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..
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