The Federal Reserve Bank of New York has added a new feature, "Fed Funds Data in Dynamic Chart Format". The interactive chart includes the Fed's short-term cash market benchmark daily Federal funds rate target, the effective rate, and the highs and lows. The chart allows you to zoom into a 1-month period or to zoom out to a 5-year view.
While the Federal Reserve Board of Governors sets a "target" rate for Fed funds (which it's expected to cut to 2.0% or 2.5% from 3.0% today), the most important determinant of short-term interest rates (long-term rates, like mortgages, are driven by the market), the actual Fed funds rate may vary slightly from the target based on demand and the calendar.
When the "effective" Fed funds rate is above the target, money tends to move from money market funds into "repo", and when the effective rate is below the target money moves from repo into money funds.
