<P> 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 . </P> <P> Red dates are intermeeting actions . Blue signifies tightening, green signifies neutrality, and yellow signifies easing . </P> <Table> FOMC Federal Funds Rate History <Tr> <Th> Date </Th> <Th> Fed . Funds Rate </Th> <Th> Discount Rate </Th> <Th> Votes </Th> <Th> Notes </Th> </Tr> <Tr> <Td> Dec 13, 2017 </Td> <Td> 1.25%--1.50% </Td> <Td> 2.00% </Td> <Td> 7 - 2 </Td> <Td> Kashkari and Evans both dissented due to flattening yield curve concerns . Official statement </Td> </Tr> <Tr> <Td> Jun 14, 2017 </Td> <Td> 1.00%--1.25% </Td> <Td> 1.75% </Td> <Td> 8 - 1 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Mar 15, 2017 </Td> <Td> 0.75--1.00% </Td> <Td> 1.50% </Td> <Td> 9--1 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Dec 14, 2016 </Td> <Td> 0.50--0.75% </Td> <Td> 1.25% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Dec 16, 2015 </Td> <Td> 0.25--0.50% </Td> <Td> 1.00% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Jun 22, 2011 </Td> <Td> 0.00--0.25% </Td> <Td> 0.75% </Td> <Td> 10 - 0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Dec 16, 2008 </Td> <Td> 0.00--0.25% </Td> <Td> 0.50% </Td> <Td> 10--0 </Td> <Td> Official statement See also: ZIRP </Td> </Tr> <Tr> <Td> Oct 29, 2008 </Td> <Td> 1.00% </Td> <Td> 1.25% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Oct 8, 2008 </Td> <Td> 1.50% </Td> <Td> 1.75% </Td> <Td> X--X </Td> <Td> 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 </Td> </Tr> <Tr> <Td> Apr 30, 2008 </Td> <Td> 2.00% </Td> <Td> 2.25% </Td> <Td> 8--2 </Td> <Td> 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 </Td> </Tr> <Tr> <Td> Mar 18, 2008 </Td> <Td> 2.25% </Td> <Td> 2.50% </Td> <Td> 8--2 </Td> <Td> 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 </Td> </Tr> <Tr> <Td> Mar 16, 2008 </Td> <Td> 3.00% </Td> <Td> 3.25% </Td> <Td> 10--0 </Td> <Td> 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 </Td> </Tr> <Tr> <Td> January 30, 2008 </Td> <Td> 3.00% </Td> <Td> 3.50% </Td> <Td> 9--1 </Td> <Td> Fisher dissented, preferring no change . Official statement </Td> </Tr> <Tr> <Td> January 22, 2008 </Td> <Td> 3.50% </Td> <Td> 4.00% </Td> <Td> 8--1 </Td> <Td> 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 </Td> </Tr> <Tr> <Td> Dec 11, 2007 </Td> <Td> 4.25% </Td> <Td> 4.75% </Td> <Td> 9--1 </Td> <Td> 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 </Td> </Tr> <Tr> <Td> Oct 31, 2007 </Td> <Td> 4.50% </Td> <Td> 5.00% </Td> <Td> 9--1 </Td> <Td> Hoenig dissented, preferring no change . Official statement </Td> </Tr> <Tr> <Td> Sep 18, 2007 </Td> <Td> 4.75% </Td> <Td> 5.25% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Aug 17, 2007 </Td> <Td> 5.25% </Td> <Td> 5.75% </Td> <Td> 10--0 </Td> <Td> 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 . </Td> </Tr> <Tr> <Td> Aug 7, 2007 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Jun 28, 2007 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> May 9, 2007 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Mar 21, 2007 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 10--0 </Td> <Td> Bies recused herself . Official statement </Td> </Tr> <Tr> <Td> January 31, 2007 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 11--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Dec 12, 2006 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 10--1 </Td> <Td> Lacker dissented, preferring a 25 basis point increase . Official statement </Td> </Tr> <Tr> <Td> Oct 25, 2006 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 10--1 </Td> <Td> Lacker dissented, preferring a 25 basis point increase . Official statement </Td> </Tr> <Tr> <Td> Sep 20, 2006 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 10--1 </Td> <Td> Lacker dissented, preferring a 25 basis point increase . Official statement </Td> </Tr> <Tr> <Td> Aug 8, 2006 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 9--1 </Td> <Td> 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 </Td> </Tr> <Tr> <Td> Jun 29, 2006 </Td> <Td> 5.25% </Td> <Td> 6.25% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> May 10, 2006 </Td> <Td> 5.00% </Td> <Td> 6.00% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Mar 28, 2006 </Td> <Td> 4.75% </Td> <Td> 5.75% </Td> <Td> 11--0 </Td> <Td> 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 </Td> </Tr> <Tr> <Td> January 31, 2006 </Td> <Td> 4.50% </Td> <Td> 5.50% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Dec 13, 2005 </Td> <Td> 4.25% </Td> <Td> 5.25% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> November 1, 2005 </Td> <Td> 4.00% </Td> <Td> 5.00% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> September 20, 2005 </Td> <Td> 3.75% </Td> <Td> 4.75% </Td> <Td> 9--1 </Td> <Td> Olson dissented, preferring no change . Official statement </Td> </Tr> <Tr> <Td> Aug 9, 2005 </Td> <Td> 3.50% </Td> <Td> 4.50% </Td> <Td> 9--1 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Jun 30, 2005 </Td> <Td> 3.25% </Td> <Td> 4.25% </Td> <Td> 11--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> May 3, 2005 </Td> <Td> 3.00% </Td> <Td> 4.00% </Td> <Td> 10--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Mar 22, 2005 </Td> <Td> 2.75% </Td> <Td> 3.75% </Td> <Td> 11--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Feb 2, 2005 </Td> <Td> 2.50% </Td> <Td> 3.50% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Dec 14, 2004 </Td> <Td> 2.25% </Td> <Td> 3.25% </Td> <Td> 12--0 </Td> <Td> 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 </Td> </Tr> <Tr> <Td> Nov 10, 2004 </Td> <Td> 2.00% </Td> <Td> 3.00% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Sep 21, 2004 </Td> <Td> 1.75% </Td> <Td> 2.75% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Aug 10, 2004 </Td> <Td> 1.50% </Td> <Td> 2.50% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Jun 30, 2004 </Td> <Td> 1.25% </Td> <Td> 2.25% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> May 4, 2004 </Td> <Td> 1.00% </Td> <Td> 2.00% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Mar 16, 2004 </Td> <Td> 1.00% </Td> <Td> 2.00% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> January 28, 2004 </Td> <Td> 1.00% </Td> <Td> 2.00% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Dec 9, 2003 </Td> <Td> 1.00% </Td> <Td> 2.00% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Oct 28, 2003 </Td> <Td> 1.00% </Td> <Td> 2.00% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Sep 16, 2003 </Td> <Td> 1.00% </Td> <Td> 2.00% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Aug 12, 2003 </Td> <Td> 1.00% </Td> <Td> 2.00% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Jun 25, 2003 </Td> <Td> 1.00% </Td> <Td> 2.00% </Td> <Td> 11--1 </Td> <Td> Parry dissented, preferring a 50 basis point cut . Official statement </Td> </Tr> <Tr> <Td> May 6, 2003 </Td> <Td> 1.25% </Td> <Td> 2.25% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> Mar 18, 2003 </Td> <Td> 1.25% </Td> <Td> 2.25% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> January 29, 2003 </Td> <Td> 1.25% </Td> <Td> 2.25% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> <Tr> <Td> January 9, 2003 </Td> <Td> 1.25% </Td> <Td> 2.25% </Td> <Td> </Td> <Td> 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 </Td> </Tr> <Tr> <Td> Dec 10, 2002 </Td> <Td> 1.25% </Td> <Td> 0.75% </Td> <Td> 12--0 </Td> <Td> Official statement </Td> </Tr> </Table> <Tr> <Th> Date </Th> <Th> Fed . Funds Rate </Th> <Th> Discount Rate </Th> <Th> Votes </Th> <Th> Notes </Th> </Tr>

When was the last time the fed funds rate target was changed