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USD · WashingtonThe next monetary policy meeting of the US Federal Reserve (Fed) will take place on Wednesday 28 October 2026. Its fed funds rate stands at 3.75 – 4.00%, at this level since 17 September 2026.
The Federal Reserve sets the target range for fed funds, the rate at which US banks lend to each other overnight. Its dual mandate: maximum employment and 2% inflation measured by the PCE index.
Updated on · sources: the central bank, the BIS and the national statistics office
Current rate (fed funds rate)
3.75 – 4.00%
Source: central bank statement
Last move
↑ Hike
le 17 September 2026
Annual inflation
3.7%
Target: 2% (PCE index) · 2026-09
Next decision
28 October
in 5 days
The dollar is the other half of most pairs: a Fed decision moves almost the whole currency market. Below, the rate the market expects after each meeting, and the probabilities of a hike, a hold or a cut, derived from today's OIS swaps.
How the projections are calculated is for members only
This tool is included in full access and in the terminal-only plan. The other tools on this page remain free to view.
Decision dates published by the bank. For two-day meetings, the date shown is the announcement day.
All eight banks on a single calendar: central bank calendar.
Five years of decisions: each step in the chart is a rate change. Source: Bank for International Settlements.
| Effective date | Fed funds rate | Change |
|---|---|---|
| 21 September 2026 | 3.75 – 4.00 % | +25 bp |
| 15 December 2025 | 3.50 – 3.75 % | −25 bp |
| 3 November 2025 | 3.75 – 4.00 % | −25 bp |
| 22 September 2025 | 4.00 – 4.25 % | −25 bp |
| 23 December 2024 | 4.25 – 4.50 % | −25 bp |
| 11 November 2024 | 4.50 – 4.75 % | −25 bp |
| 22 September 2024 | 4.75 – 5.00 % | −50 bp |
| 30 July 2023 | 5.25 – 5.50 % | +25 bp |
| 7 May 2023 | 5.00 – 5.25 % | +25 bp |
| 26 March 2023 | 4.75 – 5.00 % | +25 bp |
| 5 February 2023 | 4.50 – 4.75 % | +25 bp |
| 18 December 2022 | 4.25 – 4.50 % | +50 bp |
| 6 November 2022 | 3.75 – 4.00 % | +75 bp |
| 25 September 2022 | 3.00 – 3.25 % | +75 bp |
| 31 July 2022 | 2.25 – 2.50 % | +75 bp |
| 19 June 2022 | 1.50 – 1.75 % | +75 bp |
| 8 May 2022 | 0.75 – 1.00 % | +50 bp |
| 20 March 2022 | 0.25 – 0.50 % | +25 bp |
The latest decisions, read in the official statements, with the names of the voters when the bank publishes them.
| Meeting | Decision | Rate | Vote |
|---|---|---|---|
| 16 September 2026 ↗ | hausse | 3,75 – 4,00 % | unanimous, 12 votes |
| 29 July 2026 ↗ | maintien | 3,50 – 3,75 % | 9 for, 3 againstAgainst (for a hausse de 0.25 pt) : Beth M. Hammack, Neel Kashkari, Lorie K. Logan |
| 17 June 2026 ↗ | maintien | 3,50 – 3,75 % | unanimous, 12 votes |
| 29 April 2026 ↗ | maintien | 3,50 – 3,75 % | 8 for, 4 againstAgainst (for a baisse de 0.25 pt ; maintien, sans biais d'assouplissement) : Stephen I. Miran, Beth M. Hammack, Neel Kashkari, Lorie K. LoganFor: Jerome H. Powell, John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Philip N. Jefferson, Anna Paulson, Christopher J. Waller |
| 18 March 2026 ↗ | maintien | 3,50 – 3,75 % | 11 for, 1 againstAgainst (for a baisse de 0.25 pt) : Stephen I. MiranFor: Jerome H. Powell, John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Beth M. Hammack, Philip N. Jefferson, Neel Kashkari, Lorie K. Logan, Anna Paulson, Christopher J. Waller |
| 28 January 2026 ↗ | maintien | 3,50 – 3,75 % | 10 for, 2 againstAgainst (for a baisse de 0.25 pt) : Stephen I. Miran, Christopher J. WallerFor: Jerome H. Powell, John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Beth M. Hammack, Philip N. Jefferson, Neel Kashkari, Lorie K. Logan, Anna Paulson |
Federal Open Market Committee
12 voters out of 19 participants · 8 meetings a year · Washington
Seven governors, the New York Fed president permanently, and four regional presidents on annual rotation. Nineteen participants debate, twelve vote.
Named vote published
The statement gives the count, and names those voting against as well as the option they favoured. Dissent can therefore be read the same day.
