Current Fed Interest Rate 2024. The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at federal reserve banks) with each other overnight. While the fed funds rate has likely reached its peak for this tightening cycle, questions remain about the precise timing and extent of potential 2024 rate cuts.

The march decision marks the fifth consecutive meeting at which the federal reserve (fed) has opted to hold interest rates steady. The federal reserve said wednesday it was keeping its key interest rate unchanged as it fights elevated inflation rates that have been pinching u.s.