Changes in the Federal Reserve's target for the federal funds rate beginning in July 1990, the month the last recession began.

July 13, 1990: 8 percent, reduced from 8.25 percent.

Oct. 29, 1990: 7.75 percent

Nov. 14, 1990: 7.50 percent

Dec. 7, 1990: 7.25 percent

Dec. 18, 1990: 7.00 percent

Jan. 4, 1991: 6.75 percent

Feb. 1, 1991: 6.25 percent

March 8, 1991: 6.0 percent

April 30, 1991: 5.75 percent

Aug. 6, 1991: 5.5 percent

Sept. 13, 1991: 5.25 percent

Oct. 30, 1991: 5 percent

Nov. 6, 1991: 4.75 percent

Dec. 20, 1991: 4 percent

April 9, 1992: 3.75 percent

July 2, 1992: 3.25 percent

Sept. 4, 1992: 3 percent

Feb. 4, 1994: 3.25 percent

March 22, 1994: 3.5 percent

April 18, 1994: 3.75 percent

May 17, 1994: 4.25 percent

Aug. 16, 1994: 4.75 percent

Nov. 15, 1994: 5.50 percent

Feb. 1, 1995: 6 percent

July 6, 1995: 5.75 percent

Dec. 19, 1995: 5.50 percent

Jan. 31, 1996: 5.25 percent

March 25, 1997: 5.50 percent

Sept. 29, 1998: 5.25 percent

Oct. 15, 1998: 5 percent

Nov. 17, 1998: 4.75 percent

June 30, 1999: 5 percent

August 24, 1999: 5.25 percent

November 16, 1999: 5.50 percent

Feb. 2, 2000: 5.75 percent

March 21, 2000: 6 percent

May 16, 2000: 6.50 percent

Jan. 3, 2001: 6 percent