The federal funds target range (FFTR) is the interest rate corridor set by the Federal Open Market Committee (FOMC). Before late 2008 the Fed set a single target rate; since December 2008 it has set an upper and lower bound. The S&P 500 price overlay (left axis, log scale) shows how equities respond to rate changes over time. Gray bands mark NBER-designated U.S. recessions. Data sourced from FRED (Federal Reserve Bank of St. Louis).