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Context · Macro Lens

Macro Lens

Crypto markets do not move in a vacuum. These tools make the wider economy legible: data as time series, every figure from a primary source, interpretations clearly labelled as theses.

Photo: Foto K. (Unsplash License)

I · Interest rates

The price of time

How a policy rate reaches bond yields and the discount rate of every risky asset, and why the real rate, the rate after inflation, is shown next to the nominal one.

II · Liquidity

How much money is around

Central bank balance sheets and money supply, next to Bitcoin’s fixed issuance and the annual output of gold.

III · Regulation

The rules as a macro force

MiCA, stablecoin laws and the digital euro change access to markets as much as rate decisions do.

Regulation dossiers

Tools

Every preview is drawn from the published series and names its source and period. Each tool opens with its sources, its reference date and its data table.

CalculatorNo data yet

Your birth year

What an amount from a chosen year buys today by official consumer prices, and what the same sum became in gold or a savings account.Counters€14.4tnGovernment debt, official value of 30 Jun 2026

Money Clock

Government debt, interest and money supply as calm counters, next to Bitcoin’s fixed issuance and gold output.

SourceEurostat

MonitorEuro area (M3), Aug 2026: 3.5%

Money supply monitor

Growth of broad money in five currencies, next to Bitcoin’s issuance and gold mine output.

SourceEuropean Central Bank, Monetary aggregates M1, M2 and M3, euro area (balance sheet items statistics)Ref. Aug 2026

IndicatorReal rate, Oct 2026: -1.3%

Real interest rate indicator

Policy rate minus inflation per currency, each figure with its date.

SourceEuropean Central Bank, ECB key interest rates · Eurostat, HICP, monthly index and annual rate (all items), euro area and GermanyRef. Oct 2026

With a reader accountUp to four series in one chart, in any denominator.

Macro overlays

Up to four data series in one chart, in their own unit or in another denominator, with a print view and downloads. Works with a reader account that has macro overlays active.

Interpretation

Theses, never verdicts

Popular macro narratives are shown in a fixed format: what the thesis claims, who put it forward, which data support it and which contradict it. Both sides get the same space.

All theses

Primary sources only

ECB · Bundesbank · Destatis · Eurostat · FRED · US Treasury FiscalData · BIS · World Bank · USGS

Source register

Charts

Interest rates and inflation from the ECB, Destatis and the Federal Reserve. Every chart names its sources, its as-of date and its licence.

Real interest rate, euro area

Real interest rate, euro areaThe ECB deposit facility rate, euro area inflation (HICP, year on year) and the difference between the two: the real rate.−10%−5%0%5%10%15%201620182020202220242026Inflation (HICP)Deposit facility rateReal rate
Real interest rate, euro areaThe ECB deposit facility rate, euro area inflation (HICP, year on year) and the difference between the two: the real rate.−10%−5%0%5%10%15%201520202025Inflation (HICP)Deposit facilityrateReal rate

Point at the chart, or focus it and use the arrow keys, to read the values.

Real interest rate, euro area: 3 series from January 2015 to October 2026. Real rate: 0.40% in January 2015, −1.30% in October 2026; lowest −9.85%, highest 1.80%. Deposit facility rate: −0.20% in January 2015, 2.50% in October 2026; lowest −0.50%, highest 4.00%. Inflation (HICP): −0.60% in January 2015, 3.80% in September 2026; lowest −0.60%, highest 10.60%.

Sources: European Central Bank, ECB key interest rates (licence: ECB copyright; reuse free of charge under the ECB website's copyright terms: information must be reproduced accurately, the ECB cited as the source, and modifications disclosed (https://www.ecb.europa.eu/services/using-our-site/disclaimer/html/index.en.html).; Source: European Central Bank (ECB).); Eurostat, HICP, monthly index and annual rate (all items), euro area and Germany (licence: Eurostat copyright notice: "Reuse of statistical data, metadata, publications, and other dissemination tools published on this website for commercial or non-commercial purposes is authorised provided the source is acknowledged." Modifications must be stated (https://ec.europa.eu/eurostat/help/copyright-notice).; Source: Eurostat.)

As of: 22 October 2026

Measured in: percent per year · Transformation: real rate = deposit facility rate minus the latest year-on-year inflation; monthly, last value of each month

Data table
Real interest rate, euro area (percent per year)
PeriodReal rateDeposit facility rateInflation (HICP)
January 20150.40%−0.20%−0.60%
February 20150.10%−0.20%−0.30%
March 2015−0.10%−0.20%−0.10%
April 2015−0.40%−0.20%0.20%
May 2015−0.80%−0.20%0.60%
June 2015−0.70%−0.20%0.50%
July 2015−0.80%−0.20%0.60%
August 2015−0.60%−0.20%0.40%
September 2015−0.40%−0.20%0.20%
October 2015−0.60%−0.20%0.40%
November 2015−0.30%−0.20%0.10%
December 2015−0.50%−0.30%0.20%
January 2016−0.60%−0.30%0.30%
February 2016−0.20%−0.30%−0.10%
March 2016−0.40%−0.40%0.00%
April 2016−0.10%−0.40%−0.30%
May 2016−0.30%−0.40%−0.10%
June 2016−0.50%−0.40%0.10%
July 2016−0.60%−0.40%0.20%
August 2016−0.60%−0.40%0.20%
September 2016−0.80%−0.40%0.40%
October 2016−0.90%−0.40%0.50%
November 2016−1.00%−0.40%0.60%
December 2016−1.50%−0.40%1.10%
January 2017−2.10%−0.40%1.70%
February 2017−2.40%−0.40%2.00%
March 2017−1.90%−0.40%1.50%
April 2017−2.30%−0.40%1.90%
May 2017−1.80%−0.40%1.40%
June 2017−1.70%−0.40%1.30%
July 2017−1.70%−0.40%1.30%
August 2017−1.90%−0.40%1.50%
September 2017−2.00%−0.40%1.60%
October 2017−1.80%−0.40%1.40%
November 2017−1.90%−0.40%1.50%
December 2017−1.70%−0.40%1.30%
January 2018−1.70%−0.40%1.30%
February 2018−1.50%−0.40%1.10%
March 2018−1.80%−0.40%1.40%
April 2018−1.60%−0.40%1.20%
May 2018−2.40%−0.40%2.00%
June 2018−2.40%−0.40%2.00%
July 2018−2.60%−0.40%2.20%
August 2018−2.50%−0.40%2.10%
September 2018−2.50%−0.40%2.10%
October 2018−2.70%−0.40%2.30%
November 2018−2.30%−0.40%1.90%
December 2018−1.90%−0.40%1.50%
January 2019−1.80%−0.40%1.40%
February 2019−1.90%−0.40%1.50%
March 2019−1.80%−0.40%1.40%
April 2019−2.10%−0.40%1.70%
May 2019−1.60%−0.40%1.20%
June 2019−1.70%−0.40%1.30%
July 2019−1.40%−0.40%1.00%
August 2019−1.40%−0.40%1.00%
September 2019−1.30%−0.50%0.80%
October 2019−1.20%−0.50%0.70%
November 2019−1.50%−0.50%1.00%
December 2019−1.80%−0.50%1.30%
January 2020−1.90%−0.50%1.40%
February 2020−1.70%−0.50%1.20%
March 2020−1.20%−0.50%0.70%
April 2020−0.80%−0.50%0.30%
May 2020−0.60%−0.50%0.10%
June 2020−0.80%−0.50%0.30%
July 2020−0.90%−0.50%0.40%
August 2020−0.30%−0.50%−0.20%
September 2020−0.20%−0.50%−0.30%
October 2020−0.20%−0.50%−0.30%
November 2020−0.20%−0.50%−0.30%
December 2020−0.20%−0.50%−0.30%
January 2021−1.40%−0.50%0.90%
February 2021−1.40%−0.50%0.90%
March 2021−1.80%−0.50%1.30%
April 2021−2.10%−0.50%1.60%
May 2021−2.50%−0.50%2.00%
June 2021−2.40%−0.50%1.90%
July 2021−2.70%−0.50%2.20%
August 2021−3.50%−0.50%3.00%
September 2021−3.90%−0.50%3.40%
October 2021−4.60%−0.50%4.10%
November 2021−5.40%−0.50%4.90%
December 2021−5.50%−0.50%5.00%
January 2022−5.60%−0.50%5.10%
February 2022−6.40%−0.50%5.90%
March 2022−7.90%−0.50%7.40%
April 2022−8.00%−0.50%7.50%
May 2022−8.60%−0.50%8.10%
June 2022−9.10%−0.50%8.60%
July 2022−8.90%0.00%8.90%
August 2022−9.10%0.00%9.10%
September 2022−9.15%0.75%9.90%
October 2022−9.85%0.75%10.60%
November 2022−8.60%1.50%10.10%
December 2022−7.20%2.00%9.20%
January 2023−6.60%2.00%8.60%
February 2023−6.00%2.50%8.50%
March 2023−3.90%3.00%6.90%
April 2023−3.90%3.00%6.90%
May 2023−2.85%3.25%6.10%
June 2023−2.00%3.50%5.50%
July 2023−1.80%3.50%5.30%
August 2023−1.45%3.75%5.20%
September 2023−0.30%4.00%4.30%
October 20231.10%4.00%2.90%
November 20231.60%4.00%2.40%
December 20231.10%4.00%2.90%
January 20241.20%4.00%2.80%
February 20241.40%4.00%2.60%
March 20241.60%4.00%2.40%
April 20241.60%4.00%2.40%
May 20241.40%4.00%2.60%
June 20241.25%3.75%2.50%
July 20241.15%3.75%2.60%
August 20241.55%3.75%2.20%
September 20241.80%3.50%1.70%
October 20241.25%3.25%2.00%
November 20241.05%3.25%2.20%
December 20240.60%3.00%2.40%
January 20250.50%3.00%2.50%
February 20250.45%2.75%2.30%
March 20250.30%2.50%2.20%
April 20250.05%2.25%2.20%
May 20250.35%2.25%1.90%
June 20250.00%2.00%2.00%
July 20250.00%2.00%2.00%
August 20250.00%2.00%2.00%
September 2025−0.20%2.00%2.20%
October 2025−0.10%2.00%2.10%
November 2025−0.10%2.00%2.10%
December 20250.00%2.00%2.00%
January 20260.30%2.00%1.70%
February 20260.10%2.00%1.90%
March 2026−0.60%2.00%2.60%
April 2026−1.00%2.00%3.00%
May 2026−1.20%2.00%3.20%
June 2026−0.55%2.25%2.80%
July 2026−0.65%2.25%2.90%
August 2026−0.95%2.25%3.20%
September 2026−1.30%2.50%3.80%
October 2026−1.30%2.50%no value

ECB key interest rates

ECB key interest ratesThe deposit facility rate and the main refinancing rate set by the ECB Governing Council.−1%0%1%2%3%4%5%2008201020122014201620182020202220242026Main refinancing rateDeposit facility rate
ECB key interest ratesThe deposit facility rate and the main refinancing rate set by the ECB Governing Council.−2%0%2%4%6%2010201520202025Main refinancingrateDeposit facilityrate

Point at the chart, or focus it and use the arrow keys, to read the values.

ECB key interest rates: 2 series from January 2008 to October 2026. Main refinancing rate: 3.75% in October 2008, 2.65% in October 2026; lowest 0.00%, highest 4.50%. Deposit facility rate: 3.00% in January 2008, 2.50% in October 2026; lowest −0.50%, highest 4.00%.

Source: European Central Bank, ECB key interest rates (licence: ECB copyright; reuse free of charge under the ECB website's copyright terms: information must be reproduced accurately, the ECB cited as the source, and modifications disclosed (https://www.ecb.europa.eu/services/using-our-site/disclaimer/html/index.en.html).; Source: European Central Bank (ECB).)

As of: 22 October 2026

Measured in: percent per year · Transformation: none; monthly, last value of each month

Data table
ECB key interest rates (percent per year)
PeriodMain refinancing rateDeposit facility rate
January 2008no value3.00%
February 2008no value3.00%
March 2008no value3.00%
April 2008no value3.00%
May 2008no value3.00%
June 2008no value3.00%
July 2008no value3.25%
August 2008no value3.25%
September 2008no value3.25%
October 20083.75%3.25%
November 20083.25%2.75%
December 20082.50%2.00%
January 20092.00%1.00%
February 20092.00%1.00%
March 20091.50%0.50%
April 20091.25%0.25%
May 20091.00%0.25%
June 20091.00%0.25%
July 20091.00%0.25%
August 20091.00%0.25%
September 20091.00%0.25%
October 20091.00%0.25%
November 20091.00%0.25%
December 20091.00%0.25%
January 20101.00%0.25%
February 20101.00%0.25%
March 20101.00%0.25%
April 20101.00%0.25%
May 20101.00%0.25%
June 20101.00%0.25%
July 20101.00%0.25%
August 20101.00%0.25%
September 20101.00%0.25%
October 20101.00%0.25%
November 20101.00%0.25%
December 20101.00%0.25%
January 20111.00%0.25%
February 20111.00%0.25%
March 20111.00%0.25%
April 20111.25%0.50%
May 20111.25%0.50%
June 20111.25%0.50%
July 20111.50%0.75%
August 20111.50%0.75%
September 20111.50%0.75%
October 20111.50%0.75%
November 20111.25%0.50%
December 20111.00%0.25%
January 20121.00%0.25%
February 20121.00%0.25%
March 20121.00%0.25%
April 20121.00%0.25%
May 20121.00%0.25%
June 20121.00%0.25%
July 20120.75%0.00%
August 20120.75%0.00%
September 20120.75%0.00%
October 20120.75%0.00%
November 20120.75%0.00%
December 20120.75%0.00%
January 20130.75%0.00%
February 20130.75%0.00%
March 20130.75%0.00%
April 20130.75%0.00%
May 20130.50%0.00%
June 20130.50%0.00%
July 20130.50%0.00%
August 20130.50%0.00%
September 20130.50%0.00%
October 20130.50%0.00%
November 20130.25%0.00%
December 20130.25%0.00%
January 20140.25%0.00%
February 20140.25%0.00%
March 20140.25%0.00%
April 20140.25%0.00%
May 20140.25%0.00%
June 20140.15%−0.10%
July 20140.15%−0.10%
August 20140.15%−0.10%
September 20140.05%−0.20%
October 20140.05%−0.20%
November 20140.05%−0.20%
December 20140.05%−0.20%
January 20150.05%−0.20%
February 20150.05%−0.20%
March 20150.05%−0.20%
April 20150.05%−0.20%
May 20150.05%−0.20%
June 20150.05%−0.20%
July 20150.05%−0.20%
August 20150.05%−0.20%
September 20150.05%−0.20%
October 20150.05%−0.20%
November 20150.05%−0.20%
December 20150.05%−0.30%
January 20160.05%−0.30%
February 20160.05%−0.30%
March 20160.00%−0.40%
April 20160.00%−0.40%
May 20160.00%−0.40%
June 20160.00%−0.40%
July 20160.00%−0.40%
August 20160.00%−0.40%
September 20160.00%−0.40%
October 20160.00%−0.40%
November 20160.00%−0.40%
December 20160.00%−0.40%
January 20170.00%−0.40%
February 20170.00%−0.40%
March 20170.00%−0.40%
April 20170.00%−0.40%
May 20170.00%−0.40%
June 20170.00%−0.40%
July 20170.00%−0.40%
August 20170.00%−0.40%
September 20170.00%−0.40%
October 20170.00%−0.40%
November 20170.00%−0.40%
December 20170.00%−0.40%
January 20180.00%−0.40%
February 20180.00%−0.40%
March 20180.00%−0.40%
April 20180.00%−0.40%
May 20180.00%−0.40%
June 20180.00%−0.40%
July 20180.00%−0.40%
August 20180.00%−0.40%
September 20180.00%−0.40%
October 20180.00%−0.40%
November 20180.00%−0.40%
December 20180.00%−0.40%
January 20190.00%−0.40%
February 20190.00%−0.40%
March 20190.00%−0.40%
April 20190.00%−0.40%
May 20190.00%−0.40%
June 20190.00%−0.40%
July 20190.00%−0.40%
August 20190.00%−0.40%
September 20190.00%−0.50%
October 20190.00%−0.50%
November 20190.00%−0.50%
December 20190.00%−0.50%
January 20200.00%−0.50%
February 20200.00%−0.50%
March 20200.00%−0.50%
April 20200.00%−0.50%
May 20200.00%−0.50%
June 20200.00%−0.50%
July 20200.00%−0.50%
August 20200.00%−0.50%
September 20200.00%−0.50%
October 20200.00%−0.50%
November 20200.00%−0.50%
December 20200.00%−0.50%
January 20210.00%−0.50%
February 20210.00%−0.50%
March 20210.00%−0.50%
April 20210.00%−0.50%
May 20210.00%−0.50%
June 20210.00%−0.50%
July 20210.00%−0.50%
August 20210.00%−0.50%
September 20210.00%−0.50%
October 20210.00%−0.50%
November 20210.00%−0.50%
December 20210.00%−0.50%
January 20220.00%−0.50%
February 20220.00%−0.50%
March 20220.00%−0.50%
April 20220.00%−0.50%
May 20220.00%−0.50%
June 20220.00%−0.50%
July 20220.50%0.00%
August 20220.50%0.00%
September 20221.25%0.75%
October 20221.25%0.75%
November 20222.00%1.50%
December 20222.50%2.00%
January 20232.50%2.00%
February 20233.00%2.50%
March 20233.50%3.00%
April 20233.50%3.00%
May 20233.75%3.25%
June 20234.00%3.50%
July 20234.00%3.50%
August 20234.25%3.75%
September 20234.50%4.00%
October 20234.50%4.00%
November 20234.50%4.00%
December 20234.50%4.00%
January 20244.50%4.00%
February 20244.50%4.00%
March 20244.50%4.00%
April 20244.50%4.00%
May 20244.50%4.00%
June 20244.25%3.75%
July 20244.25%3.75%
August 20244.25%3.75%
September 20243.65%3.50%
October 20243.40%3.25%
November 20243.40%3.25%
December 20243.15%3.00%
January 20253.15%3.00%
February 20252.90%2.75%
March 20252.65%2.50%
April 20252.40%2.25%
May 20252.40%2.25%
June 20252.15%2.00%
July 20252.15%2.00%
August 20252.15%2.00%
September 20252.15%2.00%
October 20252.15%2.00%
November 20252.15%2.00%
December 20252.15%2.00%
January 20262.15%2.00%
February 20262.15%2.00%
March 20262.15%2.00%
April 20262.15%2.00%
May 20262.15%2.00%
June 20262.40%2.25%
July 20262.40%2.25%
August 20262.40%2.25%
September 20262.65%2.50%
October 20262.65%2.50%

Inflation, euro area

Inflation, euro areaYear-on-year change of the Harmonised Index of Consumer Prices for the euro area.−2%0%2%4%6%8%10%12%ECB inflation target, 2 %200020052010201520202025Inflation (HICP)
Inflation, euro areaYear-on-year change of the Harmonised Index of Consumer Prices for the euro area.−5%0%5%10%15%ECB inflation target, 2 %200020102020Inflation (HICP)

Point at the chart, or focus it and use the arrow keys, to read the values.

Inflation, euro area: one series from January 2000 to September 2026. Inflation (HICP): 1.9% in January 2000, 3.8% in September 2026; lowest −0.7%, highest 10.6%.

Source: Eurostat, HICP, monthly index and annual rate (all items), euro area and Germany (licence: Eurostat copyright notice: "Reuse of statistical data, metadata, publications, and other dissemination tools published on this website for commercial or non-commercial purposes is authorised provided the source is acknowledged." Modifications must be stated (https://ec.europa.eu/eurostat/help/copyright-notice).; Source: Eurostat.)

As of: 22 October 2026

Measured in: percent · Transformation: year-on-year change, as published

Data table
Inflation, euro area (percent)
PeriodInflation (HICP)
January 20001.9%
February 20001.9%
March 20002.0%
April 20001.7%
May 20001.7%
June 20002.1%
July 20002.1%
August 20002.1%
September 20002.4%
October 20002.4%
November 20002.4%
December 20002.5%
January 20012.0%
February 20012.0%
March 20012.2%
April 20012.7%
May 20013.1%
June 20012.9%
July 20012.5%
August 20012.3%
September 20012.2%
October 20012.2%
November 20012.0%
December 20012.0%
January 20022.6%
February 20022.5%
March 20022.5%
April 20022.4%
May 20022.1%
June 20021.9%
July 20022.0%
August 20022.1%
September 20022.1%
October 20022.3%
November 20022.3%
December 20022.3%
January 20032.1%
February 20032.4%
March 20032.4%
April 20032.1%
May 20031.8%
June 20032.0%
July 20031.9%
August 20032.0%
September 20032.1%
October 20032.0%
November 20032.2%
December 20032.0%
January 20041.8%
February 20041.6%
March 20041.7%
April 20042.1%
May 20042.4%
June 20042.4%
July 20042.3%
August 20042.4%
September 20042.1%
October 20042.4%
November 20042.3%
December 20042.3%
January 20051.9%
February 20052.1%
March 20052.2%
April 20052.1%
May 20052.0%
June 20052.0%
July 20052.1%
August 20052.2%
September 20052.6%
October 20052.4%
November 20052.3%
December 20052.2%
January 20062.4%
February 20062.4%
March 20062.2%
April 20062.4%
May 20062.5%
June 20062.5%
July 20062.4%
August 20062.3%
September 20061.8%
October 20061.6%
November 20061.9%
December 20061.9%
January 20071.8%
February 20071.9%
March 20071.9%
April 20071.9%
May 20071.9%
June 20071.9%
July 20071.8%
August 20071.7%
September 20072.1%
October 20072.5%
November 20073.0%
December 20073.1%
January 20083.2%
February 20083.3%
March 20083.6%
April 20083.3%
May 20083.7%
June 20084.0%
July 20084.1%
August 20083.8%
September 20083.7%
October 20083.2%
November 20082.1%
December 20081.6%
January 20091.1%
February 20091.2%
March 20090.6%
April 20090.6%
May 20090.0%
June 2009−0.1%
July 2009−0.7%
August 2009−0.2%
September 2009−0.3%
October 2009−0.1%
November 20090.5%
December 20090.9%
January 20101.0%
February 20100.8%
March 20101.6%
April 20101.6%
May 20101.7%
June 20101.5%
July 20101.7%
August 20101.6%
September 20101.9%
October 20101.9%
November 20101.9%
December 20102.2%
January 20112.3%
February 20112.4%
March 20112.7%
April 20112.8%
May 20112.7%
June 20112.7%
July 20112.5%
August 20112.5%
September 20113.0%
October 20113.0%
November 20113.0%
December 20112.8%
January 20122.7%
February 20122.7%
March 20122.7%
April 20122.6%
May 20122.4%
June 20122.4%
July 20122.4%
August 20122.6%
September 20122.6%
October 20122.5%
November 20122.2%
December 20122.2%
January 20132.0%
February 20131.9%
March 20131.7%
April 20131.2%
May 20131.4%
June 20131.6%
July 20131.6%
August 20131.3%
September 20131.1%
October 20130.7%
November 20130.9%
December 20130.8%
January 20140.8%
February 20140.7%
March 20140.5%
April 20140.7%
May 20140.5%
June 20140.5%
July 20140.4%
August 20140.4%
September 20140.3%
October 20140.4%
November 20140.3%
December 2014−0.2%
January 2015−0.6%
February 2015−0.3%
March 2015−0.1%
April 20150.2%
May 20150.6%
June 20150.5%
July 20150.6%
August 20150.4%
September 20150.2%
October 20150.4%
November 20150.1%
December 20150.2%
January 20160.3%
February 2016−0.1%
March 20160.0%
April 2016−0.3%
May 2016−0.1%
June 20160.1%
July 20160.2%
August 20160.2%
September 20160.4%
October 20160.5%
November 20160.6%
December 20161.1%
January 20171.7%
February 20172.0%
March 20171.5%
April 20171.9%
May 20171.4%
June 20171.3%
July 20171.3%
August 20171.5%
September 20171.6%
October 20171.4%
November 20171.5%
December 20171.3%
January 20181.3%
February 20181.1%
March 20181.4%
April 20181.2%
May 20182.0%
June 20182.0%
July 20182.2%
August 20182.1%
September 20182.1%
October 20182.3%
November 20181.9%
December 20181.5%
January 20191.4%
February 20191.5%
March 20191.4%
April 20191.7%
May 20191.2%
June 20191.3%
July 20191.0%
August 20191.0%
September 20190.8%
October 20190.7%
November 20191.0%
December 20191.3%
January 20201.4%
February 20201.2%
March 20200.7%
April 20200.3%
May 20200.1%
June 20200.3%
July 20200.4%
August 2020−0.2%
September 2020−0.3%
October 2020−0.3%
November 2020−0.3%
December 2020−0.3%
January 20210.9%
February 20210.9%
March 20211.3%
April 20211.6%
May 20212.0%
June 20211.9%
July 20212.2%
August 20213.0%
September 20213.4%
October 20214.1%
November 20214.9%
December 20215.0%
January 20225.1%
February 20225.9%
March 20227.4%
April 20227.5%
May 20228.1%
June 20228.6%
July 20228.9%
August 20229.1%
September 20229.9%
October 202210.6%
November 202210.1%
December 20229.2%
January 20238.6%
February 20238.5%
March 20236.9%
April 20236.9%
May 20236.1%
June 20235.5%
July 20235.3%
August 20235.2%
September 20234.3%
October 20232.9%
November 20232.4%
December 20232.9%
January 20242.8%
February 20242.6%
March 20242.4%
April 20242.4%
May 20242.6%
June 20242.5%
July 20242.6%
August 20242.2%
September 20241.7%
October 20242.0%
November 20242.2%
December 20242.4%
January 20252.5%
February 20252.3%
March 20252.2%
April 20252.2%
May 20251.9%
June 20252.0%
July 20252.0%
August 20252.0%
September 20252.2%
October 20252.1%
November 20252.1%
December 20252.0%
January 20261.7%
February 20261.9%
March 20262.6%
April 20263.0%
May 20263.2%
June 20262.8%
July 20262.9%
August 20263.2%
September 20263.8%

Inflation, Germany

The data for this chart is not available yet.

Federal funds rate, United States

Federal funds rate, United StatesThe effective federal funds rate, monthly average.0%1%2%3%4%5%6%7%200020052010201520202025Federal funds rate
Federal funds rate, United StatesThe effective federal funds rate, monthly average.0%2%4%6%8%200020102020Federal funds rate

Point at the chart, or focus it and use the arrow keys, to read the values.

Federal funds rate, United States: one series from January 2000 to September 2026. Federal funds rate: 5.45% in January 2000, 3.75% in September 2026; lowest 0.05%, highest 6.54%.

Source: Federal Reserve Bank of St. Louis (FRED); original source Board of Governors of the Federal Reserve System (US), Federal Funds Effective Rate (licence: Public domain (FRED copyright label: "Public Domain: Citation Requested"); Board of Governors of the Federal Reserve System (US), Federal Funds Effective Rate [FEDFUNDS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/FEDFUNDS)

As of: 22 October 2026

Measured in: percent per year · Transformation: none

Data table
Federal funds rate, United States (percent per year)
PeriodFederal funds rate
January 20005.45%
February 20005.73%
March 20005.85%
April 20006.02%
May 20006.27%
June 20006.53%
July 20006.54%
August 20006.50%
September 20006.52%
October 20006.51%
November 20006.51%
December 20006.40%
January 20015.98%
February 20015.49%
March 20015.31%
April 20014.80%
May 20014.21%
June 20013.97%
July 20013.77%
August 20013.65%
September 20013.07%
October 20012.49%
November 20012.09%
December 20011.82%
January 20021.73%
February 20021.74%
March 20021.73%
April 20021.75%
May 20021.75%
June 20021.75%
July 20021.73%
August 20021.74%
September 20021.75%
October 20021.75%
November 20021.34%
December 20021.24%
January 20031.24%
February 20031.26%
March 20031.25%
April 20031.26%
May 20031.26%
June 20031.22%
July 20031.01%
August 20031.03%
September 20031.01%
October 20031.01%
November 20031.00%
December 20030.98%
January 20041.00%
February 20041.01%
March 20041.00%
April 20041.00%
May 20041.00%
June 20041.03%
July 20041.26%
August 20041.43%
September 20041.61%
October 20041.76%
November 20041.93%
December 20042.16%
January 20052.28%
February 20052.50%
March 20052.63%
April 20052.79%
May 20053.00%
June 20053.04%
July 20053.26%
August 20053.50%
September 20053.62%
October 20053.78%
November 20054.00%
December 20054.16%
January 20064.29%
February 20064.49%
March 20064.59%
April 20064.79%
May 20064.94%
June 20064.99%
July 20065.24%
August 20065.25%
September 20065.25%
October 20065.25%
November 20065.25%
December 20065.24%
January 20075.25%
February 20075.26%
March 20075.26%
April 20075.25%
May 20075.25%
June 20075.25%
July 20075.26%
August 20075.02%
September 20074.94%
October 20074.76%
November 20074.49%
December 20074.24%
January 20083.94%
February 20082.98%
March 20082.61%
April 20082.28%
May 20081.98%
June 20082.00%
July 20082.01%
August 20082.00%
September 20081.81%
October 20080.97%
November 20080.39%
December 20080.16%
January 20090.15%
February 20090.22%
March 20090.18%
April 20090.15%
May 20090.18%
June 20090.21%
July 20090.16%
August 20090.16%
September 20090.15%
October 20090.12%
November 20090.12%
December 20090.12%
January 20100.11%
February 20100.13%
March 20100.16%
April 20100.20%
May 20100.20%
June 20100.18%
July 20100.18%
August 20100.19%
September 20100.19%
October 20100.19%
November 20100.19%
December 20100.18%
January 20110.17%
February 20110.16%
March 20110.14%
April 20110.10%
May 20110.09%
June 20110.09%
July 20110.07%
August 20110.10%
September 20110.08%
October 20110.07%
November 20110.08%
December 20110.07%
January 20120.08%
February 20120.10%
March 20120.13%
April 20120.14%
May 20120.16%
June 20120.16%
July 20120.16%
August 20120.13%
September 20120.14%
October 20120.16%
November 20120.16%
December 20120.16%
January 20130.14%
February 20130.15%
March 20130.14%
April 20130.15%
May 20130.11%
June 20130.09%
July 20130.09%
August 20130.08%
September 20130.08%
October 20130.09%
November 20130.08%
December 20130.09%
January 20140.07%
February 20140.07%
March 20140.08%
April 20140.09%
May 20140.09%
June 20140.10%
July 20140.09%
August 20140.09%
September 20140.09%
October 20140.09%
November 20140.09%
December 20140.12%
January 20150.11%
February 20150.11%
March 20150.11%
April 20150.12%
May 20150.12%
June 20150.13%
July 20150.13%
August 20150.14%
September 20150.14%
October 20150.12%
November 20150.12%
December 20150.24%
January 20160.34%
February 20160.38%
March 20160.36%
April 20160.37%
May 20160.37%
June 20160.38%
July 20160.39%
August 20160.40%
September 20160.40%
October 20160.40%
November 20160.41%
December 20160.54%
January 20170.65%
February 20170.66%
March 20170.79%
April 20170.90%
May 20170.91%
June 20171.04%
July 20171.15%
August 20171.16%
September 20171.15%
October 20171.15%
November 20171.16%
December 20171.30%
January 20181.41%
February 20181.42%
March 20181.51%
April 20181.69%
May 20181.70%
June 20181.82%
July 20181.91%
August 20181.91%
September 20181.95%
October 20182.19%
November 20182.20%
December 20182.27%
January 20192.40%
February 20192.40%
March 20192.41%
April 20192.42%
May 20192.39%
June 20192.38%
July 20192.40%
August 20192.13%
September 20192.04%
October 20191.83%
November 20191.55%
December 20191.55%
January 20201.55%
February 20201.58%
March 20200.65%
April 20200.05%
May 20200.05%
June 20200.08%
July 20200.09%
August 20200.10%
September 20200.09%
October 20200.09%
November 20200.09%
December 20200.09%
January 20210.09%
February 20210.08%
March 20210.07%
April 20210.07%
May 20210.06%
June 20210.08%
July 20210.10%
August 20210.09%
September 20210.08%
October 20210.08%
November 20210.08%
December 20210.08%
January 20220.08%
February 20220.08%
March 20220.20%
April 20220.33%
May 20220.77%
June 20221.21%
July 20221.68%
August 20222.33%
September 20222.56%
October 20223.08%
November 20223.78%
December 20224.10%
January 20234.33%
February 20234.57%
March 20234.65%
April 20234.83%
May 20235.06%
June 20235.08%
July 20235.12%
August 20235.33%
September 20235.33%
October 20235.33%
November 20235.33%
December 20235.33%
January 20245.33%
February 20245.33%
March 20245.33%
April 20245.33%
May 20245.33%
June 20245.33%
July 20245.33%
August 20245.33%
September 20245.13%
October 20244.83%
November 20244.64%
December 20244.48%
January 20254.33%
February 20254.33%
March 20254.33%
April 20254.33%
May 20254.33%
June 20254.33%
July 20254.33%
August 20254.33%
September 20254.22%
October 20254.09%
November 20253.88%
December 20253.72%
January 20263.64%
February 20263.64%
March 20263.64%
April 20263.64%
May 20263.63%
June 20263.63%
July 20263.63%
August 20263.63%
September 20263.75%