The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes sound financial and economic decisions through community development and education programs.
The federal funds market consists of domestic unsecured borrowings in U.S. dollars by depository institutions from other depository institutions and certain other entities, primarily government-sponsored enterprises.
The effective federal funds rate (EFFR) is calculated as a volume-weighted median of overnight federal funds transactions reported in the FR 2420 Report of Selected Money Market Rates.a The New York Fed publishes the EFFR for the prior business day on the New York Fed’s website at approximately 9:00 a.m.b
The Federal Open Market Committee establishes the target rate, or range, for trading in the federal funds market.
1 Rate was calculated with reduced volume
2 Rate was calculated using brokered data
3 Because of insufficient current data, the published rate is a republication of the prior day's rate
Note starting with the March 1, 2016 rate, the published fields changed. To view historical data fields use the Federal Funds Data Historical Search.