The US Federal Reserve will probably leave interest rates near zero on Wednesday, and pledge to do whatever it takes to support the world's largest economy, which contracted at the sharpest pace since the Great Recession during the first quarter. Measures to curb the rapid spread of Covid-19 forced many businesses to close, throwing millions of people out of work. Still, traders will be looking at any clues on the central bank's likely future path as well as a detailed forecast for the economy, as policymakers are seen downgrading their assessment of the job market, household spending and inflation outlook. Interest Rate in the United States averaged 5.60 percent from 1971 until 2020, reaching an all time high of 20 percent in March of 1980 and a record low of 0.25 percent in December of 2008. In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate. This page provides the latest reported value for - United States Fed Funds Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.