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)
