what is the fed interest rate today

As of September 29, 2023, the Federal Reserves current target rate for the federal funds rate is 5.25-5.50% . The effective federal funds rate, which is the rate set by the Federal Open Market Committee (FOMC) for banks to borrow funds from each other, is currently at 5.33% . The FOMC can change the federal funds rate at any time to control the supply of available funds and hence, inflation and other interest rates.