Slowing demand means that lower and lower Interest rates have been needed over time: Effective federal funds rate, actual and decade averages, 1960–2021
FFR | 1960–69 | 1970–79 | 1980–89 | 1990–99 | 2000–09 | 2010–19 | 2020–present | |
---|---|---|---|---|---|---|---|---|
Jan-1960 | 4.0% | 4.2% | ||||||
Feb-1960 | 4.0% | 4.2% | ||||||
Mar-1960 | 3.8% | 4.2% | ||||||
Apr-1960 | 3.9% | 4.2% | ||||||
May-1960 | 3.9% | 4.2% | ||||||
Jun-1960 | 3.3% | 4.2% | ||||||
Jul-1960 | 3.2% | 4.2% | ||||||
Aug-1960 | 3.0% | 4.2% | ||||||
Sep-1960 | 2.6% | 4.2% | ||||||
Oct-1960 | 2.5% | 4.2% | ||||||
Nov-1960 | 2.4% | 4.2% | ||||||
Dec-1960 | 2.0% | 4.2% | ||||||
Jan-1961 | 1.5% | 4.2% | ||||||
Feb-1961 | 2.5% | 4.2% | ||||||
Mar-1961 | 2.0% | 4.2% | ||||||
Apr-1961 | 1.5% | 4.2% | ||||||
May-1961 | 2.0% | 4.2% | ||||||
Jun-1961 | 1.7% | 4.2% | ||||||
Jul-1961 | 1.2% | 4.2% | ||||||
Aug-1961 | 2.0% | 4.2% | ||||||
Sep-1961 | 1.9% | 4.2% | ||||||
Oct-1961 | 2.3% | 4.2% | ||||||
Nov-1961 | 2.6% | 4.2% | ||||||
Dec-1961 | 2.3% | 4.2% | ||||||
Jan-1962 | 2.2% | 4.2% | ||||||
Feb-1962 | 2.4% | 4.2% | ||||||
Mar-1962 | 2.9% | 4.2% | ||||||
Apr-1962 | 2.8% | 4.2% | ||||||
May-1962 | 2.4% | 4.2% | ||||||
Jun-1962 | 2.7% | 4.2% | ||||||
Jul-1962 | 2.7% | 4.2% | ||||||
Aug-1962 | 2.9% | 4.2% | ||||||
Sep-1962 | 2.9% | 4.2% | ||||||
Oct-1962 | 2.9% | 4.2% | ||||||
Nov-1962 | 2.9% | 4.2% | ||||||
Dec-1962 | 2.9% | 4.2% | ||||||
Jan-1963 | 2.9% | 4.2% | ||||||
Feb-1963 | 3.0% | 4.2% | ||||||
Mar-1963 | 3.0% | 4.2% | ||||||
Apr-1963 | 2.9% | 4.2% | ||||||
May-1963 | 3.0% | 4.2% | ||||||
Jun-1963 | 3.0% | 4.2% | ||||||
Jul-1963 | 3.0% | 4.2% | ||||||
Aug-1963 | 3.5% | 4.2% | ||||||
Sep-1963 | 3.5% | 4.2% | ||||||
Oct-1963 | 3.5% | 4.2% | ||||||
Nov-1963 | 3.5% | 4.2% | ||||||
Dec-1963 | 3.4% | 4.2% | ||||||
Jan-1964 | 3.5% | 4.2% | ||||||
Feb-1964 | 3.5% | 4.2% | ||||||
Mar-1964 | 3.4% | 4.2% | ||||||
Apr-1964 | 3.5% | 4.2% | ||||||
May-1964 | 3.5% | 4.2% | ||||||
Jun-1964 | 3.5% | 4.2% | ||||||
Jul-1964 | 3.4% | 4.2% | ||||||
Aug-1964 | 3.5% | 4.2% | ||||||
Sep-1964 | 3.5% | 4.2% | ||||||
Oct-1964 | 3.4% | 4.2% | ||||||
Nov-1964 | 3.5% | 4.2% | ||||||
Dec-1964 | 3.9% | 4.2% | ||||||
Jan-1965 | 3.9% | 4.2% | ||||||
Feb-1965 | 4.0% | 4.2% | ||||||
Mar-1965 | 4.1% | 4.2% | ||||||
Apr-1965 | 4.1% | 4.2% | ||||||
May-1965 | 4.1% | 4.2% | ||||||
Jun-1965 | 4.1% | 4.2% | ||||||
Jul-1965 | 4.1% | 4.2% | ||||||
Aug-1965 | 4.1% | 4.2% | ||||||
Sep-1965 | 4.0% | 4.2% | ||||||
Oct-1965 | 4.1% | 4.2% | ||||||
Nov-1965 | 4.1% | 4.2% | ||||||
Dec-1965 | 4.3% | 4.2% | ||||||
Jan-1966 | 4.4% | 4.2% | ||||||
Feb-1966 | 4.6% | 4.2% | ||||||
Mar-1966 | 4.7% | 4.2% | ||||||
Apr-1966 | 4.7% | 4.2% | ||||||
May-1966 | 4.9% | 4.2% | ||||||
Jun-1966 | 5.2% | 4.2% | ||||||
Jul-1966 | 5.3% | 4.2% | ||||||
Aug-1966 | 5.5% | 4.2% | ||||||
Sep-1966 | 5.4% | 4.2% | ||||||
Oct-1966 | 5.5% | 4.2% | ||||||
Nov-1966 | 5.8% | 4.2% | ||||||
Dec-1966 | 5.4% | 4.2% | ||||||
Jan-1967 | 4.9% | 4.2% | ||||||
Feb-1967 | 5.0% | 4.2% | ||||||
Mar-1967 | 4.5% | 4.2% | ||||||
Apr-1967 | 4.1% | 4.2% | ||||||
May-1967 | 3.9% | 4.2% | ||||||
Jun-1967 | 4.0% | 4.2% | ||||||
Jul-1967 | 3.8% | 4.2% | ||||||
Aug-1967 | 3.9% | 4.2% | ||||||
Sep-1967 | 4.0% | 4.2% | ||||||
Oct-1967 | 3.9% | 4.2% | ||||||
Nov-1967 | 4.1% | 4.2% | ||||||
Dec-1967 | 4.5% | 4.2% | ||||||
Jan-1968 | 4.6% | 4.2% | ||||||
Feb-1968 | 4.7% | 4.2% | ||||||
Mar-1968 | 5.1% | 4.2% | ||||||
Apr-1968 | 5.8% | 4.2% | ||||||
May-1968 | 6.1% | 4.2% | ||||||
Jun-1968 | 6.1% | 4.2% | ||||||
Jul-1968 | 6.0% | 4.2% | ||||||
Aug-1968 | 6.0% | 4.2% | ||||||
Sep-1968 | 5.8% | 4.2% | ||||||
Oct-1968 | 5.9% | 4.2% | ||||||
Nov-1968 | 5.8% | 4.2% | ||||||
Dec-1968 | 6.0% | 4.2% | ||||||
Jan-1969 | 6.3% | 4.2% | ||||||
Feb-1969 | 6.6% | 4.2% | ||||||
Mar-1969 | 6.8% | 4.2% | ||||||
Apr-1969 | 7.4% | 4.2% | ||||||
May-1969 | 8.7% | 4.2% | ||||||
Jun-1969 | 8.9% | 4.2% | ||||||
Jul-1969 | 8.6% | 4.2% | ||||||
Aug-1969 | 9.2% | 4.2% | ||||||
Sep-1969 | 9.2% | 4.2% | ||||||
Oct-1969 | 9.0% | 4.2% | ||||||
Nov-1969 | 8.9% | 4.2% | ||||||
Dec-1969 | 9.0% | 4.2% | ||||||
Jan-1970 | 9.0% | 7.1% | ||||||
Feb-1970 | 9.0% | 7.1% | ||||||
Mar-1970 | 7.8% | 7.1% | ||||||
Apr-1970 | 8.1% | 7.1% | ||||||
May-1970 | 8.0% | 7.1% | ||||||
Jun-1970 | 7.6% | 7.1% | ||||||
Jul-1970 | 7.2% | 7.1% | ||||||
Aug-1970 | 6.6% | 7.1% | ||||||
Sep-1970 | 6.3% | 7.1% | ||||||
Oct-1970 | 6.2% | 7.1% | ||||||
Nov-1970 | 5.6% | 7.1% | ||||||
Dec-1970 | 4.9% | 7.1% | ||||||
Jan-1971 | 4.1% | 7.1% | ||||||
Feb-1971 | 3.7% | 7.1% | ||||||
Mar-1971 | 3.7% | 7.1% | ||||||
Apr-1971 | 4.2% | 7.1% | ||||||
May-1971 | 4.6% | 7.1% | ||||||
Jun-1971 | 4.9% | 7.1% | ||||||
Jul-1971 | 5.3% | 7.1% | ||||||
Aug-1971 | 5.6% | 7.1% | ||||||
Sep-1971 | 5.6% | 7.1% | ||||||
Oct-1971 | 5.2% | 7.1% | ||||||
Nov-1971 | 4.9% | 7.1% | ||||||
Dec-1971 | 4.1% | 7.1% | ||||||
Jan-1972 | 3.5% | 7.1% | ||||||
Feb-1972 | 3.3% | 7.1% | ||||||
Mar-1972 | 3.8% | 7.1% | ||||||
Apr-1972 | 4.2% | 7.1% | ||||||
May-1972 | 4.3% | 7.1% | ||||||
Jun-1972 | 4.5% | 7.1% | ||||||
Jul-1972 | 4.6% | 7.1% | ||||||
Aug-1972 | 4.8% | 7.1% | ||||||
Sep-1972 | 4.9% | 7.1% | ||||||
Oct-1972 | 5.1% | 7.1% | ||||||
Nov-1972 | 5.1% | 7.1% | ||||||
Dec-1972 | 5.3% | 7.1% | ||||||
Jan-1973 | 5.9% | 7.1% | ||||||
Feb-1973 | 6.6% | 7.1% | ||||||
Mar-1973 | 7.1% | 7.1% | ||||||
Apr-1973 | 7.1% | 7.1% | ||||||
May-1973 | 7.8% | 7.1% | ||||||
Jun-1973 | 8.5% | 7.1% | ||||||
Jul-1973 | 10.4% | 7.1% | ||||||
Aug-1973 | 10.5% | 7.1% | ||||||
Sep-1973 | 10.8% | 7.1% | ||||||
Oct-1973 | 10.0% | 7.1% | ||||||
Nov-1973 | 10.0% | 7.1% | ||||||
Dec-1973 | 10.0% | 7.1% | ||||||
Jan-1974 | 9.7% | 7.1% | ||||||
Feb-1974 | 9.0% | 7.1% | ||||||
Mar-1974 | 9.4% | 7.1% | ||||||
Apr-1974 | 10.5% | 7.1% | ||||||
May-1974 | 11.3% | 7.1% | ||||||
Jun-1974 | 11.9% | 7.1% | ||||||
Jul-1974 | 12.9% | 7.1% | ||||||
Aug-1974 | 12.0% | 7.1% | ||||||
Sep-1974 | 11.3% | 7.1% | ||||||
Oct-1974 | 10.1% | 7.1% | ||||||
Nov-1974 | 9.5% | 7.1% | ||||||
Dec-1974 | 8.5% | 7.1% | ||||||
Jan-1975 | 7.1% | 7.1% | ||||||
Feb-1975 | 6.2% | 7.1% | ||||||
Mar-1975 | 5.5% | 7.1% | ||||||
Apr-1975 | 5.5% | 7.1% | ||||||
May-1975 | 5.2% | 7.1% | ||||||
Jun-1975 | 5.6% | 7.1% | ||||||
Jul-1975 | 6.1% | 7.1% | ||||||
Aug-1975 | 6.1% | 7.1% | ||||||
Sep-1975 | 6.2% | 7.1% | ||||||
Oct-1975 | 5.8% | 7.1% | ||||||
Nov-1975 | 5.2% | 7.1% | ||||||
Dec-1975 | 5.2% | 7.1% | ||||||
Jan-1976 | 4.9% | 7.1% | ||||||
Feb-1976 | 4.8% | 7.1% | ||||||
Mar-1976 | 4.8% | 7.1% | ||||||
Apr-1976 | 4.8% | 7.1% | ||||||
May-1976 | 5.3% | 7.1% | ||||||
Jun-1976 | 5.5% | 7.1% | ||||||
Jul-1976 | 5.3% | 7.1% | ||||||
Aug-1976 | 5.3% | 7.1% | ||||||
Sep-1976 | 5.3% | 7.1% | ||||||
Oct-1976 | 5.0% | 7.1% | ||||||
Nov-1976 | 5.0% | 7.1% | ||||||
Dec-1976 | 4.7% | 7.1% | ||||||
Jan-1977 | 4.6% | 7.1% | ||||||
Feb-1977 | 4.7% | 7.1% | ||||||
Mar-1977 | 4.7% | 7.1% | ||||||
Apr-1977 | 4.7% | 7.1% | ||||||
May-1977 | 5.4% | 7.1% | ||||||
Jun-1977 | 5.4% | 7.1% | ||||||
Jul-1977 | 5.4% | 7.1% | ||||||
Aug-1977 | 5.9% | 7.1% | ||||||
Sep-1977 | 6.1% | 7.1% | ||||||
Oct-1977 | 6.5% | 7.1% | ||||||
Nov-1977 | 6.5% | 7.1% | ||||||
Dec-1977 | 6.6% | 7.1% | ||||||
Jan-1978 | 6.7% | 7.1% | ||||||
Feb-1978 | 6.8% | 7.1% | ||||||
Mar-1978 | 6.8% | 7.1% | ||||||
Apr-1978 | 6.9% | 7.1% | ||||||
May-1978 | 7.4% | 7.1% | ||||||
Jun-1978 | 7.6% | 7.1% | ||||||
Jul-1978 | 7.8% | 7.1% | ||||||
Aug-1978 | 8.0% | 7.1% | ||||||
Sep-1978 | 8.5% | 7.1% | ||||||
Oct-1978 | 9.0% | 7.1% | ||||||
Nov-1978 | 9.8% | 7.1% | ||||||
Dec-1978 | 10.0% | 7.1% | ||||||
Jan-1979 | 10.1% | 7.1% | ||||||
Feb-1979 | 10.1% | 7.1% | ||||||
Mar-1979 | 10.1% | 7.1% | ||||||
Apr-1979 | 10.0% | 7.1% | ||||||
May-1979 | 10.2% | 7.1% | ||||||
Jun-1979 | 10.3% | 7.1% | ||||||
Jul-1979 | 10.5% | 7.1% | ||||||
Aug-1979 | 10.9% | 7.1% | ||||||
Sep-1979 | 11.4% | 7.1% | ||||||
Oct-1979 | 13.8% | 7.1% | ||||||
Nov-1979 | 13.2% | 7.1% | ||||||
Dec-1979 | 13.8% | 7.1% | ||||||
Jan-1980 | 13.8% | 10.0% | ||||||
Feb-1980 | 14.1% | 10.0% | ||||||
Mar-1980 | 17.2% | 10.0% | ||||||
Apr-1980 | 17.6% | 10.0% | ||||||
May-1980 | 11.0% | 10.0% | ||||||
Jun-1980 | 9.5% | 10.0% | ||||||
Jul-1980 | 9.0% | 10.0% | ||||||
Aug-1980 | 9.6% | 10.0% | ||||||
Sep-1980 | 10.9% | 10.0% | ||||||
Oct-1980 | 12.8% | 10.0% | ||||||
Nov-1980 | 15.9% | 10.0% | ||||||
Dec-1980 | 18.9% | 10.0% | ||||||
Jan-1981 | 19.1% | 10.0% | ||||||
Feb-1981 | 15.9% | 10.0% | ||||||
Mar-1981 | 14.7% | 10.0% | ||||||
Apr-1981 | 15.7% | 10.0% | ||||||
May-1981 | 18.5% | 10.0% | ||||||
Jun-1981 | 19.1% | 10.0% | ||||||
Jul-1981 | 19.0% | 10.0% | ||||||
Aug-1981 | 17.8% | 10.0% | ||||||
Sep-1981 | 15.9% | 10.0% | ||||||
Oct-1981 | 15.1% | 10.0% | ||||||
Nov-1981 | 13.3% | 10.0% | ||||||
Dec-1981 | 12.4% | 10.0% | ||||||
Jan-1982 | 13.2% | 10.0% | ||||||
Feb-1982 | 14.8% | 10.0% | ||||||
Mar-1982 | 14.7% | 10.0% | ||||||
Apr-1982 | 14.9% | 10.0% | ||||||
May-1982 | 14.5% | 10.0% | ||||||
Jun-1982 | 14.2% | 10.0% | ||||||
Jul-1982 | 12.6% | 10.0% | ||||||
Aug-1982 | 10.1% | 10.0% | ||||||
Sep-1982 | 10.3% | 10.0% | ||||||
Oct-1982 | 9.7% | 10.0% | ||||||
Nov-1982 | 9.2% | 10.0% | ||||||
Dec-1982 | 9.0% | 10.0% | ||||||
Jan-1983 | 8.7% | 10.0% | ||||||
Feb-1983 | 8.5% | 10.0% | ||||||
Mar-1983 | 8.8% | 10.0% | ||||||
Apr-1983 | 8.8% | 10.0% | ||||||
May-1983 | 8.6% | 10.0% | ||||||
Jun-1983 | 9.0% | 10.0% | ||||||
Jul-1983 | 9.4% | 10.0% | ||||||
Aug-1983 | 9.6% | 10.0% | ||||||
Sep-1983 | 9.5% | 10.0% | ||||||
Oct-1983 | 9.5% | 10.0% | ||||||
Nov-1983 | 9.3% | 10.0% | ||||||
Dec-1983 | 9.5% | 10.0% | ||||||
Jan-1984 | 9.6% | 10.0% | ||||||
Feb-1984 | 9.6% | 10.0% | ||||||
Mar-1984 | 9.9% | 10.0% | ||||||
Apr-1984 | 10.3% | 10.0% | ||||||
May-1984 | 10.3% | 10.0% | ||||||
Jun-1984 | 11.1% | 10.0% | ||||||
Jul-1984 | 11.2% | 10.0% | ||||||
Aug-1984 | 11.6% | 10.0% | ||||||
Sep-1984 | 11.3% | 10.0% | ||||||
Oct-1984 | 10.0% | 10.0% | ||||||
Nov-1984 | 9.4% | 10.0% | ||||||
Dec-1984 | 8.4% | 10.0% | ||||||
Jan-1985 | 8.4% | 10.0% | ||||||
Feb-1985 | 8.5% | 10.0% | ||||||
Mar-1985 | 8.6% | 10.0% | ||||||
Apr-1985 | 8.3% | 10.0% | ||||||
May-1985 | 8.0% | 10.0% | ||||||
Jun-1985 | 7.5% | 10.0% | ||||||
Jul-1985 | 7.9% | 10.0% | ||||||
Aug-1985 | 7.9% | 10.0% | ||||||
Sep-1985 | 7.9% | 10.0% | ||||||
Oct-1985 | 8.0% | 10.0% | ||||||
Nov-1985 | 8.1% | 10.0% | ||||||
Dec-1985 | 8.3% | 10.0% | ||||||
Jan-1986 | 8.1% | 10.0% | ||||||
Feb-1986 | 7.9% | 10.0% | ||||||
Mar-1986 | 7.5% | 10.0% | ||||||
Apr-1986 | 7.0% | 10.0% | ||||||
May-1986 | 6.9% | 10.0% | ||||||
Jun-1986 | 6.9% | 10.0% | ||||||
Jul-1986 | 6.6% | 10.0% | ||||||
Aug-1986 | 6.2% | 10.0% | ||||||
Sep-1986 | 5.9% | 10.0% | ||||||
Oct-1986 | 5.9% | 10.0% | ||||||
Nov-1986 | 6.0% | 10.0% | ||||||
Dec-1986 | 6.9% | 10.0% | ||||||
Jan-1987 | 6.4% | 10.0% | ||||||
Feb-1987 | 6.1% | 10.0% | ||||||
Mar-1987 | 6.1% | 10.0% | ||||||
Apr-1987 | 6.4% | 10.0% | ||||||
May-1987 | 6.9% | 10.0% | ||||||
Jun-1987 | 6.7% | 10.0% | ||||||
Jul-1987 | 6.6% | 10.0% | ||||||
Aug-1987 | 6.7% | 10.0% | ||||||
Sep-1987 | 7.2% | 10.0% | ||||||
Oct-1987 | 7.3% | 10.0% | ||||||
Nov-1987 | 6.7% | 10.0% | ||||||
Dec-1987 | 6.8% | 10.0% | ||||||
Jan-1988 | 6.8% | 10.0% | ||||||
Feb-1988 | 6.6% | 10.0% | ||||||
Mar-1988 | 6.6% | 10.0% | ||||||
Apr-1988 | 6.9% | 10.0% | ||||||
May-1988 | 7.1% | 10.0% | ||||||
Jun-1988 | 7.5% | 10.0% | ||||||
Jul-1988 | 7.8% | 10.0% | ||||||
Aug-1988 | 8.0% | 10.0% | ||||||
Sep-1988 | 8.2% | 10.0% | ||||||
Oct-1988 | 8.3% | 10.0% | ||||||
Nov-1988 | 8.4% | 10.0% | ||||||
Dec-1988 | 8.8% | 10.0% | ||||||
Jan-1989 | 9.1% | 10.0% | ||||||
Feb-1989 | 9.4% | 10.0% | ||||||
Mar-1989 | 9.9% | 10.0% | ||||||
Apr-1989 | 9.8% | 10.0% | ||||||
May-1989 | 9.8% | 10.0% | ||||||
Jun-1989 | 9.5% | 10.0% | ||||||
Jul-1989 | 9.2% | 10.0% | ||||||
Aug-1989 | 9.0% | 10.0% | ||||||
Sep-1989 | 9.0% | 10.0% | ||||||
Oct-1989 | 8.8% | 10.0% | ||||||
Nov-1989 | 8.6% | 10.0% | ||||||
Dec-1989 | 8.5% | 10.0% | ||||||
Jan-1990 | 8.2% | 5.1% | ||||||
Feb-1990 | 8.2% | 5.1% | ||||||
Mar-1990 | 8.3% | 5.1% | ||||||
Apr-1990 | 8.3% | 5.1% | ||||||
May-1990 | 8.2% | 5.1% | ||||||
Jun-1990 | 8.3% | 5.1% | ||||||
Jul-1990 | 8.2% | 5.1% | ||||||
Aug-1990 | 8.1% | 5.1% | ||||||
Sep-1990 | 8.2% | 5.1% | ||||||
Oct-1990 | 8.1% | 5.1% | ||||||
Nov-1990 | 7.8% | 5.1% | ||||||
Dec-1990 | 7.3% | 5.1% | ||||||
Jan-1991 | 6.9% | 5.1% | ||||||
Feb-1991 | 6.3% | 5.1% | ||||||
Mar-1991 | 6.1% | 5.1% | ||||||
Apr-1991 | 5.9% | 5.1% | ||||||
May-1991 | 5.8% | 5.1% | ||||||
Jun-1991 | 5.9% | 5.1% | ||||||
Jul-1991 | 5.8% | 5.1% | ||||||
Aug-1991 | 5.7% | 5.1% | ||||||
Sep-1991 | 5.5% | 5.1% | ||||||
Oct-1991 | 5.2% | 5.1% | ||||||
Nov-1991 | 4.8% | 5.1% | ||||||
Dec-1991 | 4.4% | 5.1% | ||||||
Jan-1992 | 4.0% | 5.1% | ||||||
Feb-1992 | 4.1% | 5.1% | ||||||
Mar-1992 | 4.0% | 5.1% | ||||||
Apr-1992 | 3.7% | 5.1% | ||||||
May-1992 | 3.8% | 5.1% | ||||||
Jun-1992 | 3.8% | 5.1% | ||||||
Jul-1992 | 3.3% | 5.1% | ||||||
Aug-1992 | 3.3% | 5.1% | ||||||
Sep-1992 | 3.2% | 5.1% | ||||||
Oct-1992 | 3.1% | 5.1% | ||||||
Nov-1992 | 3.1% | 5.1% | ||||||
Dec-1992 | 2.9% | 5.1% | ||||||
Jan-1993 | 3.0% | 5.1% | ||||||
Feb-1993 | 3.0% | 5.1% | ||||||
Mar-1993 | 3.1% | 5.1% | ||||||
Apr-1993 | 3.0% | 5.1% | ||||||
May-1993 | 3.0% | 5.1% | ||||||
Jun-1993 | 3.0% | 5.1% | ||||||
Jul-1993 | 3.1% | 5.1% | ||||||
Aug-1993 | 3.0% | 5.1% | ||||||
Sep-1993 | 3.1% | 5.1% | ||||||
Oct-1993 | 3.0% | 5.1% | ||||||
Nov-1993 | 3.0% | 5.1% | ||||||
Dec-1993 | 3.0% | 5.1% | ||||||
Jan-1994 | 3.1% | 5.1% | ||||||
Feb-1994 | 3.3% | 5.1% | ||||||
Mar-1994 | 3.3% | 5.1% | ||||||
Apr-1994 | 3.6% | 5.1% | ||||||
May-1994 | 4.0% | 5.1% | ||||||
Jun-1994 | 4.3% | 5.1% | ||||||
Jul-1994 | 4.3% | 5.1% | ||||||
Aug-1994 | 4.5% | 5.1% | ||||||
Sep-1994 | 4.7% | 5.1% | ||||||
Oct-1994 | 4.8% | 5.1% | ||||||
Nov-1994 | 5.3% | 5.1% | ||||||
Dec-1994 | 5.5% | 5.1% | ||||||
Jan-1995 | 5.5% | 5.1% | ||||||
Feb-1995 | 5.9% | 5.1% | ||||||
Mar-1995 | 6.0% | 5.1% | ||||||
Apr-1995 | 6.1% | 5.1% | ||||||
May-1995 | 6.0% | 5.1% | ||||||
Jun-1995 | 6.0% | 5.1% | ||||||
Jul-1995 | 5.9% | 5.1% | ||||||
Aug-1995 | 5.7% | 5.1% | ||||||
Sep-1995 | 5.8% | 5.1% | ||||||
Oct-1995 | 5.8% | 5.1% | ||||||
Nov-1995 | 5.8% | 5.1% | ||||||
Dec-1995 | 5.6% | 5.1% | ||||||
Jan-1996 | 5.6% | 5.1% | ||||||
Feb-1996 | 5.2% | 5.1% | ||||||
Mar-1996 | 5.3% | 5.1% | ||||||
Apr-1996 | 5.2% | 5.1% | ||||||
May-1996 | 5.2% | 5.1% | ||||||
Jun-1996 | 5.3% | 5.1% | ||||||
Jul-1996 | 5.4% | 5.1% | ||||||
Aug-1996 | 5.2% | 5.1% | ||||||
Sep-1996 | 5.3% | 5.1% | ||||||
Oct-1996 | 5.2% | 5.1% | ||||||
Nov-1996 | 5.3% | 5.1% | ||||||
Dec-1996 | 5.3% | 5.1% | ||||||
Jan-1997 | 5.3% | 5.1% | ||||||
Feb-1997 | 5.2% | 5.1% | ||||||
Mar-1997 | 5.4% | 5.1% | ||||||
Apr-1997 | 5.5% | 5.1% | ||||||
May-1997 | 5.5% | 5.1% | ||||||
Jun-1997 | 5.6% | 5.1% | ||||||
Jul-1997 | 5.5% | 5.1% | ||||||
Aug-1997 | 5.5% | 5.1% | ||||||
Sep-1997 | 5.5% | 5.1% | ||||||
Oct-1997 | 5.5% | 5.1% | ||||||
Nov-1997 | 5.5% | 5.1% | ||||||
Dec-1997 | 5.5% | 5.1% | ||||||
Jan-1998 | 5.6% | 5.1% | ||||||
Feb-1998 | 5.5% | 5.1% | ||||||
Mar-1998 | 5.5% | 5.1% | ||||||
Apr-1998 | 5.5% | 5.1% | ||||||
May-1998 | 5.5% | 5.1% | ||||||
Jun-1998 | 5.6% | 5.1% | ||||||
Jul-1998 | 5.5% | 5.1% | ||||||
Aug-1998 | 5.6% | 5.1% | ||||||
Sep-1998 | 5.5% | 5.1% | ||||||
Oct-1998 | 5.1% | 5.1% | ||||||
Nov-1998 | 4.8% | 5.1% | ||||||
Dec-1998 | 4.7% | 5.1% | ||||||
Jan-1999 | 4.6% | 5.1% | ||||||
Feb-1999 | 4.8% | 5.1% | ||||||
Mar-1999 | 4.8% | 5.1% | ||||||
Apr-1999 | 4.7% | 5.1% | ||||||
May-1999 | 4.7% | 5.1% | ||||||
Jun-1999 | 4.8% | 5.1% | ||||||
Jul-1999 | 5.0% | 5.1% | ||||||
Aug-1999 | 5.1% | 5.1% | ||||||
Sep-1999 | 5.2% | 5.1% | ||||||
Oct-1999 | 5.2% | 5.1% | ||||||
Nov-1999 | 5.4% | 5.1% | ||||||
Dec-1999 | 5.3% | 5.1% | ||||||
Jan-2000 | 5.5% | 3.0% | ||||||
Feb-2000 | 5.7% | 3.0% | ||||||
Mar-2000 | 5.9% | 3.0% | ||||||
Apr-2000 | 6.0% | 3.0% | ||||||
May-2000 | 6.3% | 3.0% | ||||||
Jun-2000 | 6.5% | 3.0% | ||||||
Jul-2000 | 6.5% | 3.0% | ||||||
Aug-2000 | 6.5% | 3.0% | ||||||
Sep-2000 | 6.5% | 3.0% | ||||||
Oct-2000 | 6.5% | 3.0% | ||||||
Nov-2000 | 6.5% | 3.0% | ||||||
Dec-2000 | 6.4% | 3.0% | ||||||
Jan-2001 | 6.0% | 3.0% | ||||||
Feb-2001 | 5.5% | 3.0% | ||||||
Mar-2001 | 5.3% | 3.0% | ||||||
Apr-2001 | 4.8% | 3.0% | ||||||
May-2001 | 4.2% | 3.0% | ||||||
Jun-2001 | 4.0% | 3.0% | ||||||
Jul-2001 | 3.8% | 3.0% | ||||||
Aug-2001 | 3.7% | 3.0% | ||||||
Sep-2001 | 3.1% | 3.0% | ||||||
Oct-2001 | 2.5% | 3.0% | ||||||
Nov-2001 | 2.1% | 3.0% | ||||||
Dec-2001 | 1.8% | 3.0% | ||||||
Jan-2002 | 1.7% | 3.0% | ||||||
Feb-2002 | 1.7% | 3.0% | ||||||
Mar-2002 | 1.7% | 3.0% | ||||||
Apr-2002 | 1.8% | 3.0% | ||||||
May-2002 | 1.8% | 3.0% | ||||||
Jun-2002 | 1.8% | 3.0% | ||||||
Jul-2002 | 1.7% | 3.0% | ||||||
Aug-2002 | 1.7% | 3.0% | ||||||
Sep-2002 | 1.8% | 3.0% | ||||||
Oct-2002 | 1.8% | 3.0% | ||||||
Nov-2002 | 1.3% | 3.0% | ||||||
Dec-2002 | 1.2% | 3.0% | ||||||
Jan-2003 | 1.2% | 3.0% | ||||||
Feb-2003 | 1.3% | 3.0% | ||||||
Mar-2003 | 1.3% | 3.0% | ||||||
Apr-2003 | 1.3% | 3.0% | ||||||
May-2003 | 1.3% | 3.0% | ||||||
Jun-2003 | 1.2% | 3.0% | ||||||
Jul-2003 | 1.0% | 3.0% | ||||||
Aug-2003 | 1.0% | 3.0% | ||||||
Sep-2003 | 1.0% | 3.0% | ||||||
Oct-2003 | 1.0% | 3.0% | ||||||
Nov-2003 | 1.0% | 3.0% | ||||||
Dec-2003 | 1.0% | 3.0% | ||||||
Jan-2004 | 1.0% | 3.0% | ||||||
Feb-2004 | 1.0% | 3.0% | ||||||
Mar-2004 | 1.0% | 3.0% | ||||||
Apr-2004 | 1.0% | 3.0% | ||||||
May-2004 | 1.0% | 3.0% | ||||||
Jun-2004 | 1.0% | 3.0% | ||||||
Jul-2004 | 1.3% | 3.0% | ||||||
Aug-2004 | 1.4% | 3.0% | ||||||
Sep-2004 | 1.6% | 3.0% | ||||||
Oct-2004 | 1.8% | 3.0% | ||||||
Nov-2004 | 1.9% | 3.0% | ||||||
Dec-2004 | 2.2% | 3.0% | ||||||
Jan-2005 | 2.3% | 3.0% | ||||||
Feb-2005 | 2.5% | 3.0% | ||||||
Mar-2005 | 2.6% | 3.0% | ||||||
Apr-2005 | 2.8% | 3.0% | ||||||
May-2005 | 3.0% | 3.0% | ||||||
Jun-2005 | 3.0% | 3.0% | ||||||
Jul-2005 | 3.3% | 3.0% | ||||||
Aug-2005 | 3.5% | 3.0% | ||||||
Sep-2005 | 3.6% | 3.0% | ||||||
Oct-2005 | 3.8% | 3.0% | ||||||
Nov-2005 | 4.0% | 3.0% | ||||||
Dec-2005 | 4.2% | 3.0% | ||||||
Jan-2006 | 4.3% | 3.0% | ||||||
Feb-2006 | 4.5% | 3.0% | ||||||
Mar-2006 | 4.6% | 3.0% | ||||||
Apr-2006 | 4.8% | 3.0% | ||||||
May-2006 | 4.9% | 3.0% | ||||||
Jun-2006 | 5.0% | 3.0% | ||||||
Jul-2006 | 5.2% | 3.0% | ||||||
Aug-2006 | 5.3% | 3.0% | ||||||
Sep-2006 | 5.3% | 3.0% | ||||||
Oct-2006 | 5.3% | 3.0% | ||||||
Nov-2006 | 5.3% | 3.0% | ||||||
Dec-2006 | 5.2% | 3.0% | ||||||
Jan-2007 | 5.3% | 3.0% | ||||||
Feb-2007 | 5.3% | 3.0% | ||||||
Mar-2007 | 5.3% | 3.0% | ||||||
Apr-2007 | 5.3% | 3.0% | ||||||
May-2007 | 5.3% | 3.0% | ||||||
Jun-2007 | 5.3% | 3.0% | ||||||
Jul-2007 | 5.3% | 3.0% | ||||||
Aug-2007 | 5.0% | 3.0% | ||||||
Sep-2007 | 4.9% | 3.0% | ||||||
Oct-2007 | 4.8% | 3.0% | ||||||
Nov-2007 | 4.5% | 3.0% | ||||||
Dec-2007 | 4.2% | 3.0% | ||||||
Jan-2008 | 3.9% | 3.0% | ||||||
Feb-2008 | 3.0% | 3.0% | ||||||
Mar-2008 | 2.6% | 3.0% | ||||||
Apr-2008 | 2.3% | 3.0% | ||||||
May-2008 | 2.0% | 3.0% | ||||||
Jun-2008 | 2.0% | 3.0% | ||||||
Jul-2008 | 2.0% | 3.0% | ||||||
Aug-2008 | 2.0% | 3.0% | ||||||
Sep-2008 | 1.8% | 3.0% | ||||||
Oct-2008 | 1.0% | 3.0% | ||||||
Nov-2008 | 0.4% | 3.0% | ||||||
Dec-2008 | 0.2% | 3.0% | ||||||
Jan-2009 | 0.2% | 3.0% | ||||||
Feb-2009 | 0.2% | 3.0% | ||||||
Mar-2009 | 0.2% | 3.0% | ||||||
Apr-2009 | 0.2% | 3.0% | ||||||
May-2009 | 0.2% | 3.0% | ||||||
Jun-2009 | 0.2% | 3.0% | ||||||
Jul-2009 | 0.2% | 3.0% | ||||||
Aug-2009 | 0.2% | 3.0% | ||||||
Sep-2009 | 0.2% | 3.0% | ||||||
Oct-2009 | 0.1% | 3.0% | ||||||
Nov-2009 | 0.1% | 3.0% | ||||||
Dec-2009 | 0.1% | 3.0% | ||||||
Jan-2010 | 0.1% | 0.6% | ||||||
Feb-2010 | 0.1% | 0.6% | ||||||
Mar-2010 | 0.2% | 0.6% | ||||||
Apr-2010 | 0.2% | 0.6% | ||||||
May-2010 | 0.2% | 0.6% | ||||||
Jun-2010 | 0.2% | 0.6% | ||||||
Jul-2010 | 0.2% | 0.6% | ||||||
Aug-2010 | 0.2% | 0.6% | ||||||
Sep-2010 | 0.2% | 0.6% | ||||||
Oct-2010 | 0.2% | 0.6% | ||||||
Nov-2010 | 0.2% | 0.6% | ||||||
Dec-2010 | 0.2% | 0.6% | ||||||
Jan-2011 | 0.2% | 0.6% | ||||||
Feb-2011 | 0.2% | 0.6% | ||||||
Mar-2011 | 0.1% | 0.6% | ||||||
Apr-2011 | 0.1% | 0.6% | ||||||
May-2011 | 0.1% | 0.6% | ||||||
Jun-2011 | 0.1% | 0.6% | ||||||
Jul-2011 | 0.1% | 0.6% | ||||||
Aug-2011 | 0.1% | 0.6% | ||||||
Sep-2011 | 0.1% | 0.6% | ||||||
Oct-2011 | 0.1% | 0.6% | ||||||
Nov-2011 | 0.1% | 0.6% | ||||||
Dec-2011 | 0.1% | 0.6% | ||||||
Jan-2012 | 0.1% | 0.6% | ||||||
Feb-2012 | 0.1% | 0.6% | ||||||
Mar-2012 | 0.1% | 0.6% | ||||||
Apr-2012 | 0.1% | 0.6% | ||||||
May-2012 | 0.2% | 0.6% | ||||||
Jun-2012 | 0.2% | 0.6% | ||||||
Jul-2012 | 0.2% | 0.6% | ||||||
Aug-2012 | 0.1% | 0.6% | ||||||
Sep-2012 | 0.1% | 0.6% | ||||||
Oct-2012 | 0.2% | 0.6% | ||||||
Nov-2012 | 0.2% | 0.6% | ||||||
Dec-2012 | 0.2% | 0.6% | ||||||
Jan-2013 | 0.1% | 0.6% | ||||||
Feb-2013 | 0.2% | 0.6% | ||||||
Mar-2013 | 0.1% | 0.6% | ||||||
Apr-2013 | 0.2% | 0.6% | ||||||
May-2013 | 0.1% | 0.6% | ||||||
Jun-2013 | 0.1% | 0.6% | ||||||
Jul-2013 | 0.1% | 0.6% | ||||||
Aug-2013 | 0.1% | 0.6% | ||||||
Sep-2013 | 0.1% | 0.6% | ||||||
Oct-2013 | 0.1% | 0.6% | ||||||
Nov-2013 | 0.1% | 0.6% | ||||||
Dec-2013 | 0.1% | 0.6% | ||||||
Jan-2014 | 0.1% | 0.6% | ||||||
Feb-2014 | 0.1% | 0.6% | ||||||
Mar-2014 | 0.1% | 0.6% | ||||||
Apr-2014 | 0.1% | 0.6% | ||||||
May-2014 | 0.1% | 0.6% | ||||||
Jun-2014 | 0.1% | 0.6% | ||||||
Jul-2014 | 0.1% | 0.6% | ||||||
Aug-2014 | 0.1% | 0.6% | ||||||
Sep-2014 | 0.1% | 0.6% | ||||||
Oct-2014 | 0.1% | 0.6% | ||||||
Nov-2014 | 0.1% | 0.6% | ||||||
Dec-2014 | 0.1% | 0.6% | ||||||
Jan-2015 | 0.1% | 0.6% | ||||||
Feb-2015 | 0.1% | 0.6% | ||||||
Mar-2015 | 0.1% | 0.6% | ||||||
Apr-2015 | 0.1% | 0.6% | ||||||
May-2015 | 0.1% | 0.6% | ||||||
Jun-2015 | 0.1% | 0.6% | ||||||
Jul-2015 | 0.1% | 0.6% | ||||||
Aug-2015 | 0.1% | 0.6% | ||||||
Sep-2015 | 0.1% | 0.6% | ||||||
Oct-2015 | 0.1% | 0.6% | ||||||
Nov-2015 | 0.1% | 0.6% | ||||||
Dec-2015 | 0.2% | 0.6% | ||||||
Jan-2016 | 0.3% | 0.6% | ||||||
Feb-2016 | 0.4% | 0.6% | ||||||
Mar-2016 | 0.4% | 0.6% | ||||||
Apr-2016 | 0.4% | 0.6% | ||||||
May-2016 | 0.4% | 0.6% | ||||||
Jun-2016 | 0.4% | 0.6% | ||||||
Jul-2016 | 0.4% | 0.6% | ||||||
Aug-2016 | 0.4% | 0.6% | ||||||
Sep-2016 | 0.4% | 0.6% | ||||||
Oct-2016 | 0.4% | 0.6% | ||||||
Nov-2016 | 0.4% | 0.6% | ||||||
Dec-2016 | 0.5% | 0.6% | ||||||
Jan-2017 | 0.7% | 0.6% | ||||||
Feb-2017 | 0.7% | 0.6% | ||||||
Mar-2017 | 0.8% | 0.6% | ||||||
Apr-2017 | 0.9% | 0.6% | ||||||
May-2017 | 0.9% | 0.6% | ||||||
Jun-2017 | 1.0% | 0.6% | ||||||
Jul-2017 | 1.2% | 0.6% | ||||||
Aug-2017 | 1.2% | 0.6% | ||||||
Sep-2017 | 1.2% | 0.6% | ||||||
Oct-2017 | 1.2% | 0.6% | ||||||
Nov-2017 | 1.2% | 0.6% | ||||||
Dec-2017 | 1.3% | 0.6% | ||||||
Jan-2018 | 1.4% | 0.6% | ||||||
Feb-2018 | 1.4% | 0.6% | ||||||
Mar-2018 | 1.5% | 0.6% | ||||||
Apr-2018 | 1.7% | 0.6% | ||||||
May-2018 | 1.7% | 0.6% | ||||||
Jun-2018 | 1.8% | 0.6% | ||||||
Jul-2018 | 1.9% | 0.6% | ||||||
Aug-2018 | 1.9% | 0.6% | ||||||
Sep-2018 | 2.0% | 0.6% | ||||||
Oct-2018 | 2.2% | 0.6% | ||||||
Nov-2018 | 2.2% | 0.6% | ||||||
Dec-2018 | 2.3% | 0.6% | ||||||
Jan-2019 | 2.4% | 0.6% | ||||||
Feb-2019 | 2.4% | 0.6% | ||||||
Mar-2019 | 2.4% | 0.6% | ||||||
Apr-2019 | 2.4% | 0.6% | ||||||
May-2019 | 2.4% | 0.6% | ||||||
Jun-2019 | 2.4% | 0.6% | ||||||
Jul-2019 | 2.4% | 0.6% | ||||||
Aug-2019 | 2.1% | 0.6% | ||||||
Sep-2019 | 2.0% | 0.6% | ||||||
Oct-2019 | 1.8% | 0.6% | ||||||
Nov-2019 | 1.6% | 0.6% | ||||||
Dec-2019 | 1.6% | 0.6% | ||||||
Jan-2020 | 1.6% | 0.2% | ||||||
Feb-2020 | 1.6% | 0.2% | ||||||
Mar-2020 | 0.7% | 0.2% | ||||||
Apr-2020 | 0.1% | 0.2% | ||||||
May-2020 | 0.1% | 0.2% | ||||||
Jun-2020 | 0.1% | 0.2% | ||||||
Jul-2020 | 0.1% | 0.2% | ||||||
Aug-2020 | 0.1% | 0.2% | ||||||
Sep-2020 | 0.1% | 0.2% | ||||||
Oct-2020 | 0.1% | 0.2% | ||||||
Nov-2020 | 0.1% | 0.2% | ||||||
Dec-2020 | 0.1% | 0.2% | ||||||
Jan-2021 | 0.1% | 0.2% | ||||||
Feb-2021 | 0.1% | 0.2% | ||||||
Mar-2021 | 0.1% | 0.2% | ||||||
Apr-2021 | 0.1% | 0.2% | ||||||
May-2021 | 0.1% | 0.2% | ||||||
Jun-2021 | 0.1% | 0.2% | ||||||
Jul-2021 | 0.1% | 0.2% | ||||||
Aug-2021 | 0.1% | 0.2% | ||||||
Sep-2021 | 0.1% | 0.2% | ||||||
Oct-2021 | 0.1% | 0.2% | ||||||
Nov-2021 | 0.1% | 0.2% | ||||||
Dec-2021 | 0.1% | 0.2% |
Notes: Data are monthly averages. Horizontal lines are averages over dates indicated. Shading indicates recessions.
Source: Authors’ analysis of Effective Federal Funds Rate data from the Federal Reserve (FRED 2021).