Annual Average Federal Funds Rate

THE FEDERAL FUNDS RATE IS THE COST OF BORROWING IMMEDIATELY AVAILABLE FUNDS, PRIMARILY FOR ONE DAY.  THE EFFECTIVE RATE IS A WEIGHTED AVERAGE OF THE REPORTED RATES AT WHICH DIFFERENT AMOUNTS OF THE DAY'S TRADING THROUGH NEW YORK BROKERS OCCURS.

Annual Average Federal Fund Rate

1992     3.52
1993     3.02
1994     4.21
1995     5.83
1996     5.30
1997     5.46
1998     5.35
1999     4.97
2000     6.24
2001     3.88
2002     1.67
2003     1.13
2004     1.35
2005     3.22
2006     4.97
2007     5.02

The above information was obtained from The Board of Governor of the Federal Reserve System .