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EconomyPast Article

The Funds Target Range Moved Down

The upper bound of the federal funds target range was 4.25 percent on September 18, 2025, down from 4.50 percent. The lower bound is 4.00 percent.

By Helen Voss, Rates Columnist

Washington1 min read

city buildings under blue sky during daytime
city buildings under blue sky during daytimePhoto by Shen Pan on Unsplash

The upper limit of the federal funds target range was 4.25 percent on September 18, 2025, down from 4.50 percent the day before, according to data published by the St. Louis Fed. The lower limit was 4.00 percent, from 4.25 percent.

The vote and the wording of the policy statement are in the Federal Reserve's own release.

The target range governs what banks charge each other for overnight reserves. It is not a bond yield, and the ten-year Treasury note trades in a different market.

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