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Federal Funds Rate under Donald Trump (second term)

Federal Funds Rate went from 4.3% in Donald Trump (second term)'s first month to 3.9% at month 22 (the latest reading): a change of −0.5 pts. At that point in office it ranks #5 of 10 administrations since 1969. Official data from the Federal Reserve.

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Month 1
4.3%
Month 22 (latest)
3.9%
Change
−0.5 pts
Rank at that point
#5 of 10
0.7%9.6%18.4%Month 1Month 13Month 25Month 37Month 48Nixon, month 1: 6.3%Nixon, month 4: 7.4%Nixon, month 7: 8.6%Nixon, month 10: 9.0%Nixon, month 13: 9.0%Nixon, month 16: 8.1%Nixon, month 19: 7.2%Nixon, month 22: 6.2%Nixon, month 25: 4.1%Nixon, month 28: 4.2%Nixon, month 31: 5.3%Nixon, month 34: 5.2%Nixon, month 37: 3.5%Nixon, month 40: 4.2%Nixon, month 43: 4.5%Nixon, month 46: 5.0%Nixon, month 48: 5.3%NixonCarter, month 1: 4.6%Carter, month 4: 4.7%Carter, month 7: 5.4%Carter, month 10: 6.5%Carter, month 13: 6.7%Carter, month 16: 6.9%Carter, month 19: 7.8%Carter, month 22: 9.0%Carter, month 25: 10.1%Carter, month 28: 10.0%Carter, month 31: 10.5%Carter, month 34: 13.8%Carter, month 37: 13.8%Carter, month 40: 17.6%Carter, month 43: 9.0%Carter, month 46: 12.8%Carter, month 48: 18.9%CarterReagan, month 1: 19.1%Reagan, month 4: 15.7%Reagan, month 7: 19.0%Reagan, month 10: 15.1%Reagan, month 13: 13.2%Reagan, month 16: 14.9%Reagan, month 19: 12.6%Reagan, month 22: 9.7%Reagan, month 25: 8.7%Reagan, month 28: 8.8%Reagan, month 31: 9.4%Reagan, month 34: 9.5%Reagan, month 37: 9.6%Reagan, month 40: 10.3%Reagan, month 43: 11.2%Reagan, month 46: 10.0%Reagan, month 48: 8.4%ReaganBush 41, month 1: 9.1%Bush 41, month 4: 9.8%Bush 41, month 7: 9.2%Bush 41, month 10: 8.8%Bush 41, month 13: 8.2%Bush 41, month 16: 8.3%Bush 41, month 19: 8.2%Bush 41, month 22: 8.1%Bush 41, month 25: 6.9%Bush 41, month 28: 5.9%Bush 41, month 31: 5.8%Bush 41, month 34: 5.2%Bush 41, month 37: 4.0%Bush 41, month 40: 3.7%Bush 41, month 43: 3.3%Bush 41, month 46: 3.1%Bush 41, month 48: 2.9%Bush 41Clinton, month 1: 3.0%Clinton, month 4: 3.0%Clinton, month 7: 3.1%Clinton, month 10: 3.0%Clinton, month 13: 3.0%Clinton, month 16: 3.6%Clinton, month 19: 4.3%Clinton, month 22: 4.8%Clinton, month 25: 5.5%Clinton, month 28: 6.0%Clinton, month 31: 5.8%Clinton, month 34: 5.8%Clinton, month 37: 5.6%Clinton, month 40: 5.2%Clinton, month 43: 5.4%Clinton, month 46: 5.2%Clinton, month 48: 5.3%ClintonBush 43, month 1: 6.0%Bush 43, month 4: 4.8%Bush 43, month 7: 3.8%Bush 43, month 10: 2.5%Bush 43, month 13: 1.7%Bush 43, month 16: 1.8%Bush 43, month 19: 1.7%Bush 43, month 22: 1.8%Bush 43, month 25: 1.2%Bush 43, month 28: 1.3%Bush 43, month 31: 1.0%Bush 43, month 34: 1.0%Bush 43, month 37: 1.0%Bush 43, month 40: 1.0%Bush 43, month 43: 1.3%Bush 43, month 46: 1.8%Bush 43, month 48: 2.2%Bush 43Obama, month 1: 0.1%Obama, month 4: 0.1%Obama, month 7: 0.2%Obama, month 10: 0.1%Obama, month 13: 0.1%Obama, month 16: 0.2%Obama, month 19: 0.2%Obama, month 22: 0.2%Obama, month 25: 0.2%Obama, month 28: 0.1%Obama, month 31: 0.1%Obama, month 34: 0.1%Obama, month 37: 0.1%Obama, month 40: 0.1%Obama, month 43: 0.2%Obama, month 46: 0.2%Obama, month 48: 0.2%ObamaTrump I, month 1: 0.7%Trump I, month 4: 0.9%Trump I, month 7: 1.1%Trump I, month 10: 1.1%Trump I, month 13: 1.4%Trump I, month 16: 1.7%Trump I, month 19: 1.9%Trump I, month 22: 2.2%Trump I, month 25: 2.4%Trump I, month 28: 2.4%Trump I, month 31: 2.4%Trump I, month 34: 1.8%Trump I, month 37: 1.6%Trump I, month 40: 0.1%Trump I, month 43: 0.1%Trump I, month 46: 0.1%Trump I, month 48: 0.1%Trump IBiden, month 1: 0.1%Biden, month 4: 0.1%Biden, month 7: 0.1%Biden, month 10: 0.1%Biden, month 13: 0.1%Biden, month 16: 0.3%Biden, month 19: 1.7%Biden, month 22: 3.1%Biden, month 25: 4.3%Biden, month 28: 4.8%Biden, month 31: 5.1%Biden, month 34: 5.3%Biden, month 37: 5.3%Biden, month 40: 5.3%Biden, month 43: 5.3%Biden, month 46: 4.8%Biden, month 48: 4.5%BidenTrump II, month 1: 4.3%Trump II, month 4: 4.3%Trump II, month 7: 4.3%Trump II, month 10: 4.1%Trump II, month 13: 3.6%Trump II, month 16: 3.6%Trump II, month 19: 3.6%Trump II, month 22: 3.9%Trump II
Interest Rate, months 1–48 of each term. Highlighted: Trump II.

All administrations at month 22

Federal Funds Rate at month 22 in office, 10 administrations ranked lowest (best) to highest. Average of all 10: 4.9%.
RankAdministrationValue at month 22Change since month 1Latest / end of month 48Primary federal source
#1Barack Obama0.2%+0.0 pts0.2% (month 48)Federal Reserve · FEDFUNDS
#2George W. Bush1.8%−4.2 pts2.2% (month 48)Federal Reserve · FEDFUNDS
#3Donald Trump (first term)2.2%+1.5 pts0.1% (month 48)Federal Reserve · FEDFUNDS
#4Joe Biden3.1%+3.0 pts4.5% (month 48)Federal Reserve · FEDFUNDS
#5Donald Trump (second term) · in office3.9%−0.5 pts3.9% (month 22)Federal Reserve · FEDFUNDS
#6Bill Clinton4.8%+1.7 pts5.3% (month 48)Federal Reserve · FEDFUNDS
#7Richard Nixon6.2%−0.1 pts5.3% (month 48)Federal Reserve · FEDFUNDS
#8George H. W. Bush8.1%−1.0 pts2.9% (month 48)Federal Reserve · FEDFUNDS
#9Jimmy Carter9.0%+4.4 pts18.9% (month 48)Federal Reserve · FEDFUNDS
#10Ronald Reagan9.7%−9.4 pts8.4% (month 48)Federal Reserve · FEDFUNDS

Methodology and source verification

Effective federal funds rate, monthly average (Federal Reserve). Set by the Fed, not the president; shown for context.

Every administration is aligned to its own inauguration: month 1 is the month it took office, and the comparison runs to month 48 (the first term). Each administration is compared at the same month in office, so a president halfway through a term is never measured against another's full four years.

Primary source: Federal Reserve. Retrieved from the Federal Reserve Bank of St. Louis (FRED), series FEDFUNDS, refreshed hourly. Latest observation 2026-10-01, first published 2026-11-02. Full methods: methodology.

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