CME FedWatch Tool Countdown to the Next Federal Open Market Committee FOMC Rate Hike

FOMC Rate Hikes in 2023

The Federal Open Market Committee (FOMC) raised interest rates to 5.25-5.50% at the July 2023 meeting, marking 11 rate hikes in a cycle aimed at curbing high inflation.

Fed Funds Rate Target Range

The FOMC will likely maintain its current fed funds rate target range of between 5.25 and 5.5%, its highest target level since 2001.

CME FedWatch Tool

The CME FedWatch Tool, based on the Fed Funds target rate, provides a countdown to the next FOMC rate hike.

Economic Data and Projections

Economic data and projections related to the FOMC Summary of Economic Projections for the Fed Funds Rate Median (FEDTARMD) can be graphed and downloaded from 2024 onwards.