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Fed Funds — Target Range + Effective

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FOMC policy rate band (upper / lower) overlaid on the daily effective rate.

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What this chart shows
Methodology

Daily Federal Funds rates from FRED: DFEDTARU (target upper bound) and DFEDTARL (target lower bound) define the FOMC's policy band; DFF is the daily effective rate that actual overnight transactions cleared at. The target band was introduced in 2008-12 (single point before that — see caveat).