United States Interest Rate

Last Release

Jun 18, 2025

Actual

4.5

Units In

4.5

Frequency

Daily

Next Release

Jul 30, 2025

Time to Release

1 Months 3 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
20 Mar 1980	0.25 Dec 2008	5.41 %	1971-2025	Federal Reserve

In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate.

Latest Updates

President Donald Trump said on Wednesday that he has “three or four” candidates in mind to potentially replace Federal Reserve Chair Jerome Powell, whose term ends on May 15, 2026. Though he did not confirm interviews, Trump refrained from naming specific candidates. However, reports identify Kevin Warsh, Kevin Hassett, Christopher Waller, and Scott Bessent as leading contenders. Trump has frequently criticized Powell over interest rate policy and has alternated between suggesting and backing off the idea of firing him. On June 12, Trump said, “I’m not going to fire him,” though speculation about a replacement continues. At a recent White House event, Hassett declined to say whether he had discussed the role with Trump, but remarked, “I think the President will choose the person that he likes, and it's not going to be Jay Powell.”