When is the next Fed meeting?
At its last meeting the Federal Open Market Committee raised the target range by 1/4 percentage point to 3-3/4% to 4% on a 12-0 vote. The statement is released on the second day of a meeting, at 2pm Eastern.
This page is the index for everything published here on the Committee: the full calendar, where policy stands, the decision and vote record back to January 2024, and the explainers underneath each term.
AS AT 15 OCTOBER 2026 · REFRESHED AFTER EACH MEETING BY YIMIN XU · SOURCE: FEDERAL RESERVE BOARD
Every FOMC meeting in 2026 and 2027.
Eight scheduled meetings a year, each running two days, with the decision published on the second. Four of the eight carry a Summary of Economic Projections, which is where the Committee publishes its own rate path.
| Month | Meeting dates | Summary of Economic Projections |
|---|---|---|
| January | 27-28 January 2026 | — |
| March | 17-18 March 2026 | Yes |
| April | 28-29 April 2026 | — |
| June | 16-17 June 2026 | Yes |
| July | 28-29 July 2026 | — |
| September | 15-16 September 2026 | Yes |
| October | 27-28 October 2026 | — |
| December | 8-9 December 2026 | Yes |
| Month | Meeting dates | Summary of Economic Projections |
|---|---|---|
| January | 26-27 January 2027 | — |
| March | 16-17 March 2027 | Yes |
| April | 27-28 April 2027 | — |
| June | 8-9 June 2027 | Yes |
| July | 27-28 July 2027 | — |
| September | 14-15 September 2027 | Yes |
| October | 26-27 October 2027 | — |
| December | 7-8 December 2027 | Yes |
These dates are the Board’s own. It states that “A two-day meeting is scheduled for January 25-26, 2028. Each meeting date is tentative until confirmed at the meeting immediately preceding it.”
The Federal Funds Rate today, and how it got here.
The target range is a band, not a single number. The Committee sets the band, while the effective rate trades inside it.
Across the 22 meetings since January 2024 the range peaked at 5-1/4% to 5-1/2% and troughed at 3-1/2% to 3-3/4%. Every decision, every vote split the Board stated and every named dissent is in the table below.
Every decision, every stated vote split, every named dissent.
Twenty-two meetings, from January 2024 to 16 September 2026. Each date links to the Board’s own statement, so any row can be checked at source in one click.
THE FEDERAL FUNDS RATE TARGET RANGE, MIDPOINT, AT EACH MEETING · SOURCE: FEDERAL RESERVE BOARD
| Meeting | Decision | Target range after | Vote | Dissents |
|---|---|---|---|---|
| 16 September 2026 | Raise 1/4 point | 3-3/4 to 4% | 12-0 | None |
| 29 July 2026 | Hold | 3-1/2 to 3-3/4% | 9-3 | Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting. |
| 17 June 2026 | Hold | 3-1/2 to 3-3/4% | 12-0 | None |
| 29 April 2026 | Hold | 3-1/2 to 3-3/4% | — | Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time. |
| 18 March 2026 | Hold | 3-1/2 to 3-3/4% | — | Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. |
| 28 January 2026 | Hold | 3-1/2 to 3-3/4% | — | Stephen I. Miran and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. |
| 10 December 2025 | Cut 1/4 point | 3-1/2 to 3-3/4% | — | Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting; and Austan D. Goolsbee and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting. |
| 29 October 2025 | Cut 1/4 point | 3-3/4 to 4% | — | Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting, and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting. |
| 17 September 2025 | Cut 1/4 point | 4 to 4-1/4% | — | Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting. |
| 30 July 2025 | Hold | 4-1/4 to 4-1/2% | — | Michelle W. Bowman and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. Absent and not voting was Adriana D. Kugler. |
| 18 June 2025 | Hold | 4-1/4 to 4-1/2% | — | None |
| 7 May 2025 | Hold | 4-1/4 to 4-1/2% | — | None |
| 19 March 2025 | Hold | 4-1/4 to 4-1/2% | — | Christopher J. Waller, who supported no change for the federal funds target range but preferred to continue the current pace of decline in securities holdings. |
| 29 January 2025 | Hold | 4-1/4 to 4-1/2% | — | None |
| 18 December 2024 | Cut 1/4 point | 4-1/4 to 4-1/2% | — | Beth M. Hammack, who preferred to maintain the target range for the federal funds rate at 4-1/2 to 4-3/4 percent. |
| 7 November 2024 | Cut 1/4 point | 4-1/2 to 4-3/4% | — | None |
| 18 September 2024 | Cut 1/2 point | 4-3/4 to 5% | — | Michelle W. Bowman, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. |
| 31 July 2024 | Hold | 5-1/4 to 5-1/2% | — | None |
| 12 June 2024 | Hold | 5-1/4 to 5-1/2% | — | None |
| 1 May 2024 | Hold | 5-1/4 to 5-1/2% | — | None |
| 20 March 2024 | Hold | 5-1/4 to 5-1/2% | — | None |
| 31 January 2024 | Hold | 5-1/4 to 5-1/2% | — | None |
The Vote column is blank where the Board states no split. It publishes a tally on some statements and not others, so an empty cell here means the Board did not give one. The Dissents column is its own wording, with the lead-in removed.
How each meeting scored, across the last 16 meetings.
These scores are judgements produced by a model, not measurements. A model reads the statement, the minutes, the Summary of Economic Projections and the press conference against a fixed guide, then scores them.
Two people reading the same meeting would score it differently, so read a score as one consistent reading applied the same way to every meeting. The decisions, the vote splits and the dissents in the table above are a different thing: those are the Board’s own published facts, not a reading of them.
One score per meeting, from the statement language, the vote split, the direction the dot plot moved and the tone of the press conference. Below zero leans dovish, above it hawkish.
SWIPE THE CHART SIDEWAYS ON A PHONE
The direction is the point. The composite troughed at -3.5 in Sep 2025 and has read more hawkish at almost every meeting since, ending at +6.5 on 16 September 2026. That is the same stretch over which the Committee stopped cutting and then raised.
Eight areas, scored for how much of each meeting they took up. A high score means the area was discussed a lot, not that it was a problem.
| Meeting | inflation | employment | growth | financial conditions | geopolitical | housing | fiscal | banking |
|---|---|---|---|---|---|---|---|---|
| Sep 2026 | 10 | 6 | 7 | 6 | 3 | 0 | 0 | 2 |
| Jul 2026 | 10 | 6 | 7 | 7 | 6 | 2 | 1 | 3 |
| Jun 2026 | 10 | 6 | 8 | 6 | 7 | 3 | 2 | 3 |
| Apr 2026 | 10 | 7 | 6 | 6 | 9 | 3 | 2 | 3 |
| Mar 2026 | 10 | 8 | 6 | 6 | 9 | 3 | 3 | 3 |
| Jan 2026 | 9 | 9 | 8 | 6 | 3 | 3 | 4 | 3 |
| Dec 2025 | 9 | 9 | 7 | 6 | 3 | 3 | 4 | 5 |
| Oct 2025 | 9 | 9 | 7 | 6 | 4 | 3 | 6 | 6 |
| Sep 2025 | 9 | 10 | 6 | 5 | 4 | 3 | 2 | 2 |
| Jul 2025 | 9 | 8 | 7 | 6 | 5 | 4 | 3 | 4 |
| Jun 2025 | 10 | 8 | 7 | 5 | 4 | 2 | 3 | 2 |
| May 2025 | 9 | 7 | 7 | 6 | 9 | 2 | 3 | 3 |
| Mar 2025 | 9 | 7 | 8 | 5 | 7 | 3 | 5 | 3 |
| Jan 2025 | 10 | 8 | 7 | 6 | 3 | 4 | 6 | 4 |
| Dec 2024 | 10 | 7 | 7 | 5 | 2 | 4 | 6 | 3 |
| Nov 2024 | 9 | 8 | 7 | 6 | 3 | 4 | 4 | 4 |
SWIPE THE TABLE SIDEWAYS ON A PHONE
Inflation has not dropped below 9 out of 10 at any meeting in this window. Read the columns down rather than across: what moves is which of the other seven rises to sit beside it.
Four readings of the Chair’s hour in front of the room. Tone is the hawkish or dovish lean and runs below zero when dovish, as low as -3 here. Pushback is how hard the Chair resisted what the market had priced. Data dependency is how much weight was put on what the next figures show. Guidance clarity is how plainly the next move was signalled. The last three run 0 to 10.
| Meeting | tone | pushback | data dependency | guidance clarity |
|---|---|---|---|---|
| Sep 2026 | 7 | 5 | 4 | 7 |
| Jul 2026 | 6 | 6 | 3 | 2 |
| Jun 2026 | 5 | 5 | 8 | 2 |
| Apr 2026 | 2 | 3 | 9 | 3 |
| Mar 2026 | 1 | 3 | 9 | 3 |
| Jan 2026 | 2 | 4 | 9 | 3 |
| Dec 2025 | 1 | 4 | 9 | 5 |
| Oct 2025 | 2 | 8 | 8 | 5 |
| Sep 2025 | -3 | 5 | 8 | 4 |
| Jul 2025 | 2 | 5 | 9 | 4 |
| Jun 2025 | 2 | 6 | 8 | 4 |
| May 2025 | 1 | 6 | 10 | 3 |
| Mar 2025 | 0 | 5 | 9 | 3 |
| Jan 2025 | 2 | 5 | 9 | 5 |
| Dec 2024 | 3 | 4 | 8 | 6 |
| Nov 2024 | -1 | 5 | 9 | 3 |
SWIPE THE TABLE SIDEWAYS ON A PHONE
Scores from the YX Insights FOMC model, captured 15 October 2026. The post-meeting asset returns are measured from prices rather than judged, so they are kept with the rest of the measured work on the platform instead of beside these readings.
13 explainers, all free, no card and no login.
Each one covers a single term or a single meeting. Start wherever the gap is.
Refreshed after every meeting.
The next meeting date and the target range at the top of this page go stale by design, so both carry a date. The page is refreshed after each decision, which means the next refresh follows the meeting on 27-28 October 2026.
Published for information and education. It is not personalised advice, not a recommendation to buy or sell any security, and it carries no price target. Meeting dates are the Board’s own and each is tentative until confirmed at the meeting before it. Capital is at risk.