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).