TIMELINE: Fed funds rate changes since 1994

NEW YORK (Reuters) - The U.S. Federal Reserve on Tuesday cut its

target for overnight interest rates to a range of zero to 0.25 percent.

It also cut the discount rate by 75 basis points to 0.5 percent.

The following is a chronology of the Federal Reserve's changes in the

overnight federal funds rate since 1994. Moves are measured in basis points

(bps), each of which equals one-hundredth of a percentage point.

An asterisk (*) next to the date indicates an intermeeting move.

FED FUNDS DISCOUNT RATE

2008

Dec 16 Cut to zero to 0.25 pct range Cut 75 bps to 0.5 pct

Oct 29 Cut 50 bps to 1 pct Cut 50 bps to 1.25 pct

Oct 8* Cut 50 bps to 1.50 pct Cut 50 bps to 1.75 pct

Apr 30 Cut 25 bps to 2.00 pct Cut 25 bps to 2.25 pct

Mar 18 Cut 75 bps to 2.25 pct Cut 75 bps to 2.50 pct

Mar 16* Cut 25 bps to 3.25 pct

Jan 30 Cut 50 bps to 3.00 pct Cut 50 bps to 3.50 pct

Jan 22* Cut 75 bps to 3.50 pct Cut 75 bps to 4.00 pct

2007

Dec 11 Cut 25 bps to 4.25 pct Cut 25 bps to 4.75 pct

Oct 31 Cut 25 bps to 4.50 pct Cut 25 bps to 5.00 pct

Sept 18 Cut 50 bps to 4.75 pct Cut 50 bps to 5.25 pct

Aug 17* Cut 50 bps to 5.75 pct

2006

June 29 Raised 25 bps to 5.25 pct Raised 25 bps to 6.25 pct

May 10 Raised 25 bps to 5.00 pct Raised 25 bps to 6.00 pct

March 28 Raised 25 bps to 4.75 pct Raised 25 bps to 5.75 pct

Jan 31 Raised 25 bps to 4.50 pct Raised 25 bps to 5.50 pct

2005

Dec 13 Raised 25 bps to 4.25 pct Raised 25 bps to 5.25 pct

Nov 1 Raised 25 bps to 4.00 pct Raised 25 bps to 5.00 pct

Sept 20 Raised 25 bps to 3.75 pct Raised 25 bps to 4.75 pct

Aug 9 Raised 25 bps to 3.50 pct Raised 25 bps to 4.50 pct

June 30 Raised 25 bps to 3.25 pct Raised 25 bps to 4.25 pct

May 3 Raised 25 bps to 3.00 pct Raised 25 bps to 4.00 pct

March 22 Raised 25 bps to 2.75 pct Raised 25 bps to 3.75 pct

Feb 2 Raised 25 bps to 2.50 pct Raised 25 bps to 3.50 pct

2004

Dec 14 Raised 25 bps to 2.25 pct Raised 25 bps to 3.25 pct

Nov 10 Raised 25 bps to 2.00 pct Raised 25 bps to 3.00 pct

Sept 21 Raised 25 bps to 1.75 pct Raised 25 bps to 2.75 pct

Aug 10 Raised 25 bps to 1.50 pct Raised 25 bps to 2.50 pct

June 30 Raised 25 bps to 1.25 pct Raised 25 bps to 2.25 pct

2003

June 25 Cut 25 bps to 1.00 pct Cut 25 bps to 2.00 pct

Jan 6 none 1.25 pct Raised 150 bps to 2.25 pct

Note: January 6, 2003, decision to raise discount rate reflected revamp in

discount window procedures, not a tightening of policy.

2002

Nov 6 Cut 50 bps to 1.25 pct Cut 50 bps to 0.75 pct

2001

Dec 11 Cut 25 bps to 1.75 pct Cut 25 bps to 1.25 pct

Nov 6 Cut 50 bps to 2.00 pct Cut 50 bps to 1.50 pct

Oct 2 Cut 50 bps to 2.50 pct Cut 50 bps to 2.00 pct

Sept 17* Cut 50 bps to 3.00 pct Cut 50 bps to 2.50 pct

Aug 21 Cut 25 bps to 3.50 pct Cut 25 bps to 3.00 pct

June 27 Cut 25 bps to 3.75 pct Cut 25 bps to 3.25 pct

May 15 Cut 50 bps to 4.00 pct Cut 50 bps to 3.50 pct

April 18* Cut 50 bps to 4.50 pct Cut 50 bps to 4.00 pct

March 20 Cut 50 bps to 5.00 pct Cut 50 bps to 4.50 pct

Jan 31 Cut 50 bps to 5.50 pct Cut 50 bps to 5.00 pct

Jan 4* Cut 25 bps to 5.50 pct

Jan 3* Cut 50 bps to 6.00 pct Cut 25 bps to 5.75 pct

2000

May 16 Raised 50 bps to 6.50 pct Raised 50 bps to 6.00 pct

March 21 Raised 25 bps to 6.00 pct Raised 25 bps to 5.50 pct

Feb 2 Raised 25 bps to 5.75 pct Raised 25 bps to 5.25 pct

1999

Nov 16 Raised 25 bps to 5.50 pct Raised 25 bps to 5.00 pct

Aug 24 Raised 25 bps to 5.25 pct Raised 25 bps to 4.75 pct

June 30 Raised 25 bps to 5.00 pct

1998

Nov 17 Cut 25 bps to 4.75 pct Cut 25 bps to 4.50 pct

Oct 15* Cut 25 bps to 5.00 pct Cut 25 bps to 4.75 pct

Sept 29 Cut 25 bps to 5.25 pct

1997

March 25 Raised 25 bps to 5.50 pct

1996

Jan 31 Cut 25 bps to 5.25 pct Cut 25 bps to 5.00 pct

1995

Dec 19 Cut 25 bps to 5.50 pct

July 6 Cut 25 bps to 5.75 pct

Feb 1 Raised 50 bps to 6.00 pct Raised 50 bps to 5.25 pct

1994

Nov 15 Raised 75 bps to 5.50 pct Raised 75 bps to 4.75 pct

Aug 16 Raised 50 bps to 4.75 pct Raised 50 bps to 4.00 pct

May 17 Raised 50 bps to 4.25 pct Raised 50 bps to 3.50 pct

April 18* Raised 25 bps to 3.75 pct

March 22 Raised 25 bps to 3.50 pct

Feb 4 Raised 25 bps to 3.25 pct

(Compiled by Reuters Fed reporting team, +1 202 898-8310)