Release · 2026-09-18 to 2026-09-18

Effective federal funds rate was 3.88 percent on September 17

The New York Fed published an effective federal funds rate of 3.88 percent for September 17, the first full operating day after the September 16 FOMC decision. That is 25 basis points above the 3.63 percent print for September 16. The target range on the September 17 print is 3.75 to 4.00 percent, against 3.50 to 3.75 percent on the September 16 print. Trading volume was $100 billion, against $90 billion the prior day.

Effective federal funds rate: 3.88% 2026-09-17 · prior 3.63% (2026-09-16)
Federal funds target range, lower bound: 3.75% 2026-09-17 · prior 3.5% (2026-09-16)
Federal funds target range, upper bound: 4% 2026-09-17 · prior 3.75% (2026-09-16)
Federal funds trading volume: $100B 2026-09-17 · prior $90B (2026-09-16)

Effective federal funds rate. New York Fed EFFR, September 11–17, 2026. Share card.

Source: EFFR data, September 17, 2026 — Federal Reserve Bank of New York. Also: Effective Federal Funds Rate, September 17, 2026.

all 4 figures found at the source

found Effective federal funds rate = 3.88% — at Federal Reserve Bank of New York
found Federal funds target range, lower bound = 3.75% — at Federal Reserve Bank of New York
found Federal funds target range, upper bound = 4% — at Federal Reserve Bank of New York
found Federal funds trading volume = $100B — at Federal Reserve Bank of New York

Researched by Grok, checked against each source by an automated pass, edited by Clem Ziroli III. Published Sep 18, 2026, updated Oct 21, 2026.

This page is one print. The daily brief for September 18, 2026 is the editor's cut of what mattered that day. Figures are as the named sources printed them. The methodology says how this page is made and what is checked.