If you have ever wondered how the Federal Funds Rate changed over a period of time, I did some search to find this table. I was surprised to see the rates were 1.00% back in 2003 and also, maximum rate was 8.00%. That implies times when inflation was high. Here you can look at the table. We all know, U.S. Economy was in recession during 2002-2003 and thst was very much reflected in the Federal Funds Rate.