NEW YORK – The Federal Reserve on Tuesday raised the benchmark federal funds rate to 4.5 percent from 4.25 percent, the central bank's 14th interest rate hike in a row since it began tightening in June 2004.
The following is a chronology of the Federal Reserve's changes in the federal funds rate since 1990. Moves are measured in basis points (bps), each of which equals one-hundredth of a percentage point:
2006
Jan 31 Raised 25 bps to 4.50 pct
2005
Dec 13 Raised 25 bps to 4.25 pct
Nov 1 Raised 25 bps to 4.00 pct
Sept 20 Raised 25 bps to 3.75 pct
Aug 9 Raised 25 bps to 3.50 pct
June 30 Raised 25 bps to 3.25 pct
May 3 Raised 25 bps to 3.00 pct
March 22 Raised 25 bps to 2.75 pct
Feb 2 Raised 25 bps to 2.50 pct
2004
Dec 14 Raised 25 bps to 2.25 pct
Nov 10 Raised 25 bps to 2.00 pct
Sept 21 Raised 25 bps to 1.75 pct
Aug 10 Raised 25 bps to 1.50 pct
June 30 Raised 25 bps to 1.25 pct
2003
June 25 Cut 25 bps to 1.00 pct
2002
Nov 6 Cut 50 bps to 1.25 pct
2001
Dec 12 Cut 25 bps to 1.75 pct
Nov 6 Cut 50 bps to 2.00 pct
Oct 2 Cut 50 bps to 2.50 pct
Sept 17 Cut 50 bps to 3.00 pct
Aug 21 Cut 25 bps to 3.50 pct
June 27 Cut 25 bps to 3.75 pct
May 15 Cut 50 bps to 4.00 pct
April 18 Cut 50 bps to 4.50 pct
March 20 Cut 50 bps to 5.00 pct
Jan 31 Cut 50 bps to 5.50 pct
Jan 3 Cut 50 bps to 6.00 pct
2000
May 16 Raised 50 bps to 6.50 pct
March 21 Raised 25 bps to 6.00 pct
Feb 2 Raised 25 bps to 5.75 pct
1999
Nov 16 Raised 25 bps to 5.50 pct
Aug 24 Raised 25 bps to 5.25 pct
June 30 Raised 25 bps to 5.00 pct
1998
Nov 17 Cut 25 bps to 4.75 pct
Oct 15 Cut 25 bps to 5.00 pct
Sept 29 Cut 25 bps to 5.25 pct
1997
March 25 Raised 25 bps to 5.50 pct
1996
Jan 31 Cut 25 bps to 5.25 pct
1995
Dec 19 Cut 25 bps to 5.50 pct
July 6 Cut 25 bps to 5.75 pct
Feb 1 Raised 50 bps to 6.00 pct
1994
Nov 15 Raised 75 bps to 5.50 pct
Aug 16 Raised 50 bps to 4.75 pct
May 17 Raised 50 bps to 4.25 pct
April 18 Raised 25 bps to 3.75 pct
March 22 Raised 25 bps to 3.50 pct
Feb 4 Raised 25 bps to 3.25 pct
1993
No rate changes
1992
Sept 4 Cut 25 bps to 3.00 pct
July 2 Cut 50 bps to 3.25 pct
April 9 Cut 25 bps to 3.75 pct
1991
Dec 20 Cut 50 bps to 4.00 pct
Dec 6 Cut 25 bps to 4.50 pct
Nov 6 Cut 25 bps to 4.75 pct
Oct 31 Cut 25 bps to 5.00 pct
Sept 13 Cut 25 bps to 5.25 pct
Aug 6 Cut 25 bps to 5.50 pct
April 30 Cut 25 bps to 5.75 pct
March 8 Cut 25 bps to 6.00 pct
Feb 1 Cut 50 bps to 6.25 pct
Jan 9 Cut 25 bps to 6.75 pct
1990
Dec 18 Cut 25 bps to 7.00 pct
Dec 7 Cut 25 bps to 7.25 pct
Nov 13 Cut 25 bps to 7.50 pct
Oct 29 Cut 25 bps to 7.75 pct
July 13 Cut 25 bps to 8.00 pct