Since 1994, the Federal Reserve has initiated monetary policy meetings and has reduced the funds rate on around 10 occasions.

These include July 1995, when the Fed decreased the funds rate to 5.75% due to inflation control, December 1995, when the rate was cut by 25 basis points, September 1998, January 2001, June 2003, September 2007, October 2008, and July 2019.

The Fed has also reduced the funds rate to 1.25%, a record low, June 2003, September 2007, and December 2020 due to the COVID-19 pandemic and changing economic concerns.

In July 2019, the Fed lowered the funds rate range by 25 basis points to 2%–2.25% for risk management, repeating this at its next two meetings.

In March 2020, the Fed decreased the funds rate 50 basis points to 1.0%–1.25%, dropping to near zero and remaining until March 2022.

The Federal Open Market Committee lowered the federal funds rate target range by 1/2 percentage point to 1 to 1-1/4 percent today due to the coronavirus and changing economic concerns.