| Federal fund rates beginning with the latest and ending with July 1990, the month the last recession began. • More on Federal Reserve
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 | December 13 – 4.25 percent November 1 – 4.00 percent September 20 – 3.75 percent August 9 – 3.50 percent June 30 – 3.25 percent May 3 – 3.00 percent March 22 – 2.75 percent Feb. 2 – 2.5 percent
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| | December 14 – 2.25 percent November 10 – 2.00 percent September 21 – 1.75 percent August 10 – 1.50 percent June 30 – 1.25 percent
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| | June 25 – 1 percent
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| November 6 – 1.25 percent
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| December 11 – 1.75 percent November 6 – 2.0 percent October 2 – 2.5 percent September 17 – 3.0 percent August 21 – 3.5 percent June 27 – 3.75 percent May 15 – 4 percent April 18 – 4.5 percent March 20 – 5 percent Jan. 31 – 5.50 percent Jan. 3 – 6 percent
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| May 16 – 6.5 percent March 21 – 6 percent Feb. 2 – 5.75 percent
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| Nov. 16 – 5.50 percent Aug. 24 – 5.25 percent June 30 – 5 percent
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| Nov. 17 – 4.75 percent Oct. 15 – 5 percent Sept. 29 – 5.25 percent
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| March 25 – 5.50 percent
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| Jan. 31 – 5.25 percent
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| Dec. 19 – 5.50 percent July 6 – 5.75 percent Feb. 1 – 6 percent
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| Nov. 15 – 5.50 percent Aug. 16 – 4.75 percent May 17 – 4.25 percent April 18 – 3.75 percent March 22 – 3.5 percent Feb. 4 – 3.25 percent
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| No rate cuts | |
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| Sept. 4 – 3 percent July 2 – 3.25 percent April 9 – 3.75 percent
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| Dec. 20 – 4 percent Dec. 6 – 4.50 percent Nov. 6 – 4.75 percent Sept. 13 – 5.25 percent Aug. 6 – 5.5 percent April 30 – 5.75 percent March 8 – 6.0 percent Feb. 1 – 6.25 percent Jan. 8 – 6.75 percent
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| Dec. 18 – 7 percent Dec. 7 – 7.25 percent Nov. 14 – 7.50 percent Oct. 29 – 7.75 percent July 13 – 8 percent, reduced from 8.25 percent. |
