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EFFR today: Effective Federal Funds Rate

On , the Effective Federal Funds Rate (EFFR) was 3.88%, unchanged from the business day before; the FOMC's target range was 3.75% to 4.00%.

EFFR

3.88%

0 bp since the business day before

2 October 2026

Volume

$118 billion

2 October 2026

1st percentile

3.85%

Volume-weighted

99th percentile

3.89%

Volume-weighted

The Effective Federal Funds Rate measures the rate banks pay each other to borrow reserves overnight in the federal funds market. The New York Fed publishes it each business day for the business day before.

EFFR over the last 30 business days

All reference rates
EFFR each business day, newest first (%; volume in $ billion)
DayRate1st pct.25th pct.75th pct.99th pct.VolumeTarget range
3.88%3.85%3.87%3.88%3.89%1183.75% to 4.00%
3.88%3.85%3.87%3.88%3.89%1203.75% to 4.00%
3.88%3.86%3.88%3.89%3.92%833.75% to 4.00%
3.88%3.86%3.88%3.89%3.90%1113.75% to 4.00%
3.88%3.85%3.88%3.89%3.90%1103.75% to 4.00%
3.88%3.85%3.88%3.89%3.90%1123.75% to 4.00%
3.88%3.85%3.88%3.89%3.94%1053.75% to 4.00%
3.88%3.86%3.88%3.89%3.93%1013.75% to 4.00%
3.88%3.85%3.88%3.89%3.94%1033.75% to 4.00%
3.88%3.85%3.88%3.89%3.90%953.75% to 4.00%
Show 20 more rows
DayRate1st pct.25th pct.75th pct.99th pct.VolumeTarget range
3.88%3.85%3.88%3.89%3.90%963.75% to 4.00%
3.88%3.85%3.88%3.88%3.89%1003.75% to 4.00%
3.63%3.60%3.63%3.64%3.65%903.50% to 3.75%
3.63%3.60%3.62%3.63%3.64%1003.50% to 3.75%
3.63%3.60%3.62%3.63%3.64%913.50% to 3.75%
3.63%3.60%3.62%3.63%3.64%1053.50% to 3.75%
3.63%3.60%3.62%3.63%3.64%1083.50% to 3.75%
3.63%3.60%3.62%3.63%3.64%1103.50% to 3.75%
3.63%3.60%3.62%3.63%3.64%1073.50% to 3.75%
3.63%3.60%3.62%3.63%3.64%1033.50% to 3.75%
3.63%3.60%3.62%3.63%3.64%1093.50% to 3.75%
3.63%3.60%3.62%3.63%3.65%1143.50% to 3.75%
3.63%3.61%3.62%3.63%3.65%1143.50% to 3.75%
3.63%3.60%3.62%3.63%3.65%1053.50% to 3.75%
3.63%3.60%3.62%3.63%3.65%1233.50% to 3.75%
3.63%3.60%3.62%3.63%3.66%1113.50% to 3.75%
3.63%3.60%3.62%3.63%3.65%1123.50% to 3.75%
3.63%3.60%3.62%3.63%3.69%1093.50% to 3.75%
3.63%3.60%3.62%3.63%3.69%993.50% to 3.75%
3.63%3.60%3.62%3.63%3.69%963.50% to 3.75%

The table scrolls sideways; the first column stays in place.

EFFR at each month-end

EFFR, last business day of each month

%

EFFR, last business day of each month0.00%2.00%4.00%6.00%8.00%31 Jul 200030 Aug 201330 Sep 2026EFFR, last business day of each month0.00%2.00%4.00%6.00%8.00%31 Jul 200030 Aug 201330 Sep 2026

Source: Federal Reserve Bank of New York, Reference rates. Observed .

The numbers behind this chart
EFFR at each month-end, newest first (%)
Month-endRate
3.88%
3.63%
3.63%
3.63%
3.62%
3.64%
3.64%
3.64%
3.64%
3.64%
3.89%
3.86%
4.09%
4.33%
4.33%
4.33%
4.33%
4.33%
4.33%
4.33%
4.33%
4.33%
4.58%
4.83%
Show 291 more rows
Month-endRate
4.83%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.33%
5.08%
5.08%
4.83%
4.83%
4.57%
4.33%
4.33%
3.83%
3.08%
3.08%
2.33%
2.32%
1.58%
0.83%
0.33%
0.33%
0.08%
0.08%
0.07%
0.07%
0.07%
0.06%
0.06%
0.07%
0.08%
0.05%
0.05%
0.06%
0.07%
0.07%
0.09%
0.09%
0.09%
0.09%
0.09%
0.10%
0.08%
0.05%
0.05%
0.08%
1.58%
1.59%
1.55%
1.56%
1.58%
1.90%
2.13%
2.40%
2.40%
2.40%
2.45%
2.43%
2.40%
2.40%
2.40%
2.20%
2.20%
2.18%
1.91%
1.91%
1.91%
1.70%
1.69%
1.67%
1.35%
1.34%
1.33%
1.07%
1.07%
1.06%
1.07%
1.07%
1.06%
0.83%
0.83%
0.82%
0.57%
0.56%
0.55%
0.31%
0.31%
0.29%
0.30%
0.30%
0.30%
0.29%
0.30%
0.25%
0.29%
0.29%
0.20%
0.08%
0.07%
0.07%
0.08%
0.08%
0.08%
0.08%
0.08%
0.06%
0.06%
0.06%
0.06%
0.08%
0.07%
0.07%
0.07%
0.08%
0.09%
0.08%
0.09%
0.06%
0.06%
0.07%
0.07%
0.07%
0.07%
0.06%
0.07%
0.09%
0.07%
0.09%
0.14%
0.09%
0.14%
0.15%
0.09%
0.16%
0.18%
0.09%
0.13%
0.13%
0.09%
0.16%
0.16%
0.09%
0.10%
0.11%
0.04%
0.10%
0.09%
0.06%
0.08%
0.11%
0.07%
0.10%
0.09%
0.10%
0.16%
0.17%
0.13%
0.20%
0.20%
0.15%
0.21%
0.18%
0.09%
0.19%
0.20%
0.09%
0.13%
0.12%
0.05%
0.13%
0.11%
0.07%
0.15%
0.18%
0.22%
0.19%
0.20%
0.16%
0.22%
0.23%
0.14%
0.52%
0.22%
2.03%
1.94%
2.09%
2.47%
1.98%
2.37%
2.51%
3.01%
3.22%
3.06%
4.66%
4.60%
4.58%
4.96%
5.28%
5.31%
5.28%
5.29%
5.30%
5.41%
5.33%
5.17%
5.31%
5.31%
5.34%
5.31%
5.31%
5.05%
5.05%
4.86%
5.00%
4.52%
4.47%
4.09%
4.03%
4.02%
3.93%
3.63%
3.31%
3.35%
3.09%
2.97%
2.96%
2.52%
2.50%
1.97%
2.02%
1.79%
1.94%
1.55%
1.29%
1.38%
1.02%
1.03%
1.05%
1.04%
1.03%
0.94%
1.01%
1.03%
1.17%
1.01%
1.04%
1.45%
1.28%
1.31%
1.38%
1.33%
1.33%
1.16%
1.23%
1.82%
1.85%
1.81%
1.76%
1.73%
1.79%
1.82%
1.74%
1.83%
1.85%
1.52%
2.06%
2.66%
2.75%
3.66%
3.82%
3.95%
4.24%
4.67%
5.29%
5.59%
5.74%
5.41%
6.62%
6.59%
6.60%
6.65%
6.64%

Has the EFFR been revised?

No day since has been published twice.

The New York Fed may revise a rate the same afternoon if the change is more than one basis point. 500metrics keeps the first figure and shows the current one.

Source: Federal Reserve Bank of New York, Reference rates. Observed .

© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. Changes in basis points are computed by 500metrics from the published rates.

The EFFR is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the EFFR by 500metrics, does not sanction or endorse any particular republication, and has no liability for your use.

500metrics is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by 500metrics.

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Sources and licence

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