Federal funds target range
3.75% to 4.00%FRED observation date:
The FOMC sets a range rather than a single rate. Banks’ actual overnight lending rate moves within it.
Original FRED series ↗FEDERAL RESERVE · FOMC
Fed meeting tracker
Where the Fed’s benchmark interest rate stands, how it has moved and what each policy meeting this year decided, using the Federal Reserve’s own statements and dated data.
October 27–28, 2026
This meeting is not associated with a Summary of Economic Projections.
The Fed’s calendar adds the statement and press-conference links after a meeting ends. Each 2026 meeting so far has had a press conference. This page does not predict decisions.
Schedule checked against the official FOMC calendar ↗. The Federal Reserve says each meeting date is tentative until confirmed at the meeting immediately preceding it. Meetings marked with projections are associated with a Summary of Economic Projections.
How the range has moved
The upper and lower limits of the range, as published daily on FRED. These are policy targets, not a rate any household or business pays.
What each meeting decided
Summaries describe what changed in each official statement compared with the previous one, written only from the statement text. Quotations are the Committee’s wording. The first comparison is with the December 9–10, 2025 statement ↗, which set the range at 3.50% to 3.75%.
Scheduled meeting
ScheduledEconomic projectionsNo decision is recorded here yet. The Committee’s statement is posted on the Federal Reserve’s calendar page ↗ after the meeting ends.
Scheduled meeting
ScheduledNo decision is recorded here yet. The Committee’s statement is posted on the Federal Reserve’s calendar page ↗ after the meeting ends.
Raised: 3.75% to 4.00%
IncreaseEconomic projectionsRange before: 3.50% to 3.75% · Vote 12–0
The Committee raised the range by a quarter point to 3.75% to 4%, approved 12–0. The statement said "domestic spending has been resilient," attributed uncertainty in part to "geopolitical developments," and said the increase "will support a timelier return to the Committee's 2 percent goal."
Held steady: 3.50% to 3.75%
No changeRange before: 3.50% to 3.75% · Vote 9–3; dissents: Beth M. Hammack (a 1/4 percentage point increase); Neel Kashkari (a 1/4 percentage point increase); Lorie K. Logan (a 1/4 percentage point increase)
The range was unchanged and the statement wording was nearly identical to June's; the Committee said it "is continuing" its policy of ample bank reserves. Three members dissented because they preferred to raise the range by a quarter point.
Held steady: 3.50% to 3.75%
No changeEconomic projectionsRange before: 3.50% to 3.75% · Vote 12–0
The range was unchanged in a shorter, reorganized statement approved 12–0. It said productivity growth and capital investment "are strong" and job gains "have kept pace with the workforce," linked elevated inflation partly to supply shocks including energy, and stated: "The Committee will deliver price stability." The earlier sentence about weighing "the extent and timing of additional adjustments" did not appear.
Held steady: 3.50% to 3.75%
No changeRange before: 3.50% to 3.75% · Vote 8–4; dissents: Stephen I. Miran (a 1/4 percentage point cut); Beth M. Hammack (no change in the range, but without an easing bias in the statement); Neel Kashkari (no change in the range, but without an easing bias in the statement); Lorie K. Logan (no change in the range, but without an easing bias in the statement)
The range was unchanged. Inflation was described as "elevated, in part reflecting the recent increase in global energy prices," instead of "somewhat elevated," and Middle East developments were described as "contributing to a high level of uncertainty." Three of the four dissenters supported holding the range but did not support including an easing bias in the statement.
Held steady: 3.50% to 3.75%
No changeEconomic projectionsRange before: 3.50% to 3.75% · Vote 11–1; dissents: Stephen I. Miran (a 1/4 percentage point cut)
The range was unchanged. The statement added that "the implications of developments in the Middle East for the U.S. economy are uncertain" and said the unemployment rate "has been little changed in recent months."
Held steady: 3.50% to 3.75%
No changeRange before: 3.50% to 3.75% · Vote 10–2; dissents: Stephen I. Miran (a 1/4 percentage point cut); Christopher J. Waller (a 1/4 percentage point cut)
The Committee held the range at 3.5% to 3.75% after its December cut. The statement described growth as "solid" rather than "moderate," said the unemployment rate "has shown some signs of stabilization," and no longer said that downside risks to employment had risen.
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Meeting records were checked against official Federal Reserve statements, calendars and minutes on October 12, 2026. Each meeting links its original documents. The current range and history come from FRED series DFEDTARL and DFEDTARU through the site’s shared six-hour cache; retrieval time is separate from the observation date. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. Informational only; not investment advice.