Chart 10 Federal Open Market Committee: Fed Funds Target Rate.

Month Year Federal Open Market Committee: Fed Funds Target Rate (percent) Journal of Commerce-Economic Cycle Research Institute Industrial Price Index: All Items (1996=100) Recession Month? (yes/no)
Jan 1979 N/A 73.4 no
Feb 1979 N/A 77.6 no
Mar 1979 N/A 82.1 no
Apr 1979 N/A 83.7 no
May 1979 N/A 82.8 no
Jun 1979 N/A 83.9 no
Jul 1979 N/A 84.1 no
Aug 1979 N/A 83.4 no
Sep 1979 N/A 83.8 no
Oct 1979 N/A 85.5 no
Nov 1979 N/A 85.3 no
Dec 1979 N/A 86.0 no
Jan 1980 N/A 87.9 yes
Feb 1980 N/A 89.5 yes
Mar 1980 N/A 86.4 yes
Apr 1980 N/A 84.2 yes
May 1980 N/A 81.5 yes
Jun 1980 N/A 80.2 yes
Jul 1980 N/A 81.5 yes
Aug 1980 N/A 85.7 no
Sep 1980 N/A 84.8 no
Oct 1980 N/A 86.5 no
Nov 1980 N/A 86.9 no
Dec 1980 N/A 86.1 no
Jan 1981 N/A 84.4 no
Feb 1981 N/A 83.2 no
Mar 1981 N/A 84.4 no
Apr 1981 N/A 86.1 no
May 1981 N/A 84.5 no
Jun 1981 N/A 83.2 no
Jul 1981 N/A 82.5 yes
Aug 1981 N/A 84.2 yes
Sep 1981 N/A 82.0 yes
Oct 1981 N/A 80.1 yes
Nov 1981 N/A 78.1 yes
Dec 1981 N/A 77.3 yes
Jan 1982 N/A 77.8 yes
Feb 1982 N/A 76.7 yes
Mar 1982 N/A 74.1 yes
Apr 1982 N/A 72.8 yes
May 1982 N/A 72.2 yes
Jun 1982 N/A 69.3 yes
Jul 1982 N/A 70.9 yes
Aug 1982 N/A 69.7 yes
Sep 1982 N/A 70.4 yes
Oct 1982 N/A 69.9 yes
Nov 1982 N/A 69.0 yes
Dec 1982 N/A 68.3 no
Jan 1983 N/A 70.7 no
Feb 1983 N/A 73.6 no
Mar 1983 N/A 75.9 no
Apr 1983 N/A 76.9 no
May 1983 N/A 77.8 no
Jun 1983 N/A 78.3 no
Jul 1983 N/A 79.4 no
Aug 1983 N/A 80.7 no
Sep 1983 N/A 81.6 no
Oct 1983 N/A 82.3 no
Nov 1983 N/A 83.2 no
Dec 1983 N/A 84.3 no
Jan 1984 9.38 84.4 no
Feb 1984 9.38 85.1 no
Mar 1984 10.25 86.4 no
Apr 1984 10.50 86.2 no
May 1984 10.50 85.8 no
Jun 1984 11.00 85.1 no
Jul 1984 11.25 83.6 no
Aug 1984 11.44 83.9 no
Sep 1984 11.00 83.5 no
Oct 1984 10.00 81.9 no
Nov 1984 9.00 81.7 no
Dec 1984 8.13 79.4 no
Jan 1985 8.25 78.0 no
Feb 1985 8.50 77.2 no
Mar 1985 8.50 77.3 no
Apr 1985 8.25 80.2 no
May 1985 7.75 79.6 no
Jun 1985 7.75 77.9 no
Jul 1985 7.75 77.4 no
Aug 1985 7.88 77.9 no
Sep 1985 8.00 77.0 no
Oct 1985 8.00 76.4 no
Nov 1985 8.00 74.0 no
Dec 1985 7.75 73.0 no
Jan 1986 7.75 71.8 no
Feb 1986 7.75 69.4 no
Mar 1986 7.25 67.9 no
Apr 1986 6.75 67.0 no
May 1986 6.81 67.1 no
Jun 1986 6.88 67.0 no
Jul 1986 6.38 66.9 no
Aug 1986 5.88 65.0 no
Sep 1986 5.88 66.5 no
Oct 1986 5.88 67.9 no
Nov 1986 5.88 69.0 no
Dec 1986 6.00 70.3 no
Jan 1987 6.00 72.2 no
Feb 1987 6.00 72.6 no
Mar 1987 6.00 72.8 no
Apr 1987 6.50 74.8 no
May 1987 6.75 78.2 no
Jun 1987 6.75 79.5 no
Jul 1987 6.63 81.0 no
Aug 1987 6.75 82.1 no
Sep 1987 7.31 83.2 no
Oct 1987 7.00 84.5 no
Nov 1987 6.81 84.9 no
Dec 1987 6.81 85.3 no
Jan 1988 6.63 85.9 no
Feb 1988 6.50 85.5 no
Mar 1988 6.75 88.5 no
Apr 1988 6.75 89.6 no
May 1988 7.25 90.0 no
Jun 1988 7.50 93.0 no
Jul 1988 7.69 91.6 no
Aug 1988 8.13 91.7 no
Sep 1988 8.13 91.8 no
Oct 1988 8.25 90.0 no
Nov 1988 8.38 90.1 no
Dec 1988 8.75 93.3 no
Jan 1989 9.00 95.8 no
Feb 1989 9.75 95.4 no
Mar 1989 9.75 96.9 no
Apr 1989 9.75 97.6 no
May 1989 9.81 96.8 no
Jun 1989 9.50 95.5 no
Jul 1989 9.00 95.5 no
Aug 1989 9.00 95.2 no
Sep 1989 9.00 97.1 no
Oct 1989 8.75 98.2 no
Nov 1989 8.50 95.2 no
Dec 1989 8.25 91.2 no
Jan 1990 8.25 90.9 no
Feb 1990 8.25 90.3 no
Mar 1990 8.25 93.5 no
Apr 1990 8.25 94.2 no
May 1990 8.25 94.0 no
Jun 1990 8.25 93.1 no
Jul 1990 8.00 92.1 yes
Aug 1990 8.00 95.7 yes
Sep 1990 8.00 97.1 yes
Oct 1990 7.75 95.5 yes
Nov 1990 7.50 92.2 yes
Dec 1990 7.00 89.2 yes
Jan 1991 6.75 87.9 yes
Feb 1991 6.25 85.4 yes
Mar 1991 6.00 84.2 yes
Apr 1991 5.75 84.7 no
May 1991 5.75 86.4 no
Jun 1991 5.75 86.8 no
Jul 1991 5.75 85.4 no
Aug 1991 5.50 83.3 no
Sep 1991 5.25 83.4 no
Oct 1991 5.00 82.6 no
Nov 1991 4.75 81.8 no
Dec 1991 4.00 80.9 no
Jan 1992 4.00 81.3 no
Feb 1992 4.00 83.5 no
Mar 1992 4.00 83.8 no
Apr 1992 3.75 84.8 no
May 1992 3.75 85.8 no
Jun 1992 3.75 86.6 no
Jul 1992 3.25 87.3 no
Aug 1992 3.25 88.5 no
Sep 1992 3.00 89.6 no
Oct 1992 3.00 85.8 no
Nov 1992 3.00 84.8 no
Dec 1992 3.00 86.1 no
Jan 1993 3.00 87.6 no
Feb 1993 3.00 89.2 no
Mar 1993 3.00 89.2 no
Apr 1993 3.00 86.0 no
May 1993 3.00 84.2 no
Jun 1993 3.00 83.8 no
Jul 1993 3.00 83.2 no
Aug 1993 3.00 83.4 no
Sep 1993 3.00 82.4 no
Oct 1993 3.00 82.0 no
Nov 1993 3.00 82.2 no
Dec 1993 3.00 82.9 no
Jan 1994 3.00 84.6 no
Feb 1994 3.25 85.9 no
Mar 1994 3.50 86.9 no
Apr 1994 3.75 87.9 no
May 1994 4.25 90.8 no
Jun 1994 4.25 92.7 no
Jul 1994 4.25 95.1 no
Aug 1994 4.75 98.2 no
Sep 1994 4.75 102.4 no
Oct 1994 4.75 102.8 no
Nov 1994 5.50 105.9 no
Dec 1994 5.50 106.7 no
Jan 1995 5.50 108.3 no
Feb 1995 6.00 105.5 no
Mar 1995 6.00 105.8 no
Apr 1995 6.00 106.9 no
May 1995 6.00 106.1 no
Jun 1995 6.00 105.9 no
Jul 1995 5.75 106.3 no
Aug 1995 5.75 106.0 no
Sep 1995 5.75 104.0 no
Oct 1995 5.75 101.2 no
Nov 1995 5.75 101.0 no
Dec 1995 5.50 100.5 no
Jan 1996 5.25 99.6 no
Feb 1996 5.25 99.7 no
Mar 1996 5.25 99.4 no
Apr 1996 5.25 101.6 no
May 1996 5.25 102.1 no
Jun 1996 5.25 98.9 no
Jul 1996 5.25 98.5 no
Aug 1996 5.25 101.1 no
Sep 1996 5.25 102.5 no
Oct 1996 5.25 99.6 no
Nov 1996 5.25 98.1 no
Dec 1996 5.25 99.0 no
Jan 1997 5.25 100.8 no
Feb 1997 5.25 101.3 no
Mar 1997 5.50 100.6 no
Apr 1997 5.50 97.8 no
May 1997 5.50 97.8 no
Jun 1997 5.50 97.3 no
Jul 1997 5.50 97.5 no
Aug 1997 5.50 99.3 no
Sep 1997 5.50 98.2 no
Oct 1997 5.50 97.0 no
Nov 1997 5.50 96.3 no
Dec 1997 5.50 92.3 no
Jan 1998 5.50 88.4 no
Feb 1998 5.50 87.6 no
Mar 1998 5.50 87.5 no
Apr 1998 5.50 87.1 no
May 1998 5.50 86.9 no
Jun 1998 5.50 86.7 no
Jul 1998 5.50 86.4 no
Aug 1998 5.50 86.3 no
Sep 1998 5.25 85.1 no
Oct 1998 5.00 81.3 no
Nov 1998 4.75 80.6 no
Dec 1998 4.75 79.3 no
Jan 1999 4.75 79.4 no
Feb 1999 4.75 79.8 no
Mar 1999 4.75 79.2 no
Apr 1999 4.75 81.0 no
May 1999 4.75 83.4 no
Jun 1999 5.00 84.3 no
Jul 1999 5.00 86.7 no
Aug 1999 5.25 86.6 no
Sep 1999 5.25 87.8 no
Oct 1999 5.25 86.9 no
Nov 1999 5.50 87.8 no
Dec 1999 5.50 88.3 no
Jan 2000 5.50 89.0 no
Feb 2000 5.75 89.4 no
Mar 2000 6.00 90.6 no
Apr 2000 6.00 88.7 no
May 2000 6.50 89.6 no
Jun 2000 6.50 89.2 no
Jul 2000 6.50 88.3 no
Aug 2000 6.50 88.8 no
Sep 2000 6.50 91.3 no
Oct 2000 6.50 88.8 no
Nov 2000 6.50 86.9 no
Dec 2000 6.50 87.0 no
Jan 2001 5.50 87.7 no
Feb 2001 5.50 85.5 no
Mar 2001 5.00 83.2 yes
Apr 2001 4.50 83.2 yes
May 2001 4.00 85.0 yes
Jun 2001 3.75 82.9 yes
Jul 2001 3.75 79.9 yes
Aug 2001 3.50 79.8 yes
Sep 2001 3.00 78.0 yes
Oct 2001 2.50 73.6 yes
Nov 2001 2.00 72.3 yes
Dec 2001 1.75 72.4 no
Jan 2002 1.75 72.8 no
Feb 2002 1.75 74.0 no
Mar 2002 1.75 78.4 no
Apr 2002 1.75 79.0 no
May 2002 1.75 78.7 no
Jun 2002 1.75 82.1 no
Jul 2002 1.75 82.5 no
Aug 2002 1.75 80.9 no
Sep 2002 1.75 81.2 no
Oct 2002 1.75 81.2 no
Nov 2002 1.25 81.1 no
Dec 2002 1.25 83.0 no
Jan 2003 1.25 85.9 no
Feb 2003 1.25 88.5 no
Mar 2003 1.25 88.1 no
Apr 2003 1.25 85.9 no
May 2003 1.25 84.0 no
Jun 2003 1.00 86.1 no
Jul 2003 1.00 89.4 no
Aug 2003 1.00 92.4 no
Sep 2003 1.00 96.9 no
Oct 2003 1.00 101.1 no
Nov 2003 1.00 103.5 no
Dec 2003 1.00 104.1 no
Jan 2004 1.00 106.5 no
Feb 2004 1.00 111.7 no
Mar 2004 1.00 115.1 no
Apr 2004 1.00 115.6 no
May 2004 1.00 112.5 no
Jun 2004 1.25 109.8 no
Jul 2004 1.25 111.6 no
Aug 2004 1.50 117.1 no
Sep 2004 1.75 116.6 no
Oct 2004 1.75 113.5 no
Nov 2004 2.00 112.7 no
Dec 2004 2.25 112.4 no
Jan 2005 2.25 111.5 no
Feb 2005 2.50 113.0 no
Mar 2005 2.75 116.5 no
Apr 2005 2.75 115.2 no
May 2005 3.00 110.0 no
Jun 2005 3.25 108.6 no
Jul 2005 3.25 108.7 no
Aug 2005 3.50 111.9 no
Sep 2005 3.75 120.2 no
Oct 2005 3.75 120.5 no
Nov 2005 4.00 116.4 no
Dec 2005 4.25 117.6 no
Jan 2006 4.50 120.4 no

Source: Federal Reserve Board/Journal of Commerce-Economic Cycle Research Institute/Haver Analytics..