Monetary Policy

Federal Funds Effective Rate

The actual overnight rate at which banks lend reserves to each other, set by Fed open market operations. The primary instrument of U.S. monetary policy. Use for rate cycle identification, policy stance analysis, and macro regime detection. Daily frequency with full history back to 1954.

Federal Funds Target Range - Lower Limit

Lower bound of the FOMC's target range for the federal funds rate. Changes only at scheduled FOMC meetings (or emergency actions). Use to track the official policy rate stance and identify rate hike/cut cycles. Daily frequency.

Federal Funds Target Range - Upper Limit

Upper bound of the FOMC's target range for the federal funds rate. The ceiling of the Fed's policy corridor. Pair with the lower limit to determine the full target range width. Daily frequency, essential for any Fed policy model.