Figure A

Interest rate 'liftoff' began in 2015, then picked up steam: Effective federal funds rate (FFR), 2000–2019

Observation date Rate
Jan-2000 5.45%
Feb-2000 5.73
Mar-2000 5.85
Apr-2000 6.02
May-2000 6.27
Jun-2000 6.53
Jul-2000 6.54
Aug-2000 6.5
Sep-2000 6.52
Oct-2000 6.51
Nov-2000 6.51
Dec-2000 6.4
Jan-2001 5.98
Feb-2001 5.49
Mar-2001 5.31
Apr-2001 4.8
May-2001 4.21
Jun-2001 3.97
Jul-2001 3.77
Aug-2001 3.65
Sep-2001 3.07
Oct-2001 2.49
Nov-2001 2.09
Dec-2001 1.82
Jan-2002 1.73
Feb-2002 1.74
Mar-2002 1.73
Apr-2002 1.75
May-2002 1.75
Jun-2002 1.75
Jul-2002 1.73
Aug-2002 1.74
Sep-2002 1.75
Oct-2002 1.75
Nov-2002 1.34
Dec-2002 1.24
Jan-2003 1.24
Feb-2003 1.26
Mar-2003 1.25
Apr-2003 1.26
May-2003 1.26
Jun-2003 1.22
Jul-2003 1.01
Aug-2003 1.03
Sep-2003 1.01
Oct-2003 1.01
Nov-2003 1
Dec-2003 0.98
Jan-2004 1
Feb-2004 1.01
Mar-2004 1
Apr-2004 1
May-2004 1
Jun-2004 1.03
Jul-2004 1.26
Aug-2004 1.43
Sep-2004 1.61
Oct-2004 1.76
Nov-2004 1.93
Dec-2004 2.16
Jan-2005 2.28
Feb-2005 2.5
Mar-2005 2.63
Apr-2005 2.79
May-2005 3
Jun-2005 3.04
Jul-2005 3.26
Aug-2005 3.5
Sep-2005 3.62
Oct-2005 3.78
Nov-2005 4
Dec-2005 4.16
Jan-2006 4.29
Feb-2006 4.49
Mar-2006 4.59
Apr-2006 4.79
May-2006 4.94
Jun-2006 4.99
Jul-2006 5.24
Aug-2006 5.25
Sep-2006 5.25
Oct-2006 5.25
Nov-2006 5.25
Dec-2006 5.24
Jan-2007 5.25
Feb-2007 5.26
Mar-2007 5.26
Apr-2007 5.25
May-2007 5.25
Jun-2007 5.25
Jul-2007 5.26
Aug-2007 5.02
Sep-2007 4.94
Oct-2007 4.76
Nov-2007 4.49
Dec-2007 4.24
Jan-2008 3.94
Feb-2008 2.98
Mar-2008 2.61
Apr-2008 2.28
May-2008 1.98
Jun-2008 2
Jul-2008 2.01
Aug-2008 2
Sep-2008 1.81
Oct-2008 0.97
Nov-2008 0.39
Dec-2008 0.16
Jan-2009 0.15
Feb-2009 0.22
Mar-2009 0.18
Apr-2009 0.15
May-2009 0.18
Jun-2009 0.21
Jul-2009 0.16
Aug-2009 0.16
Sep-2009 0.15
Oct-2009 0.12
Nov-2009 0.12
Dec-2009 0.12
Jan-2010 0.11
Feb-2010 0.13
Mar-2010 0.16
Apr-2010 0.2
May-2010 0.2
Jun-2010 0.18
Jul-2010 0.18
Aug-2010 0.19
Sep-2010 0.19
Oct-2010 0.19
Nov-2010 0.19
Dec-2010 0.18
Jan-2011 0.17
Feb-2011 0.16
Mar-2011 0.14
Apr-2011 0.1
May-2011 0.09
Jun-2011 0.09
Jul-2011 0.07
Aug-2011 0.1
Sep-2011 0.08
Oct-2011 0.07
Nov-2011 0.08
Dec-2011 0.07
Jan-2012 0.08
Feb-2012 0.1
Mar-2012 0.13
Apr-2012 0.14
May-2012 0.16
Jun-2012 0.16
Jul-2012 0.16
Aug-2012 0.13
Sep-2012 0.14
Oct-2012 0.16
Nov-2012 0.16
Dec-2012 0.16
Jan-2013 0.14
Feb-2013 0.15
Mar-2013 0.14
Apr-2013 0.15
May-2013 0.11
Jun-2013 0.09
Jul-2013 0.09
Aug-2013 0.08
Sep-2013 0.08
Oct-2013 0.09
Nov-2013 0.08
Dec-2013 0.09
Jan-2014 0.07
Feb-2014 0.07
Mar-2014 0.08
Apr-2014 0.09
May-2014 0.09
Jun-2014 0.1
Jul-2014 0.09
Aug-2014 0.09
Sep-2014 0.09
Oct-2014 0.09
Nov-2014 0.09
Dec-2014 0.12
Jan-2015 0.11
Feb-2015 0.11
Mar-2015 0.11
Apr-2015 0.12
May-2015 0.12
Jun-2015 0.13
Jul-2015 0.13
Aug-2015 0.14
Sep-2015 0.14
Oct-2015 0.12
Nov-2015 0.12
Dec-2015 0.24
Jan-2016 0.34
Feb-2016 0.38
Mar-2016 0.36
Apr-2016 0.37
May-2016 0.37
Jun-2016 0.38
Jul-2016 0.39
Aug-2016 0.4
Sep-2016 0.4
Oct-2016 0.4
Nov-2016 0.41
Dec-2016 0.54
Jan-2017 0.65
Feb-2017 0.66
Mar-2017 0.79
Apr-2017 0.9
May-2017 0.91
Jun-2017 1.04
Jul-2017 1.15
Aug-2017 1.16
Sep-2017 1.15
Oct-2017 1.15
Nov-2017 1.16
Dec-2017 1.3
Jan-2018 1.41
Feb-2018 1.42
Mar-2018 1.51
Apr-2018 1.69
May-2018 1.7
Jun-2018 1.82
Jul-2018 1.91
Aug-2018 1.91
Sep-2018 1.95
Oct-2018 2.19
Nov-2018 2.2
Dec-2018 2.27
Jan-2019 2.4
Feb-2019 2.4
Mar-2019 2.41
Apr-2019 2.42
May-2019 2.39
Jun-2019 2.38
Jul-2019 2.4
Aug-2019 2.13
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Economic Policy Institute

Source: “Effective Federal Funds Rate,” retrieved from the Federal Reserve  Economic Data (FRED) database maintained by the Federal Reserve Bank of St. Louis, September 12, 2019

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