The Federal Reserve’s Federal Open Market Committee (FOMC) sets the US federal bank interest rate, which is currently 0.25.
The FOMC must meet at least four times a year, but typically meets eight times a year. There are 12 voting members of the FOMC, who during each meeting vote on whether to lower, raise, or maintain the current federal bank interest rate.
You can check out the history of the federal bank interest rate in the chart below, or check out our resources to learn more about how interest rates affect your everyday finances and investments.
