Chart 9Federal Oen Market Committee: Fed Funds Target Rate.

Month /Year Federal Open Market Committee: Fed Funds Target Rate (Percent) Consumer Price Index for All Urban Users: All Items
(Percent Change - year-to-year; seasonally adjusted, - 1982-84=100)  
Recession Month? (yes/no)
Jan - 1979 N/A 9.25% no
Feb - 1979 N/A 9.84% no
Ma r- 1979 N/A 10.25% no
Apr - 1979 N/A 10.49% no
May - 1979 N/A 10.70% no
Jun - 1979 N/A 11.08% no
Ju l- 1979 N/A 11.45% no
Aug - 1979 N/A 11.84% no
Sep - 1979 N/A 11.88% no
Oct - 1979 N/A 12.07% no
Nov - 1979 N/A 12.59% no
Dec - 1979 N/A 13.25% no
Jan - 1980 N/A 13.87% yes
Feb - 1980 N/A 14.16% yes
Mar - 1980 N/A 14.59% yes
Apr - 1980 N/A 14.59% yes
May - 1980 N/A 14.43% yes
Jun - 1980 N/A 14.27% yes
Jul - 1980 N/A 13.15% yes
Aug - 1980 N/A 12.89% no
Sep - 1980 N/A 12.77% no
Oct - 1980 N/A 12.63% no
Nov - 1980 N/A 12.63% no
Dec - 1980 N/A 12.35% no
Jan - 1981 N/A 11.79% no
Feb - 1981 N/A 11.39% no
Mar - 1981 N/A 10.61% no
Apr - 1981 N/A 10.14% no
May - 1981 N/A 9.79% no
Jun - 1981 N/A 9.70% no
Jul - 1981 N/A 10.77% yes
Aug - 1981 N/A 10.82% yes
Sep - 1981 N/A 10.97% yes
Oct - 1981 N/A 10.27% yes
Nov - 1981 N/A 9.58% yes
Dec - 1981 N/A 8.91% yes
Jan - 1982 N/A 8.26% yes
Feb - 1982 N/A 7.61% yes
Mar - 1982 N/A 6.88% yes
Apr - 1982 N/A 6.62% yes
May - 1982 N/A 6.91% yes
Jun - 1982 N/A 7.18% yes
Jul - 1982 N/A 6.56% yes
Aug - 1982 N/A 5.97% yes
Sep - 1982 N/A 4.94% yes
Oct -1982 N/A 5.03% yes
Nov - 1982 N/A 4.48% yes
Dec -1982 N/A 3.83% no
Jan - 1983 N/A 3.71% no
Feb - 1983 N/A 3.48% no
Mar - 1983 N/A 3.59% no
Apr - 1983 N/A 4.00% no
May - 1983 N/A 3.44% no
Jun - 1983 N/A 2.47% no
Jul -1983 N/A 2.36% no
Aug - 1983 N/A 2.46% no
Sep - 1983 N/A 2.76% no
Oct - 1983 N/A 2.75% no
Nov- 1983 N/A 3.16% no
Dec - 1983 N/A 3.79% no
Jan - 1984 9.38 4.29% no
Feb - 1984 9.38 4.69% no
Mar - 1984 10.25 4.89% no
Apr - 1984 10.50 4.55% no
May - 1984 10.50 4.33% no
Jun - 1984 11.00 4.33% no
Jul - 1984 11.25 4.31% no
Aug - 1984 11.44 4.30% no
Sep - 1984 11.00 4.28% no
Oct - 1984 10.00 4.27% no
Nov - 1984 9.00 4.15% no
Dec - 1984 8.13 4.04% no
Jan - 1985 8.25 3.53% no
Feb - 1985 8.50 3.61% no
Mar - 1985 8.50 3.79% no
Apr - 1985 8.25 3.58% no
May - 1985 7.75 3.57% no
Jun - 1985 7.75 3.66% no
Jul - 1985 7.75 3.46% no
Aug - 1985 7.88 3.35% no
Sep - 1985 8.00 3.25% no
Oct - 1985 8.00 3.24% no
Nov - 1985 8.00 3.51% no
Dec - 1985 7.75 3.79% no
Jan - 1986 7.75 3.97% no
Feb - 1986 7.75 3.20% no
Mar - 1986 7.25 2.15% no
Apr - 1986 6.75 1.59% no
May - 1986 6.81 1.68% no
Jun - 1986 6.88 1.77% no
Jul - 1986 6.38 1.67% no
Aug - 1986 5.88 1.58% no
Sep - 1986 5.88 1.76% no
Oct - 1986 5.88 1.57% no
Nov - 1986 5.88 1.28% no
Dec - 1986 6.00 1. 19% no
Jan - 1987 6.00 1.36% no
Feb - 1987 6.00 1.91% no
Mar - 1987 6.00 2.84% no
Apr - 1987 6.50 3.68% no
May - 1987 6.75 3.67% no
Jun - 1987 6.75 3.75% no
Jul - 1987 6.63 3.93% no
Aug - 1987 6.75 4.29% no
Sep - 1987 7.31 4.27% no
Oct - 1987 7.00 4.36% no
Nov - 1987 6.81 4.53% no
Dec - 1987 6.81 4.33% no
Jan - 1988 6.63 4.13% no
Feb - 1988 6.50 3.94% no
Mar - 1988 6.75 3.83% no
Apr - 1988 6.75 3.99% no
May - 1988 7.25 3.98% no
Jun - 1988 7.50 3.96% no
Jul - 1988 7.69 4.13% no
Aug - 1988 8.13 4.11% no
Sep - 1988 8.13 4.18% no
Oct - 1988 8.25 4.26% no
Nov - 1988 8.38 4.25% no
Dec - 1988 8.75 4.41% no
Jan - 1989 9.00 4.48% no
Feb - 1989 9.75 4.65% no
Mar - 1989 9.75 4.89% no
Apr - 1989 9.75 5.03% no
May - 1989 9.81 5.28% no
Jun - 1989 9.50 5.17% no
Jul - 1989 9.00 5.06% no
Aug - 1989 9.00 4.62% no
Sep - 1989 9.00 4.44% no
Oct - 1989 8.75 4.59% no
Nov - 1989 8.50 4.66% no
Dec - 1989 8.25 4.64% no
Jan - 1990 8.25 5.20% no
Feb - 1990 8.25 5.26% no
Mar - 1990 8.25 5.24% no
Apr - 1990 8.25 4.71% no
May - 1990 8.25 4.37% no
Jun - 1990 8.25 4.67% no
Jul - 1990 8.00 4.82% yes
Aug - 1990 8.00 5.70% yes
Sep - 1990 8.00 6.17% yes
Oct - 1990 7.75 6.38% yes
Nov - 1990 7.50 6.20% yes
Dec - 1990 7.00 6.25% yes
Jan - 1991 6.75 5.65% yes
Feb - 1991 6.25 5.31% yes
Mar - 1991 6.00 4.82% yes
Apr - 1991 5.75 4.81% no
May - 1991 5.75 5.03% no
Jun - 1991 5.75 4.70% no
Jul - 1991 5.75 4.37% no
Aug - 1991 5.50 3.80% no
Sep - 1991 5.25 3.40% no
Oct - 1991 5.00 2.85% no
Nov - 1991 4.75 3.07% no
Dec - 1991 4.00 2.98% no
Jan - 1992 4.00 2.67% no
Feb - 1992 4.00 2.82% no
Mar - 1992 4.00 3.19% no
Apr - 1992 3.75 3.18% no
May - 1992 3.75 3.02% no
Jun - 1992 3.75 3.01% no
Jul - 1992 3.25 3.16% no
Aug - 1992 3.25 3.07% no
Sep - 1992 3.00 2.99% no
Oct - 1992 3.00 3.28% no
Nov- 1992 3.00 3.12% no
Dec- 1992 3.00 2.97% no
Jan - 1993 3.00 3.25% no
Feb - 1993 3.00 3.25% no
Mar - 1993 3.00 3.02% no
Ap r- 1993 3.00 3.16% no
May - 1993 3.00 3.22% no
Jun - 1993 3.00 3.00% no
Jul - 1993 3.00 2.85% no
Aug - 1993 3.00 2.84% no
Sep - 1993 3.00 2.76% no
Oct - 1993 3.00 2.75% no
Nov - 1993 3.00 2.74% no
Dec - 1993 3.00 2.81% no
Jan - 1994 3.00 2.45% no
Feb - 1994 3.25 2.52% no
Mar - 1994 3.50 2.65% no
Apr - 1994 3.75 2.36% no
May - 1994 4.25 2.29% no
Jun - 1994 4.25 2.49% no
Jul - 1994 4.25 2.70% no
Aug - 1994 4.75 2.90% no
Sep - 1994 4.75 2.97% no
Oct - 1994 4.75 2.61% no
Nov - 1994 5.50 2.60% no
Dec - 1994 5.50 2.60% no
Jan - 1995 5.50 2.87% no
Feb -- 1995 6.00 2.86% no
Mar - 1995 6.00 2.79% no
Apr - 1995 6.00 3.13% no
May - 1995 6.00 3.12% no
Jun - 1995 6.00 3.04% no
Jul - 1995 5.75 2.83% no
Aug - 1995 5.75 2.62% no
Sep - 1995 5.75 2.55% no
Oct - 1995 5.75 2.74% no
Nov - 1995 5.75 2.60% no
Dec - 1995 5.50 2.53% no
Jan - 1996 5.25 2.79% no
Feb - 1996 5.25 2.72% no
Mar - 1996 5.25 2.84% no
Apr -1996 5.25 2.83% no
May - 1996 5.25 2.83% no
Jun - 1996 5.25 2.82% no
Jul - 1996 5.25 2.88% no
Aug - 1996 5.25 2.81% no
Sep - 1996 5.25 3.00% no
Oct - 1996 5.25 3.06% no
Nov - 1996 5.25 3.25% no
Dec - 1996 5.25 3.38% no
Jan - 1997 5.25 3.04% no
Feb - 1997 5.25 3.03% no
Mar - 1997 5.50 2.77% no
Apr - 1997 5.50 2.43% no
May - 1997 5.50 2.24% no
Jun - 1997 5.50 2.23% no
Jul - 1997 5.50 2.17% no
Aug - 1997 5.50 2.29% no
Sep - 1997 5.50 2.22% no
Oct - 1997 5.50 2.09% no
Nov -1997 5.50 1.89% no
Dec - 1997 5.50 1.70% no
Jan - 1998 5.50 1.63% no
Feb - 1998 5.50 1.44% no
Mar - 1998 5.50 1.38% no
Apr - 1998 5.50 1.44% no
May - 1998 5.50 1.69% no
Jun - 1998 5.50 1.62% no
Jul - 1998 5.50 1.75% no
Aug - 1998 5.50 1.62% no
Sep - 1998 5.25 1.43% no
Oct - 1998 5.00 1.49% no
Nov - 1998 4.75 1.48% no
Dec - 1998 4.75 1.61% no
Jan - 1999 4.75 1.67% no
Feb - 1999 4.75 1.67% no
Mar - 1999 4.75 1.73% no
Apr - 1999 4.75 2.28% no
May - 1999 4.75 2.09% no
Jun - 1999 5.00 1.97% no
Jul - 1999 5.00 2.14% no
Aug - 1999 5.25 2.26% no
Sep - 1999 5.25 2.63% no
Oct - 1999 5.25 2.56% no
Nov - 1999 5.50 2.62% no
Dec - 1999 5.50 2.68% no
Jan - 2000 5.50 2.79% no
Feb - 2000 5.75 3.22% no
Mar - 2000 6.00 3.76% no
Apr - 2000 6.00 3.01% no
May - 2000 6.50 3.13% no
Jun - 2000 6.50 3.73% no
Jul - 2000 6.50 3.60% no
Aug - 2000 6.50 3.35% no
Sep - 2000 6.50 3.46% no
Oct - 2000 6.50 3.45% no
Nov - 2000 6.50 3.44% no
Dec - 2000 6.50 3.44% no
Jan - 2001 5.50 3.72% no
Feb - 2001 5.50 3.53% no
Mar - 2001 5.00 2.98% yes
Apr - 2001 4.50 3.22% yes
May - 2001 4.00 3.56% yes
Jun - 2001 3.75 3.19% yes
Jul - 2001 3.75 2.72% yes
Aug - 2001 3.50 2.72% yes
Sep - 2001 3.00 2.59% yes
Oct - 2001 2.50 2.13% yes
Nov - 2001 2.00 1.89% yes
Dec - 2001 1.75 1.60% no
Jan - 2002 1.75 1.20% no
Feb - 2002 1.75 1.14% no
Mar - 2002 1.75 1.42% no
Apr - 2002 1.75 1.64% no
May - 2002 1.75 1.18% no
Jun- 2002 1.75 1.07% no
Jul - 2002 1.75 1.47% no
Aug - 2002 1.75 1.75% no
Sep - 2002 1.75 1.52% no
Oct - 2002 1.75 2.03% no
Nov - 2002 1.25 2.25% no
Dec - 2002 1.25 2.42% no
Jan - 2003 1.25 2.59% no
Feb - 2003 1.25 2.98% no
Mar - 2003 1.25 3.08% no
Apr - 2003 1.25 2.23% no
May - 2003 1.25 2.12% no
Jun - 2003 1.00 2.12% no
Jul - 2003 1.00 2.11% no
Aug - 2003 1.00 2.22% no
Sep - 2003 1.00 2.32% no
Oct - 2003 1.00 2.04% no
Nov - 2003 1.00 1.76% no
Dec - 2003 1.00 1.87% no
Jan - 2004 1.00 1.97% no
Feb - 2004 1.00 1.75% no
Mar - 2004 1.00 1.74% no
Apr - 2004 1.00 2.29% no
May - 2004 1.00 2.95% no
Jun - 2004 1.25 3.16% no
Jul - 2004 1.25 2.94% no
Aug - 2004 1.50 2.66% no
Sep - 2004 1.75 2.54% no
Oct - 2004 1.75 3.19% no
Nov - 2004 2.00 3.52% no
Dec - 2004 2.25 3.30% no
Jan - 2005 2.25 2.96% no
Feb - 2005 2.50 3.00% no
Mar - 2005 2.75 3.15% no
Apr - 2005 2.75 3.52% no
May - 2005 3.00 2.86% no
Jun - 2005 3.25 2.48% no
Jul - 2005 3.25 3.12% no
Aug - 2005 3.50 3.59% no
Sep - 2005 3.75 4.69% no
Oct - 2005 3.75 4.35% no
Nov - 2005 4.00 3.45% no
Dec - 2005 4.25 3.40% no
Jan - 2006 4.50 3.97% no

Source: Federal Reserve Board/Bureau of Labor Statistics/Haver Analytics..