EFFR: Effective Federal Funds Rate
How has the EFFR moved?
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%.
The EFFR on the last business day of each month
The EFFR each business day, with the 1st and 99th percentiles of its transactions
The tinted band is the Federal Open Market Committee's target range for the federal funds rate (Board of Governors of the Federal Reserve System, Meeting calendars and information; figures from Federal Reserve Bank of New York, Reference rates): 3.75% to 4.00% on .
The linesLatest:
- EFFR3.88%
- 99th percentile3.94%
- 1st percentile3.85%
Each point is one month-end, or one business day under "Latest days"; pointing at the chart shows its date and rate.
Select a line to followLatest:
Inspect and compare dates
The latest day beside the day before and the month-ends nearest a year, five and ten years earlier.
| Day | Latest | The day before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Date | |||||
| Rate | 3.88% | 3.88% | 4.09% | 0.06% | 0.29% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The EFFR was 3.88% on , 2 basis points higher than on .
The EFFR ended September 2026 at 3.88%, its highest month-end since November 2025.
The day's tradesVolume-weighted percentiles
The spread of the day's transactions, $115 billion in all, weighted by volume, against the FOMC's target range for the federal funds rate: 3.75% to 4.00%.
- EFFR3.88%
- 1st percentile
- 3.85%
- 25th
- 3.87%
- 75th
- 3.89%
- 99th
- 3.94%
Revisions
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.
Understanding the EFFR
Where it stands today
The EFFR was 3.88% on .
What does the EFFR measure?
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.
Read more
Percentiles describe the spread of the day's transactions, weighted by volume, as the New York Fed publishes them. The changes in basis points are computed by 500metrics from the published rates.
The numbers behind the chart
What was the EFFR at each month-end?315 month-ends since 31 Jul 2000, newest first
| Month-end | Rate |
|---|---|
| 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-end | Rate |
|---|---|
| 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% |
What was the EFFR on each of the last 30 business days?Rates, percentiles and volumes, newest first
| Day | Rate | 1st pct. | 25th pct. | 75th pct. | 99th pct. | Volume | Target range |
|---|---|---|---|---|---|---|---|
| 3.88% | 3.85% | 3.87% | 3.89% | 3.94% | 115 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.94% | 109 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.89% | 3.95% | 109 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.92% | 119 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.94% | 110 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.93% | 110 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.89% | 110 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.89% | 115 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.89% | 118 | 3.75% to 4.00% | |
| 3.88% | 3.80% | 3.87% | 3.88% | 3.89% | 111 | 3.75% to 4.00% |
Show 20 more rows
| Day | Rate | 1st pct. | 25th pct. | 75th pct. | 99th pct. | Volume | Target range |
|---|---|---|---|---|---|---|---|
| 3.88% | 3.85% | 3.88% | 3.88% | 3.89% | 106 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.89% | 110 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.89% | 117 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.89% | 108 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.90% | 120 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.90% | 121 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.89% | 118 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.87% | 3.88% | 3.89% | 120 | 3.75% to 4.00% | |
| 3.88% | 3.86% | 3.88% | 3.89% | 3.92% | 83 | 3.75% to 4.00% | |
| 3.88% | 3.86% | 3.88% | 3.89% | 3.90% | 111 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.90% | 110 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.90% | 112 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.94% | 105 | 3.75% to 4.00% | |
| 3.88% | 3.86% | 3.88% | 3.89% | 3.93% | 101 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.94% | 103 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.90% | 95 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.89% | 3.90% | 96 | 3.75% to 4.00% | |
| 3.88% | 3.85% | 3.88% | 3.88% | 3.89% | 100 | 3.75% to 4.00% | |
| 3.63% | 3.60% | 3.63% | 3.64% | 3.65% | 90 | 3.50% to 3.75% | |
| 3.63% | 3.60% | 3.62% | 3.63% | 3.64% | 100 | 3.50% to 3.75% |
The table scrolls sideways; the first column stays in place.
Has the EFFR been revised?No day published twice
No day since has been published twice.
When are the figures from, and how are they cited?Dates and how to cite
Observed .
How to cite this
Federal Reserve Bank of New York, Effective Federal Funds Rate, 27 October 2026. Compiled by 500metrics, "How has the EFFR moved?", https://500metrics.com/rates/effr.
FOMC target range from the Board of Governors of the Federal Reserve System.
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.
Page updated
Sources
© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. (source) Terms: Federal Reserve Bank of New York terms of use.
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.
The OBFR is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the OBFR by 500metrics, does not sanction or endorse any particular republication, and has no liability for your use.