Release guide
FOMC rate decision
Latest ยท 2026-10-15
| Target lower | 3.75% |
| Target upper | 4.00% |
Schedule
Statement at 2:00 p.m. ET on the final meeting day, followed by the Chair's press conference; minutes three weeks later.
How to read it
The Federal Open Market Committee sets the target range for the federal funds rate at eight scheduled meetings a year.
- The decision itself is usually priced; the statement wording and dot plot (quarterly) carry the surprise.
- Compare the dot-plot median path with futures-implied rates.
- Dissents and changes in balance-sheet language signal shifts.
- The press conference often moves markets more than the statement.
Target-range changes
| Effective | Target lower | Target upper | Change |
|---|---|---|---|
| 2026-09-17 | 3.75% | 4.00% | +25bp |
| 2025-12-11 | 3.50% | 3.75% | -25bp |
| 2025-10-30 | 3.75% | 4.00% | -25bp |
| 2025-09-18 | 4.00% | 4.25% | -25bp |
| 2024-12-19 | 4.25% | 4.50% | -25bp |
| 2024-11-08 | 4.50% | 4.75% | -25bp |
| 2024-09-19 | 4.75% | 5.00% | -50bp |
| 2023-07-27 | 5.25% | 5.50% | +25bp |
| 2023-05-04 | 5.00% | 5.25% | +25bp |
| 2023-03-23 | 4.75% | 5.00% | +25bp |
| 2023-02-02 | 4.50% | 4.75% | +25bp |
| 2022-12-15 | 4.25% | 4.50% | +50bp |
| 2022-11-03 | 3.75% | 4.00% | +75bp |
| 2022-09-22 | 3.00% | 3.25% | +75bp |
| 2022-07-28 | 2.25% | 2.50% | +75bp |
| 2022-06-16 | 1.50% | 1.75% | +75bp |
| 2022-05-05 | 0.75% | 1.00% | +50bp |
| 2022-03-17 | 0.25% | 0.50% | +25bp |
| 2020-03-16 | 0.00% | 0.25% | -100bp |
| 2020-03-04 | 1.00% | 1.25% | -50bp |
| 2019-10-31 | 1.50% | 1.75% | -25bp |
| 2019-09-19 | 1.75% | 2.00% | -25bp |
| 2019-08-01 | 2.00% | 2.25% | -25bp |
| 2018-12-20 | 2.25% | 2.50% | +25bp |
Data: DFEDTARU (last observation 2026-10-15), DFEDTARL (last observation 2026-10-15), Federal Reserve Bank of St. Louis (FRED). Retrieved 2026-10-16. Data shown is the current vintage and may include revisions.