Current Fed Interest Rate 2024. The rate sets a benchmark for other interest rates throughout. View data of the effective federal funds rate, or the interest rate depository institutions charge each other for overnight loans of funds.
The federal funds target rate has remained at 5.25% to 5.5% since last summer, following 11 increases that began in march 2022. Powell said more rate cuts are likely underway because the economyโs current trends and dynamics are expected to remain in place, at least in the short run.