Effective federal funds rate
3.88% as of Nov 9, 2026
- unchanged from previous day 3.88% on Nov 8, 2026
- unchanged from a month earlier 3.88% on Oct 9, 2026
- ▲ +0.01 pt from a year earlier 3.87% on Nov 9, 2025
What it measures
The effective federal funds rate is the average rate banks charge each other for overnight loans. The Federal Reserve steers it by setting a target range at each policy meeting.
Why it matters to a small business
It is the rate everything else follows. By long-standing convention banks set the prime rate 3 percentage points above the top of the Fed's target range, so a change here reaches business borrowers within days.
Recent readings
| Date | Rate |
|---|---|
| Nov 9, 2026 | 3.88% |
| Nov 8, 2026 | 3.88% |
| Nov 7, 2026 | 3.88% |
| Nov 6, 2026 | 3.88% |
| Nov 5, 2026 | 3.88% |
| Nov 4, 2026 | 3.88% |
| Nov 3, 2026 | 3.88% |
| Nov 2, 2026 | 3.88% |
| Nov 1, 2026 | 3.88% |
| Oct 31, 2026 | 3.88% |
| Oct 30, 2026 | 3.88% |
| Oct 29, 2026 | 3.88% |
Source
Federal Reserve Board, series DFF, retrieved from FRED, Federal Reserve Bank of St. Louis. Published daily. Official figures can be revised after they are first released.