Janet Yellen and her teammates at the Federal Reserve have been watching clouds forming over the domestic economy and storms brewing overseas. We translate their latest barometer reading to help you understand what's on the horizon for your money. Read more
The interest rate at which banks lend money to one another overnight to meet loan reserve requirements. The federal funds rate is a tool used by the Federal Reserve to control the supply of available money and hence, inflation and other interest rates.
Raising the rate makes it more expensive to borrow. That lowers the supply of available money, which helps keep inflation in check. Lowering the rate has the opposite effect.
Click through the timeline below to see the effect the Fed's moves had on mortgage rates.
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Instead of raising interest rates again, the Federal Reserve has chosen to chill.
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The rate-setting Federal Open Market Committee meets at least eight times a year. Its members include the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and a rotating selection of presidents of the other 11 reserve banks.
Board of Governors, Chair
Board of Governors
On Monday, the U.S stock market opened lower on weak economic news out of China and lower oil prices. If China's economy catches a cold, does Europe get the flu?
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