History of Federal Open Market Committee actions
Historical actions
Table:
FOMC Federal Funds Rate History[15]

Date

Fed. Funds Rate

Discount Rate

Votes

Notes

December 19, 2018

2.25%–2.5%

3.00%

10-0

Official statement Discount rate minutes

September 26, 2018

2.00%–2.25%

2.75%

9-0

Official statement

June 13, 2018

1.75%–2.00%

2.50%

8–0

Official statement

March 21, 2018

1.50%–1.75%

2.25%

8–0

Official statement

December 13, 2017

1.25%–1.50%

2.00%

7–2

Kashkari and Evans both dissented due to flattening yield curve concerns. Official statement

June 14, 2017

1.00%–1.25%

1.75%

8–1

Official statement

March 15, 2017

0.75%–1.00%

1.50%

9–1

Official statement

December 14, 2016

0.50%–0.75%

1.25%

10-0

Official statement

December 16, 2015

0.25%–0.50%

1.00%

10-0

Official statement

June 22, 2011

0.00%–0.25%

0.75%

10–0

Official statement

December 16, 2008

0.00%–0.25%

0.50%

10–0

Official statement See also: ZIRP

October 29, 2008

1.00%

1.25%

10–0

Official statement

October 8, 2008

1.50%

1.75%

This was an emergency unscheduled meeting in response to a rapidly weakening economy, made in coordination with several other central banks around the world. Official statement

April 30, 2008

2.00%

2.25%

8–2

The FOMC cut rates by 25 basis points. They drew back on their easing bias somewhat by removing "downside risks to growth remain" from its statement, but left no sign of a future pause to the interest rate cuts. Fisher and Plosser dissented, preferring no change. Official statement

March 18, 2008

2.25%

2.50%

8–2

The FOMC made another unusually large cut, slashing 75 basis points off the federal funds rate in response to turmoil in the markets and the collapse of Bear Stearns. Despite some predicting an even larger 100 basis point cut, the markets rallied in response. Fisher and Plosser dissented, preferring a smaller cut. Official statement

March 16, 2008

3.00%

3.25%

10–0

This was an emergency unscheduled meeting in response to the meltdown at Bear Stearns. The FOMC arranged loan securities for JPMorgan Chase and greased a buyout of Bear Stearns to make certain that Bear's debts would be backed. It also provided for the creation of a fund to swap safe Treasury securities for less secure ones held by banks. It lastly shaved the difference between the discount rate and the federal funds rate from 50 basis points to 25. Official statement

January 30, 2008

3.00%

3.50%

9–1

Fisher dissented, preferring no change. Official statement

January 22, 2008

3.50%

4.00%

8–1

This was an intermeeting rate cut held in response to the January stock downturn, with the results announced Tuesday morning before the U.S. market opened. Poole dissented, saying that emergency action was not required and could wait for the scheduled meeting. Mishkin was absent. Official statement

December 11, 2007

4.25%

4.75%

9–1

Rosengren dissented, preferring a 50 basis point cut. The markets, disappointed with a 25 basis point cut, fell in response; the Fed issued a statement the day after (December 12) pledging an increased money supply to the markets in conjunction with other central banks. Official statement 2007-12-11, Official statement 2007-12-12

October 31, 2007

4.50%

5.00%

9–1

Hoenig dissented, preferring no change. Official statement

September 18, 2007

4.75%

5.25%

10–0

Official statement

August 17, 2007

5.25%

5.75%

10–0

The subprime mortgage crisis roiled the markets shortly after the Fed's August 7 meeting, causing the board to release a statement on August 10 saying that they were prepared to act in response to the downturn and had increased liquidity. In an unscheduled meeting on August 17 the Fed "temporarily" reduced the spread between the primary credit rate and the federal funds rate to 50 basis points from the 100-point spread established in January 2002. Official statement, 2007-08-10, Official statement, 2007-08-10, Official statement, 2007-08-17.

August 7, 2007

5.25%

6.25%

10–0

Official statement

June 28, 2007

5.25%

6.25%

10–0

Official statement

May 9, 2007

5.25%

6.25%

10–0

Official statement

March 21, 2007

5.25%

6.25%

10–0

Bies recused herself. Official statement

January 31, 2007

5.25%

6.25%

11–0

Official statement

December 12, 2006

5.25%

6.25%

10–1

Lacker dissented, preferring a 25 basis point increase. Official statement

October 25, 2006

5.25%

6.25%

10–1

Lacker dissented, preferring a 25 basis point increase. Official statement

September 20, 2006

5.25%

6.25%

10–1

Lacker dissented, preferring a 25 basis point increase. First vote from Frederic Mishkin after his appointment. Official statement

August 8, 2006

5.25%

6.25%

9–1

The Fed kept rates stable this meeting; they had raised the rates by 25 basis points for seventeen consecutive meetings prior. Lacker dissented, preferring a 25 basis point increase. Official statement

June 29, 2006

5.25%

6.25%

10–0

Mark W. Olson not voting, as his appointment and departure for the Public Company Accounting Oversight Board in July has already been announced. Official statement

May 10, 2006

5.00%

6.00%

11–0

Official statement

March 28, 2006

4.75%

5.75%

11–0

This was Ben Bernanke's first meeting as new Chairman, replacing Alan Greenspan. He continued Greenspan's policy of gradual tightening and pledged increased transparency for the Federal Reserve. Official statement

January 31, 2006

4.50%

5.50%

10–0

Official statement

December 13, 2005

4.25%

5.25%

10–0

Official statement

November 1, 2005

4.00%

5.00%

10–0

Official statement

September 20, 2005

3.75%

4.75%

9–1

Olson dissented, preferring no change. Official statement

August 9, 2005

3.50%

4.50%

10–0

Edward Gramlich not voting, as his return to the University of Michigan in September has already been announced. Official statement

June 30, 2005

3.25%

4.25%

11–0

Official statement

May 3, 2005

3.00%

4.00%

11–0

Ben Bernanke not voting, as his appointment and departure for the Council of Economic Advisers to the White House in June has already been announced. Official statement

March 22, 2005

2.75%

3.75%

12–0

Official statement

February 2, 2005

2.50%

3.50%

12–0

Official statement

December 14, 2004

2.25%

3.25%

12–0

The FOMC changed their previous policy on the release of the minutes from each meeting. Previously, the minutes were released only after the next meeting had already finished, rendering them only of historical interest; this was changed to be released three weeks after the date of a policy decision. The minutes thus became available for predicting the FOMC's action in the next meeting. Official statement

November 10, 2004

2.00%

3.00%

12–0

Official statement

September 21, 2004

1.75%

2.75%

12–0

Official statement

August 10, 2004

1.50%

2.50%

12–0

Official statement

June 30, 2004

1.25%

2.25%

12–0

Official statement

May 4, 2004

1.00%

2.00%

12–0

Official statement

March 16, 2004

1.00%

2.00%

12–0

Official statement

January 28, 2004

1.00%

2.00%

12-0

Official statement

December 9, 2003

1.00%

2.00%

12–0

Official statement

October 28, 2003

1.00%

2.00%

12–0

Official statement

September 16, 2003

1.00%

2.00%

12–0

Official statement

August 12, 2003

1.00%

2.00%

12–0

Official statement

June 25, 2003

1.00%

2.00%

11–1

Parry dissented, preferring a 50 basis point cut. Official statement

May 6, 2003

1.25%

2.25%

12–0

Official statement

March 18, 2003

1.25%

2.25%

12–0

Official statement

January 29, 2003

1.25%

2.25%

12–0

Official statement

January 9, 2003

1.25%

2.25%

No meeting, but new discount window rules introduced in October were implemented. These mandated a discount rate 100 basis points higher than the federal funds rate, effectively hiking it by 150 basis points. Official statement

December 10, 2002

1.25%

0.75%

12–0

Official statement

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