Get up-to-date info at a glance. This series provides readers with graphs relevant to credit, monetary policy, and banking stability. Click on source links to interact with graphs. Federal Funds Rate + Target Ranges On May 3, the Fed set the target for the federal funds rate between 5% and 5.25%. The Effective Federal Funds Rate is the market rate at which banks and other financial institutions lend each other deposits at the Federal Reserve.