Federal Funds Rate Held at 3.50%–3.75% at the April 2026 FOMC Meeting

The Federal Open Market Committee (FOMC) held the federal funds target rate at 3.50%–3.75% at its April 29, 2026 meeting. The federal funds effective rate stood at 3.62% on June 2, 2026. The bank prime loan rate — the benchmark for many variable small-business loans and lines of credit — stood at 6.75%.

After peaking near 5.50% in 2023–2024, the fed funds rate has been cut incrementally. A rate at 3.50%–3.75% still puts prime-linked business lines of credit in the 9%–11% range for most borrowers when lender spreads are applied — meaningfully higher than the 2015–2022 average.

https://clearvaluelending.com/reports/stats/federal-funds-rate-june-2026