Next Fed Meeting: October 27-28, 2026
The Federal Reserve's rate-setting committee, the FOMC, meets next on October 27-28, 2026. Its decision comes out at 2:00 p.m. Eastern on October 28, 2026. The federal funds target range has been 3.75% to 4.00% since the September 16, 2026 decision (raised 0.25 point).
2026 Fed meeting dates and decisions
| Meeting | Decision | Vote |
|---|---|---|
| January 27-28 | Held at 3.50% to 3.75% | 10-2 |
| March 17-18* | Held at 3.50% to 3.75% | 11-1 |
| April 28-29 | Held at 3.50% to 3.75% | 8-4 |
| June 16-17* | Held at 3.50% to 3.75% | 12-0 |
| July 28-29 | Held at 3.50% to 3.75% (three members wanted a raise) | 9-3 |
| September 15-16* | Raised 0.25 point to 3.75% to 4.00% | 12-0 |
| October 27-28 | Next meeting | |
| December 8-9* | Scheduled |
2027 Fed meeting dates
| Meeting | Decision day |
|---|---|
| January 26-27 | January 27, 2027 |
| March 16-17* | March 17, 2027 |
| April 27-28 | April 28, 2027 |
| June 8-9* | June 9, 2027 |
| July 27-28 | July 28, 2027 |
| September 14-15* | September 15, 2027 |
| October 26-27 | October 27, 2027 |
| December 7-8* | December 8, 2027 |
Every rate change since 2015
| Effective | Change | Target range | Prime rate |
|---|---|---|---|
| September 17, 2026 | +0.25 | 3.75% to 4.00% | 7.00% |
| December 11, 2025 | -0.25 | 3.50% to 3.75% | 6.75% |
| October 30, 2025 | -0.25 | 3.75% to 4.00% | 7.00% |
| September 18, 2025 | -0.25 | 4.00% to 4.25% | 7.25% |
| December 19, 2024 | -0.25 | 4.25% to 4.50% | 7.50% |
| November 8, 2024 | -0.25 | 4.50% to 4.75% | 7.75% |
| September 19, 2024 | -0.50 | 4.75% to 5.00% | 8.00% |
| July 27, 2023 | +0.25 | 5.25% to 5.50% | 8.50% |
| May 4, 2023 | +0.25 | 5.00% to 5.25% | 8.25% |
| March 23, 2023 | +0.25 | 4.75% to 5.00% | 8.00% |
| February 2, 2023 | +0.25 | 4.50% to 4.75% | 7.75% |
| December 15, 2022 | +0.50 | 4.25% to 4.50% | 7.50% |
| November 3, 2022 | +0.75 | 3.75% to 4.00% | 7.00% |
| September 22, 2022 | +0.75 | 3.00% to 3.25% | 6.25% |
| July 28, 2022 | +0.75 | 2.25% to 2.50% | 5.50% |
| June 16, 2022 | +0.75 | 1.50% to 1.75% | 4.75% |
| May 5, 2022 | +0.50 | 0.75% to 1.00% | 4.00% |
| March 17, 2022 | +0.25 | 0.25% to 0.50% | 3.50% |
| March 16, 2020 | -1.00 | 0.00% to 0.25% | 3.25% |
| March 4, 2020 | -0.50 | 1.00% to 1.25% | 4.25% |
| October 31, 2019 | -0.25 | 1.50% to 1.75% | 4.75% |
| September 19, 2019 | -0.25 | 1.75% to 2.00% | 5.00% |
| August 1, 2019 | -0.25 | 2.00% to 2.25% | 5.25% |
| December 20, 2018 | +0.25 | 2.25% to 2.50% | 5.50% |
| September 27, 2018 | +0.25 | 2.00% to 2.25% | 5.25% |
| June 14, 2018 | +0.25 | 1.75% to 2.00% | 5.00% |
| March 22, 2018 | +0.25 | 1.50% to 1.75% | 4.75% |
| December 14, 2017 | +0.25 | 1.25% to 1.50% | 4.50% |
| June 15, 2017 | +0.25 | 1.00% to 1.25% | 4.25% |
| March 16, 2017 | +0.25 | 0.75% to 1.00% | 4.00% |
| December 14, 2016 | +0.25 | 0.50% to 0.75% | 3.50% |
| December 16, 2015 | +0.25 | 0.25% to 0.50% | 3.25% |
What a Fed decision changes
- Prime rate and HELOCs: prime has been exactly 3 points above the top of the target range on almost every day since December 2008, so it is 7.00% now. Most HELOCs charge prime plus a margin: see prime rate today and HELOC rates.
- Credit cards: most card APRs are variable and tied to prime; see average credit card interest rate.
- Savings, money market accounts and CDs: banks adjust these at their own pace; compare high-yield savings, money market rates, CD rates and Treasury bill rates.
- Mortgages: fixed rates follow the 10-year Treasury yield, not the Fed's rate directly; see mortgage rates today.
The Fed also sets the rate it pays banks on their reserves, 3.90% since September 17, 2026, and its discount rate for loans to banks, 4.00%.
FAQ
When is the next Fed meeting?
October 27-28, 2026. The Federal Open Market Committee releases its statement at 2:00 p.m. Eastern on the second day (October 28, 2026).
What is the federal funds rate now?
The target range is 3.75% to 4.00%, set on September 16, 2026 and in effect since September 17, 2026. The effective federal funds rate, the average rate banks actually paid overnight, was 3.88% on October 21, 2026.
How many times a year does the Fed meet?
The FOMC holds eight scheduled meetings a year, each over two days. It can also meet between them; it did so twice in March 2020.
Does the Fed set mortgage rates?
No. It sets a short-term rate for overnight lending between banks. Mortgage rates follow longer-term bond yields, so they can move before a decision, or the opposite way. See today's mortgage rates.
What changes for me when the Fed moves?
The prime rate usually moves the same day or the next by the same amount (it is 7.00% now), and variable rates tied to it follow: HELOCs, most credit cards and some private student loans. Savings and money market rates tend to follow within weeks. Fixed-rate loans you already have do not change.
Sources
- Federal Reserve, Meeting calendars and information (updated October 7, 2026)
- FOMC statement, September 16, 2026 and implementation note
- Federal Reserve H.15, Selected Interest Rates
- FRED: target range, effective federal funds rate, bank prime loan rate (data through October 22, 2026)
General information, not financial advice. We do not predict Fed decisions.