percent |
| Nov. 16, 1999 | +25 basis points | 5.5 percent |
| Feb. 1-2, 2000 | +25 basis points | 5.75 percent |
| March 21, 2000 | +25 basis points | 6 percent |
| May 16, 2000 | +50 basis points | 6.5 percent |
| Jan. 3, 2001: Emergency meeting | -50 basis points | 6 percent |
| Jan 30-31, 2001 | -50 basis points | 5.5 percent |
| March 20, 2001 | -50 basis points | 5 percent |
| April 18, 2001: Emergency meeting | -50 basis points | 4.5 percent |
| May 15, 2001 | -50 basis points | 4 percent |
| June 26-27, 2001 | -25 basis points | 3.75 percent |
| Aug. 21, 2001 | -25 basis points | 3.5 percent |
| September 17, 2001: Emergency meeting | -50 basis points | 3 percent |
| Oct. 2, 2001 | -50 basis points | 2.5 percent |
| Nov. 6, 2001 | -50 basis points | 2 percent |
| Dec. 11, 2001 | -25 basis points | 1.75 percent |
| Nov. 6, 2002 | -50 basis points | 1.25 percent |
| June 24-25, 2003 | -25 basis points | 1 percent |
| June 29-30, 2004 | +25 basis points | 1.25 percent |
| Aug. 10, 2004 | +25 basis points | 1.5 percent |
| Sept. 21, 2004 | +25 basis points | 1.75 percent |
| Nov. 10, 2004 | +25 basis points | 2 percent |
| Dec. 14, 2004 | +25 basis points | 2.25 percent |
| Feb. 1-2, 2005 | +25 basis points | 2.5 percent |
| March 22, 2005 | +25 basis point | 2.75 percent |
| May 3, 2005 | +25 basis points | 3 percent |
| June 29-30, 2005 | +25 basis points | 3.25 percent |
| Aug. 9, 2005 | +25 basis points | 3.5 percent |
| Sept. 20, 2005 | +25 basis points | 3.75 percent |
| Nov. 1, 2005 | +25 basis points | 4 percent |
| Dec. 13, 2005 | +25 basis points | 4.25 percent |
| Jan. 31, 2006 | +25 basis points | 4.5 percent |
| March 28, 2006 | +25 basis points | 4.75 percent |
| May 10, 2006 | +25 basis points | 5 percent |
| June 29, 2006 | +25 basis points | 5.25 percent |
| Sept. 18, 2007 | -50 basis points | 4.75 percent |
| Oct. 30-31, 2007 | -25 basis points | 4.5 percent |
| Dec. 11, 2007 | -25 basis points | 4.25 percent |
| Jan. 22, 2008: Emergency meeting | -75 basis points | 3.5 percent |
| Jan. 29-30, 2008 | -50 basis points | 3 percent |
| March 18, 2008 | -75 basis points | 2.25 percent |
| April 29-30, 2008 | -25 basis points | 2 percent |
| Oct 8, 2008: Emergency meeting | -50 basis points | 1.50 percent |
| Oct. 28-29, 2008 | -50 basis points | 1 percent |
| Dec. 15-16, 2008 | -100 to 75 basis points | 0-0.25 percent |
| Dec. 15-16, 2015 | +25 basis points | 0.25-0.5 percent |
| Dec. 13-14, 2016 | +25 basis points | 0.5-0.75 percent |
| March 14-15, 2017 | +25 basis points | 0.75-1 percent |
| June 13-14, 2017 | +25 basis points | 1-1.25 percent |
| Dec. 12-13, 2017 | +25 basis points | 1.25-1.5 percent |
| March 20-21, 2018 | +25 basis points | 1.5-1.75 percent |
| June 12-13, 2018 | +25 basis points | 1.75-2 percent |
| Sept. 25-26, 2018 | +25 basis points | 2-2.25 percent |
| Dec. 18-19, 2018 | +25 basis points | 2.25-2.5 percent |
| July 30-31, 2019 | -25 basis points | 2-2.25 percent |
| Sept. 17-18, 2019 | -25 basis points | 1.75-2 percent |
| Oct. 29-30, 2019 | -25 basis points | 1.5-1.75 percent |
| March 3, 2020: Emergency meeting | -50 basis points | 1-1.25 percent |
| March 14-15, 2020: Emergency meeting | -100 basis points | 0-0.25 percent |
| March 15-16, 2022 | +25 basis points | 0.25-0.5 percent |
| May 3-4, 2022 | +50 basis points | 0.75-1 percent |
| June 14-15, 2022 | +75 basis points | 1.50-1.75 percent |
| July 26-27, 2022 | +75 basis points | 2.25-2.5 percent |
| Sept. 20-21, 2022 | +75 basis points | 3-3.25 percent |
| Nov. 1-2, 2022 | +75 basis points | 3.75-4 percent |
| Dec. 13-14, 2022 | +50 basis points | 4.25-4.5 percent |
| Jan. 31-Feb. 1, 2023 | +25 basis points | 4.5-4.75 percent |
| March 21-22, 2023 | +25 basis points | 4.75-5 percent |
| May 2-3, 2023 | +25 basis points | 5-5.25 percent |
| July 25-26, 2023 | +25 basis points | 5.25-5.5 percent |
| Sept. 17-18, 2024 | -50 basis points | 4.75-5 percent |
| Nov. 6-7, 2024 | -25 basis points | 4.5-4.75 percent |
| Dec. 17-18, 2024 | -25 basis points | 4.25-4.5 percent |
Rate cuts and hikes periods
| Hike or Cut | Time Frame | Times | Rate Range |
|---|---|---|---|
| Cut | 1991.1.9 - 1992.9.4 (1 year and 8 months) | 13 | 7% -> 3% |
| Hike | 1994.2.3 - 1995.2.1 (1 year) | 7 | 3% -> 6% |
| Cut | 1995.7.5 - 1998.11.17 (3 years and 4 months) | 6 Cut 1 Hike | 6% -> 4.75% |
| Hike | 1999.6.29 - 2000.5.16 (11 months) | 6 | 4.75% -> 6.5% |
| Cut | 2001.1.3 - 2003.6.25 (2 years and 5 months) | 13 | 6.5% -> 1% |
| Hike | 2004.6.29 - 2006.6.29 (2 years) | 17 | 1% -> 5.25% |
| Cut | 2007.9.18 - 2008.12.16 (1 year and 3 months) | 10 | 5.25% -> 0.25% |
| Hike | 2015.12.15 - 2018.12.19 (3 years) | 9 | 0.25% -> 2.5% |
| Cut | 2019.7.30 - 2020.3.15 (8 months) | 5 | 2.25% -> 0.25% |
| Hike | 2022.3.15 - 2023.7.26 (1 year and 4 months) | 11 | 0.25% -> 5.5% |
| Cut | 2024.9.17 - ~ (4 months for now ) | 3 | 5.5% -> 4.5% |
The 2000s were the Fed’s most rhythmic period yet, with the Fed following clear cycles for both tightening and loosening rates.
To start the decade, the Fed slashed interest rates 13 times to a low of 1 percent — a range that might’ve been unthinkable for those who remembered rates in the ‘80s — after a stock market bubble in the technology sector burst, kickstarting a recession that was exacerbated by the 9/11 terrorist attacks.
The U.S. central bank then managed to hike interest rates 17 times between 2004 and 2006 — all of those increases in gradual, quarter-point moves — to a high of 5.25 percent.
That was until the financial crisis of 2008 happened and the ensuing Great Recession, which slammed the brakes on the economy. The Fed then did the unthinkable: It slashed interest rates by 100 basis points to near-zero. Chairman Ben Bernanke led the Fed during this period, which was, at the time, one of its most aggressive economic rescue efforts in Fed history.
Officials would ultimately end up leaving interest rates at rock-bottom until 2015, after which they only hiked interest rates by 25 basis points once per year. That is, until 2017, when the Fed hiked three times, and 2018, when they hiked four more times. The fed funds rate peaked at 2.25-2.5 percent.
Facing tepid inflation and moderating growth, the Fed also decided in 2019 to cut interest rates three times to give the economy a fresh boost.
The fed funds rate looked like it was about to settle there until the coronavirus pandemic came along, ushering back in another era of near-zero rates. The Fed slashed rates to zero across two emergency meetings within 13 days of each other as the gears of the economy came to a halt.
The Fed hiked interest rates by a quarter point in March 2022 for the first time since 2018, leaving interest rates at near-zero percent for two years to give the economy time to recover from the coronavirus pandemic.