3.50-3.75 %+325 bps / 10Y
%
The Fed's target range is an interval the FOMC sets 8 times a year. That's why the value typically moves in 25 basis point steps, e.g. from 5.25–5.50 % to 5.00–5.25 %.
Higher rates = more expensive money, cooling both inflation and risk markets (stocks, crypto). Lower rates loosen liquidity.