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. For more information, see https://www.newyorkfed.org/markets/obfrinfo

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. For more information, see https://www.newyorkfed.org/markets/obfrinfo

Data for the period prior to 1994 come from the working paper "A New Federal Funds Rate Target Series: September 27, 1982 - December 31, 1993" (Thornton, Federal Reserve Bank of St. Louis, 2005, http://research.stlouisfed.org/wp/2005/2005-032.pdf). Due to an error in the paper values from April 2, 1986 - April 20, 1986 were adjusted manually to 7.3125%. Data from 1994 to the present are derived from FOMC meeting transcripts and FOMC meeting statements, http://www.federalreserve.gov/fomc/. Effective December 16, 2008, target rate is reported as a range. Current data at https://fred.stlouisfed.org/series/DFEDTARU and https://fred.stlouisfed.org/series/DFEDTARL