Historical Actions
Currently, this only shows meetings, both scheduled and unscheduled "emergency" meetings. The FOMC makes a number of other important pronouncements as well such as during testimony to Congress whose effects are harder to quantify.
Red dates are intermeeting actions. Blue signifies tightening, green signifies neutrality, and yellow signifies easing.
| Date | Fed. Fund Rate | Discount Rate | Votes | Notes |
|---|---|---|---|---|
| Jun 22, 2011 | 0.00–0.25% | 0.75% | X-X | Official Statement |
| Dec 16, 2008 | 0.00–0.25% | 0.50% | 10–0 | Official Statement See also: ZIRP |
| Oct 29, 2008 | 1.00% | 1.25% | 10–0 | Official Statement |
| Oct 8, 2008 | 1.50% | 1.75% | X–X | This was an emergency unscheduled meeting in response to a rapidly weakening economy, made in coordination with several other central banks around the world. Official Statement |
| Apr 30, 2008 | 2.00% | 2.25% | 8–2 | The FOMC cut rates by 25 basis points. They drew back on their easing bias somewhat by removing "downside risks to growth remain" from its statement, but left no sign of a future pause to the interest rate cuts. Fisher and Plosser dissented, preferring no change. Official Statement |
| Mar 18, 2008 | 2.25% | 2.50% | 8–2 | The FOMC made another unusually large cut, slashing 75 basis points off the federal funds rate in response to turmoil in the markets and the collapse of Bear Stearns. Despite some predicting an even larger 100 basis point cut, the markets rallied in response. Fisher and Plosser dissented, preferring a smaller cut. Official Statement |
| Mar 16, 2008 | 3.00% | 3.25% | 10–0 | This was an emergency unscheduled meeting in response to the meltdown at Bear Stearns. The FOMC arranged loan securities for JPMorgan Chase and greased a buyout of Bear Stearns to make certain that Bear's debts would be backed. It also provided for the creation of a fund to swap safe Treasury securities for less secure ones held by banks. It lastly shaved the difference between the discount rate and the federal funds rate from 50 basis points to 25. Official Statement |
| January 30, 2008 | 3.00% | 3.50% | 9–1 | Fisher dissented, preferring no change. Official Statement |
| January 22, 2008 | 3.50% | 4.00% | 8–1 | This was an intermeeting rate cut held in response to the January stock downturn, with the results announced Tuesday morning before the U.S. market opened. Poole dissented, saying that emergency action was not required and could wait for the scheduled meeting. Mishkin was absent. Official Statement |
| Dec 11, 2007 | 4.25% | 4.75% | 9–1 | Rosengren dissented, preferring a 50 basis point cut. The markets, disappointed with a 25 basis point cut, fell in response; the Fed issued a statement the day after (December 12) pledging an increased money supply to the markets in conjunction with other central banks. Official Statement 2007-12-11, Official Statement 2007-12-12 |
| Oct 31, 2007 | 4.50% | 5.00% | 9–1 | Hoenig dissented, preferring no change. Official Statement |
| Sep 18, 2007 | 4.75% | 5.25% | 10–0 | Official Statement |
| Aug 17, 2007 | 5.25% | 5.75% | 10–0 | The subprime mortgage crisis roiled the markets shortly after the Fed's August 7 meeting, causing the board to release a statement on August 10 saying that they were prepared to act in response to the downturn and had increased liquidity. In an unscheduled meeting on August 17 the Fed "temporarily" reduced the spread between the primary credit rate and the federal funds rate to 50 basis points from the 100-point spread established in January 2002. Official Statement, 2007-08-10, Official Statement, 2007-08-10, Official Statement, 2007-08-17. |
| Aug 7, 2007 | 5.25% | 6.25% | 10–0 | Official Statement |
| Jun 28, 2007 | 5.25% | 6.25% | 10–0 | Official Statement |
| May 9, 2007 | 5.25% | 6.25% | 10–0 | Official Statement |
| Mar 21, 2007 | 5.25% | 6.25% | 10–0 | Bies recused herself. Official Statement |
| January 31, 2007 | 5.25% | 6.25% | 11–0 | Official Statement |
| Dec 12, 2006 | 5.25% | 6.25% | 10–1 | Lacker dissented, preferring a 25 basis point increase. Official Statement |
| Oct 25, 2006 | 5.25% | 6.25% | 10–1 | Lacker dissented, preferring a 25 basis point increase. Official Statement |
| Sep 20, 2006 | 5.25% | 6.25% | 10–1 | Lacker dissented, preferring a 25 basis point increase. Official Statement |
| Aug 8, 2006 | 5.25% | 6.25% | 9–1 | The Fed kept rates stable this meeting; they had raised the rates by 25 basis points for seventeen consecutive meetings prior. Lacker dissented, preferring a 25 basis point increase. Official Statement |
| Jun 29, 2006 | 5.25% | 6.25% | 10–0 | Official Statement |
| May 10, 2006 | 5.00% | 6.00% | 10–0 | Official Statement |
| Mar 28, 2006 | 4.75% | 5.75% | 11–0 | This was Ben Bernanke's first meeting as new Chairman, replacing Alan Greenspan. He continued Greenspan's policy of gradual tightening and pledged increased transparency for the Federal Reserve. Official Statement |
| January 31, 2006 | 4.50% | 5.50% | 10–0 | Official Statement |
| Dec 13, 2005 | 4.25% | 5.25% | 10–0 | Official Statement |
| November 1, 2005 | 4.00% | 5.00% | 10–0 | Official Statement |
| September 20, 2005 | 3.75% | 4.75% | 9–1 | Olson dissented, preferring no change. Official Statement |
| Aug 9, 2005 | 3.50% | 4.50% | 9–1 | Official Statement |
| Jun 30, 2005 | 3.25% | 4.25% | 11–0 | Official Statement |
| May 3, 2005 | 3.00% | 4.00% | 10–0 | Official Statement |
| Mar 22, 2005 | 2.75% | 3.75% | 11–0 | Official Statement |
| Feb 2, 2005 | 2.50% | 3.50% | 12–0 | Official Statement |
| Dec 14, 2004 | 2.25% | 3.25% | 12–0 | The FOMC changed their previous policy on the release of the minutes from each meeting. Previously, the minutes were released only after the next meeting had already finished, rendering them only of historical interest; this was changed to be released three weeks after the date of a policy decision. The minutes thus became available for predicting the FOMC's action in the next meeting. Official Statement |
| Nov 10, 2004 | 2.00% | 3.00% | 12–0 | Official Statement |
| Sep 21, 2004 | 1.75% | 2.75% | 12–0 | Official Statement |
| Aug 10, 2004 | 1.50% | 2.50% | 12–0 | Official Statement |
| Jun 30, 2004 | 1.25% | 2.25% | 12–0 | Official Statement |
| May 4, 2004 | 1.00% | 2.00% | 12–0 | Official Statement |
| Mar 16, 2004 | 1.00% | 2.00% | 12–0 | Official Statement |
| January 28, 2004 | 1.00% | 2.00% | 12–0 | Official Statement |
| Dec 9, 2003 | 1.00% | 2.00% | 12–0 | Official Statement |
| Oct 28, 2003 | 1.00% | 2.00% | 12–0 | Official Statement |
| Sep 16, 2003 | 1.00% | 2.00% | 12–0 | Official Statement |
| Aug 12, 2003 | 1.00% | 2.00% | 12–0 | Official Statement |
| Jun 25, 2003 | 1.00% | 2.00% | 11–1 | Parry dissented, preferring a 50 basis point cut. Official Statement |
| May 6, 2003 | 1.25% | 2.25% | 12–0 | Official Statement |
| Mar 18, 2003 | 1.25% | 2.25% | 12–0 | Official Statement |
| January 29, 2003 | 1.25% | 2.25% | 12–0 | Official Statement |
| January 9, 2003 | 1.25% | 2.25% | No meeting, but new discount window rules introduced in October were implemented. These mandated a discount rate 100 basis points higher than the federal funds rate, effectively hiking it by 150 basis points. Official Statement | |
| Dec 10, 2002 | 1.25% | 0.75% | 12–0 | Official Statement |
- This list is incomplete; you can help by expanding it.
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