Effective Federal Funds Rate (EFFR) DOWNLOAD Observation: Units: Frequency: 2022-11-01: 3.08 (+ more) Percent, Daily 1Y | 5Y | 10Y | Max 2001-01-01 to 2022-11-01 EDIT GRAPH Updated: Dec 2, 2022 Not Seasonally Adjusted FRED ~ - Effective Federal Funds Rate UT 4 Percent 3 N 0 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2010 2015 2020 Shaded areas indicate U.S. recessions. Source: Federal Reserve Bank of New York fred.stlouisfed.org b. Based on your graph , state your understanding of the observed change of effective federal funds rate around (1) the recessionary period of 2007-2009, (2) the recessionary period starting in March 2020, and (3) the 2022 period