# The fed funds rate

Informational only - not investment advice.

Book: [Reading Financial Data - Step by Step](/guide/)
Chapter: [Economic indicators](/guide/economic-indicators/)
As of: 2026-05-01

The fed funds rate is a short-term interest-rate series.

## Concept

Interest-rate series are usually read in percent per year. The unit matters as much as the number.

## Worked Example: Read the latest fed funds observation

1. FEDFUNDS is reported in percent. The latest reading is 3.63% on 2026-05-01.
2. The page labels the units and frequency, so you do not have to infer what the number means.
3. Use the source link when you need to check the official series page.

## See it live

- [FEDFUNDS indicator page](/indicator/FEDFUNDS/)

## Sources

- [FEDFUNDS source](https://fred.stlouisfed.org/series/FEDFUNDS)