Indicator Terminal View
Integrated Brief
As of 2026-10-13, the Effective Federal Funds Rate (EFFR) stood at 3.88%, unchanged from the prior reading, at the 40th percentile of the past 5 years. The Effective Federal Funds Rate (EFFR) is the volume-weighted median rate on overnight unsecured fed funds loans, published by the New York Fed each business day. It shows where the market really clears, not the FOMC's announced target range (a band, not a single number) and not the interest rate on reserve balances (IORB). Because it moves with real transactions, it is the anchor other short-end rates get read against: comparing it with the 2-year Treasury yield shows whether the market is pricing rate cuts or hikes over roughly the next two years. No prints on weekends or federal holidays.
Core Print
Current Interpretation
EFFR read 3.88% on 2026-10-13 (0.00 pp vs prior reading). Based on its standardized historical distribution (z-score), current positioning reflects a "neutral range". Check related plumbing indicators to evaluate broader systemic conditions.
Source: FRED · EFFR. Refreshed every 6 hours and free to access via the JSON API.
→ See all indicators in today's snapshot·What is dollar liquidity?
EFFR is shown for context and does not enter the DLI score.
Read the full guide to EFFR: what it measures, how to read it, and the common mistakes.