Fed Funds Rate Today
The effective federal funds rate (EFFR) was 3.88% on 23 October 2026, inside the Federal Reserve's target range of 3.75%–4.00%. The Fed last changed rates with effect from 17 September 2026, when it raised the range by 0.25 point, its first increase since July 2023. The secured overnight financing rate (SOFR) was 3.92%. Silver is down 16.5% since that decision. Next Fed decision: Wednesday 28 October 2026.
Fed funds rate and silver since 2000
weekly · silver on a log scale (right)Rate Cycles Since 2000 and Silver
Runs of Fed hikes or cuts, and how silver did (our calculations from COMEX closes).
| Cycle | From → to | Silver during | 12 months after the first move |
|---|---|---|---|
| Hikes Sep 2026 | 3.50%–3.75% → 3.75%–4.00% | — | so far −16.5% |
| Cuts Sep 2024–Dec 2025 | 5.25%–5.50% → 3.50%–3.75% | +110.7% | +40.2% |
| Hikes Mar 2022–Jul 2023 | 0.00%–0.25% → 5.25%–5.50% | −1.8% | −9.4% |
| Cuts Aug 2019–Mar 2020 | 2.25%–2.50% → 0.00%–0.25% | −21.9% | +48.0% |
| Hikes Dec 2015–Dec 2018 | 0.00%–0.25% → 2.25%–2.50% | +4.2% | +13.5% |
| Cuts Sep 2007–Dec 2008 | 5.25% → 0.00%–0.25% | −16.6% | +2.7% |
| Hikes Jun 2004–Jun 2006 | 1.00% → 5.25% | +76.2% | +20.5% |
| Cuts Jan 2001–Jun 2003 | 6.50% → 1.00% | −1.7% | +0.9% |
Latest Daily Rates
| Date | EFFR | Target | SOFR |
|---|---|---|---|
| Oct 23, 2026 | 3.88% | 3.75%–4.00% | 3.92% |
| Oct 22, 2026 | 3.88% | 3.75%–4.00% | 3.90% |
| Oct 21, 2026 | 3.88% | 3.75%–4.00% | 3.88% |
| Oct 20, 2026 | 3.88% | 3.75%–4.00% | 3.88% |
| Oct 19, 2026 | 3.88% | 3.75%–4.00% | 3.87% |
| Oct 16, 2026 | 3.88% | 3.75%–4.00% | 3.88% |
| Oct 15, 2026 | 3.88% | 3.75%–4.00% | 3.89% |
| Oct 14, 2026 | 3.88% | 3.75%–4.00% | 3.88% |
| Oct 13, 2026 | 3.88% | 3.75%–4.00% | 3.89% |
| Oct 9, 2026 | 3.88% | 3.75%–4.00% | 3.87% |
Year by Year
| Year | Average EFFR | Target at year-end | Silver that year |
|---|---|---|---|
| 2026 (so far) | 3.66% | 3.75%–4.00% | −23.4% |
| 2025 | 4.21% | 3.50%–3.75% | +142.3% |
| 2024 | 5.15% | 4.25%–4.50% | +21.3% |
| 2023 | 5.03% | 5.25%–5.50% | 0.0% |
| 2022 | 1.68% | 4.25%–4.50% | +2.3% |
| 2021 | 0.08% | 0.00%–0.25% | −11.4% |
| 2020 | 0.36% | 0.00%–0.25% | +47.7% |
| 2019 | 2.16% | 1.50%–1.75% | +15.5% |
| 2018 | 1.83% | 2.25%–2.50% | −8.8% |
| 2017 | 1.00% | 1.25%–1.50% | +6.4% |
| 2016 | 0.39% | 0.50%–0.75% | +14.9% |
| 2015 | 0.13% | 0.25%–0.50% | −11.3% |
| 2014 | 0.09% | 0.00%–0.25% | −19.5% |
| 2013 | 0.11% | 0.00%–0.25% | −35.3% |
| 2012 | 0.14% | 0.00%–0.25% | +6.3% |
| 2011 | 0.10% | 0.00%–0.25% | −8.0% |
| 2010 | 0.18% | 0.00%–0.25% | +80.3% |
| 2009 | 0.16% | 0.00%–0.25% | +57.5% |
| 2008 | 1.94% | 0.00%–0.25% | −26.9% |
| 2007 | 5.03% | 4.25% | +14.4% |
| 2006 | 4.97% | 5.25% | +46.1% |
| 2005 | 3.21% | 4.25% | +29.5% |
| 2004 | 1.35% | 2.25% | +14.2% |
| 2003 | 1.13% | 1.00% | +27.8% |
| 2002 | 1.68% | 1.25% | +3.3% |
| 2001 | 3.90% | 1.75% | −1.3% |
| 2000 (from Jul) | 6.51% | 6.50% | −14.1% |
Every Fed rate change since 2000 (72)
| Effective | New target | Change | Silver that day |
|---|---|---|---|
| Sep 17, 2026 | 3.75%–4.00% | +25 bp | $65.47 |
| Dec 11, 2025 | 3.50%–3.75% | −25 bp | $63.93 |
| Oct 30, 2025 | 3.75%–4.00% | −25 bp | $48.43 |
| Sep 18, 2025 | 4.00%–4.25% | −25 bp | $41.71 |
| Dec 19, 2024 | 4.25%–4.50% | −25 bp | $29.09 |
| Nov 8, 2024 | 4.50%–4.75% | −25 bp | $31.36 |
| Sep 19, 2024 | 4.75%–5.00% | −50 bp | $31.09 |
| Jul 27, 2023 | 5.25%–5.50% | +25 bp | $24.24 |
| May 4, 2023 | 5.00%–5.25% | +25 bp | $26.04 |
| Mar 23, 2023 | 4.75%–5.00% | +25 bp | $23.14 |
| Feb 2, 2023 | 4.50%–4.75% | +25 bp | $23.53 |
| Dec 15, 2022 | 4.25%–4.50% | +50 bp | $23.13 |
| Nov 3, 2022 | 3.75%–4.00% | +75 bp | $19.44 |
| Sep 22, 2022 | 3.00%–3.25% | +75 bp | $19.55 |
| Jul 28, 2022 | 2.25%–2.50% | +75 bp | $19.83 |
| Jun 16, 2022 | 1.50%–1.75% | +75 bp | $21.87 |
| May 5, 2022 | 0.75%–1.00% | +50 bp | $22.40 |
| Mar 17, 2022 | 0.25%–0.50% | +25 bp | $25.58 |
| Mar 16, 2020 | 0.00%–0.25% | −100 bp | $12.77 |
| Mar 4, 2020 | 1.00%–1.25% | −50 bp | $17.19 |
| Oct 31, 2019 | 1.50%–1.75% | −25 bp | $18.01 |
| Sep 19, 2019 | 1.75%–2.00% | −25 bp | $17.77 |
| Aug 1, 2019 | 2.00%–2.25% | −25 bp | $16.12 |
| Dec 20, 2018 | 2.25%–2.50% | +25 bp | $14.75 |
| Sep 27, 2018 | 2.00%–2.25% | +25 bp | $14.20 |
| Jun 14, 2018 | 1.75%–2.00% | +25 bp | $17.23 |
| Mar 22, 2018 | 1.50%–1.75% | +25 bp | $16.33 |
| Dec 14, 2017 | 1.25%–1.50% | +25 bp | $15.87 |
| Jun 15, 2017 | 1.00%–1.25% | +25 bp | $16.71 |
| Mar 16, 2017 | 0.75%–1.00% | +25 bp | $17.29 |
| Dec 15, 2016 | 0.50%–0.75% | +25 bp | $15.94 |
| Dec 17, 2015 | 0.25%–0.50% | +25 bp | $13.68 |
| Dec 16, 2008 | 0.00%–0.25% | −75 bp | $10.50 |
| Oct 29, 2008 | 1.00% | −50 bp | $9.38 |
| Oct 8, 2008 | 1.50% | −50 bp | $11.65 |
| Apr 30, 2008 | 2.00% | −25 bp | $16.47 |
| Mar 18, 2008 | 2.25% | −75 bp | $20.38 |
| Jan 30, 2008 | 3.00% | −50 bp | $16.76 |
| Jan 22, 2008 | 3.50% | −75 bp | $15.57 |
| Dec 11, 2007 | 4.25% | −25 bp | $14.62 |
| Oct 31, 2007 | 4.50% | −25 bp | $14.32 |
| Sep 18, 2007 | 4.75% | −50 bp | $12.96 |
| Jun 29, 2006 | 5.25% | +25 bp | $10.38 |
| May 10, 2006 | 5.00% | +25 bp | $14.34 |
| Mar 28, 2006 | 4.75% | +25 bp | $10.81 |
| Jan 31, 2006 | 4.50% | +25 bp | $9.91 |
| Dec 13, 2005 | 4.25% | +25 bp | $8.74 |
| Nov 1, 2005 | 4.00% | +25 bp | $7.54 |
| Sep 20, 2005 | 3.75% | +25 bp | $7.33 |
| Aug 9, 2005 | 3.50% | +25 bp | $7.00 |
| Jun 30, 2005 | 3.25% | +25 bp | $7.10 |
| May 3, 2005 | 3.00% | +25 bp | $6.85 |
| Mar 22, 2005 | 2.75% | +25 bp | $7.11 |
| Feb 2, 2005 | 2.50% | +25 bp | $6.73 |
| Dec 14, 2004 | 2.25% | +25 bp | $6.77 |
| Nov 10, 2004 | 2.00% | +25 bp | $7.50 |
| Sep 21, 2004 | 1.75% | +25 bp | $6.28 |
| Aug 10, 2004 | 1.50% | +25 bp | $6.68 |
| Jun 30, 2004 | 1.25% | +25 bp | $5.91 |
| Jun 25, 2003 | 1.00% | −25 bp | $4.51 |
| Nov 6, 2002 | 1.25% | −50 bp | $4.47 |
| Dec 11, 2001 | 1.75% | −25 bp | $4.25 |
| Nov 6, 2001 | 2.00% | −50 bp | $4.13 |
| Oct 2, 2001 | 2.50% | −50 bp | $4.60 |
| Sep 17, 2001 | 3.00% | −50 bp | $4.29 |
| Aug 21, 2001 | 3.50% | −25 bp | $4.17 |
| Jun 27, 2001 | 3.75% | −25 bp | $4.35 |
| May 15, 2001 | 4.00% | −50 bp | $4.34 |
| Apr 18, 2001 | 4.50% | −50 bp | $4.33 |
| Mar 20, 2001 | 5.00% | −50 bp | $4.34 |
| Jan 31, 2001 | 5.50% | −50 bp | $4.79 |
| Jan 3, 2001 | 6.00% | −50 bp | $4.53 |
Fed Funds Rate: FAQ
What is the fed funds rate today?
The effective federal funds rate was 3.88% on 23 October 2026 (published by the New York Fed the next business morning). The Federal Reserve's target range is 3.75%–4.00%. SOFR was 3.92% on 23 October 2026.
What is the difference between the target range, EFFR and SOFR?
The target range is what the Fed's policy committee (the FOMC) sets at its meetings. The effective federal funds rate is the rate banks actually paid each other for overnight unsecured loans, a volume-weighted median that the New York Fed calculates each day; it normally sits inside the range. SOFR is the rate for overnight loans backed by Treasury securities (repo), and it has replaced LIBOR as the main benchmark for US dollar loans and derivatives.
When is the next Fed meeting?
The next FOMC decision is due on Wednesday 28 October 2026 at 2:00 pm Eastern time. See the economic calendar for all dates.
How do interest rates affect the silver price?
Silver pays no interest, so higher rates raise the cost of holding it compared with cash or bonds, and lower rates reduce it. In practice the link is loose: what matters most is the real (inflation-adjusted) yield and what markets expect the Fed to do next, so silver often moves before a decision rather than on the day. The table of rate cycles above shows how silver did during each cycle since 2000.
Where do the rates come from?
From the Federal Reserve Bank of New York, which publishes the EFFR (and the target in force each day) and SOFR every business day at about 8:00 am Eastern time for the previous business day. Silver prices are COMEX daily closes; the changes are our calculations.
Source: Federal Reserve Bank of New York, reference rates (EFFR with the FOMC target, from 3 July 2000; SOFR from 2 April 2018), via the New York Fed Markets Data API. © 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. The Effective Federal Funds Rate (EFFR) and the Secured Overnight Financing Rate (SOFR) are subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the EFFR or SOFR by Corgano, does not sanction or endorse any particular republication, and has no liability for your use. The Secured Overnight Financing Rate (SOFR) Data is calculated using data provided under a license granted to the New York Fed by DTCC Solutions LLC ("Solutions"), an affiliate of The Depository Trust & Clearing Corporation. Solutions, its affiliates, and third parties from which they obtained data have no liability for the content of this material. Corgano is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Corgano. Silver prices are COMEX front-month futures closes; the cycle and yearly silver changes are Corgano's calculations.
See also: economic calendar · what happens to silver after Fed decisions · silver vs real yields.
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@misc{corgano2026fedfundsratetoday, author = {{Corgano}}, title = {Fed Funds Rate Today}, howpublished = {\url{https://silverprice.corgano.com/fed-funds-rate}}, year = {2026}, note = {Corgano Silver Price, accessed 2026-10-26}}