Date of Rate Change: Rate (%) March 3, 2020: 4.25 (The Current U.S. Prime Rate) March 3, 2020: In an EMERGENCY FOMC meeting, has voted to cut the target range for the fed funds rate to 1.00% - 1.25%. Therefore, the United States Prime Rate is now 4.25%, In general, the United States prime rate runs approximately 300 basis points (or 3 percent) above the federal funds rate.The Federal Open Market Committee (FOMC) meets eight times per year wherein they set a target for the federal funds rate. Other rates, including the prime rate, derive from this base rate.. When 23 out of 30 largest US banks change their prime rate, the WSJ prints a The Wall Street Journal Prime Rate (WSJ Prime Rate) is defined by The Wall Street Journal (WSJ) as "The base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks." It is not the 'best' rate offered by banks. It should not be confused with the federal funds rate set by the Federal Reserve, though these two rates often move in tandem.