A Fed meeting is a scheduled meeting of the Federal Open Market Committee (FOMC), the part of the Federal Reserve that sets the target range for the federal funds rate, the main US policy interest rate. The FOMC holds eight scheduled meetings a year. Each runs over two days, and the decision is published at 2:00 p.m. Eastern Time on the second day. The next meeting is October 27–28, 2026. It comes after the Committee raised the target range by 0.25 percentage point to 3.75%–4.00% on September 16, 2026. That vote was 12–0.
Where policy stands before the October 28 decision
- Current target range: 3-3/4 to 4 percent, set on September 16, 2026. The statement said "Inflation remains elevated" and that the move "will support a timelier return to the Committee's 2 percent goal."
- How it got there: The range had been 3.50%–3.75% since a cut in December 2025. The Committee held it there at every 2026 meeting from January to July. The votes became more divided over that time:
- January 28, 2026: held, 10–2. Governors Stephen I. Miran and Christopher J. Waller wanted a 0.25-point cut. - April 29, 2026: held, 8–4. Miran wanted a cut. Beth M. Hammack, Neel Kashkari and Lorie K. Logan did not support the statement's easing bias. - July 29, 2026: held, 9–3. Hammack, Kashkari and Logan wanted a 0.25-point increase.
- What officials signalled (September 2026 projections): The median projection for the federal funds rate is 4.1% at the end of 2026 and 4.1% at the end of 2027. It falls to 3.9% in 2028, and the longer-run median is 3.2%. These figures are midpoints of target ranges. The median 2026 projections are 3.7% for PCE inflation, 3.4% for core PCE, 4.1% for unemployment and 2.3% for real GDP growth.
- From the September minutes (released October 7, 2026): "Participants generally assessed inflation risk as skewed to the upside." Most participants judged that another increase by year end was likely to be appropriate. They also said they approached each meeting "with an open mind." Participants linked geopolitical developments to higher crude oil and fuel prices.
- Leadership: Kevin Warsh was sworn in as Chair of the Board of Governors on May 22, 2026. The FOMC chose him as its chair the same day. His term as chair ends on May 21, 2030. Jerome H. Powell remains a voting member as a governor.
October is not a projection meeting, so there will be no new dot plot until December 8–9.
What the Fed and the FOMC are
The Federal Reserve Act of 1913 created the Federal Reserve System as the central bank of the United States. Section 2A of the Act tells the Board and the FOMC to promote "maximum employment, stable prices, and moderate long-term interest rates." The FOMC defines price stability as inflation of 2 percent over the longer run, measured by the annual change in the price index for personal consumption expenditures (PCE).
The system has three main parts:
- Board of Governors: seven members, nominated by the President and confirmed by the Senate, for 14-year terms. The Chair and Vice Chairs serve four-year terms in those roles.
- Twelve regional Reserve Banks.
- The FOMC: twelve voting members:
- the seven governors - the president of the New York Fed, who always votes - four other Reserve Bank presidents, who vote for one year at a time in rotation
Presidents who are not voting that year still attend and take part in the discussion.
Who votes in 2026
According to the Fed's FOMC page, the 2026 voters are:
- Kevin Warsh (Chair)
- John C. Williams (New York, Vice Chair)
- Governors Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Philip N. Jefferson, Jerome H. Powell and Christopher J. Waller
- Beth M. Hammack (Cleveland)
- Neel Kashkari (Minneapolis)
- Lorie K. Logan (Dallas)
- Anna Paulson (Philadelphia)
The rotating seats change at the first scheduled meeting of each year.
How a meeting works
The FOMC meets over two days. Staff and participants review economic and financial conditions, and the Committee then votes on policy. On the second day, the Fed follows a fixed release schedule (Eastern Time):
| When | What is released |
|---|---|
| 2:00 p.m., day two | Policy statement and implementation note. Projections too at March, June, September and December meetings. |
| 2:30 p.m., day two | Chair's press conference |
| Three weeks later | Minutes, which record every decision and the reasoning behind it (practice since December 2004) |
| About five years later | Full transcripts and staff briefing documents |
The Summary of Economic Projections (SEP) comes out four times a year. It includes the "dot plot," which shows each participant's view of the appropriate rate path without naming them.
Remaining and upcoming meeting dates
| Meeting | Projections (SEP) |
|---|---|
| October 27–28, 2026 | No |
| December 8–9, 2026 | Yes |
| January 26–27, 2027 | No |
| March 16–17, 2027 | Yes |
| April 27–28, 2027 | No |
| June 8–9, 2027 | Yes |
| July 27–28, 2027 | No |
| September 14–15, 2027 | Yes |
| October 26–27, 2027 | No |
| December 7–8, 2027 | Yes |
The 2027 dates are tentative. Each meeting is confirmed at the meeting before it.
How 2026 led to the October 28 decision
Step through each Fed decision and release from the December 2025 cut to the next meeting with projections.
- December 2025Cut to 3.50%–3.75%past
A cut set the target range at 3.50%–3.75%. In October 2025 the Committee had decided to stop shrinking its securities holdings on December 1, 2025.
- January 28, 2026Held, 10–2past
The range stayed at 3.50%–3.75%. Governors Stephen I. Miran and Christopher J. Waller wanted a 0.25-point cut.
- April 29, 2026Held, 8–4past
Miran wanted a cut. Beth M. Hammack, Neel Kashkari and Lorie K. Logan did not support the statement's easing bias.
- May 22, 2026Kevin Warsh becomes Chairpast
Warsh was sworn in as Chair of the Board of Governors and chosen as FOMC chair the same day. His term as chair ends on May 21, 2030. Jerome H. Powell remains a voting governor.
- July 29, 2026Held, 9–3past
Hammack, Kashkari and Logan wanted a 0.25-point increase, a shift from the January dissents in favour of cuts.
- September 16, 2026Raised to 3.75%–4.00%, 12–0past
The Committee raised the range by 0.25 percentage point and said "Inflation remains elevated." The median projection for the federal funds rate is 4.1% at the end of 2026. Interest on reserve balances rose to 3.90% from September 17.
- October 7, 2026September minutes releasedpast
Participants generally assessed inflation risk as skewed to the upside. Most judged another increase by year end likely to be appropriate, while approaching each meeting "with an open mind."
- October 27–28, 2026Next decision, no projectionsnext
The statement is due at 2:00 p.m. ET on October 28, followed by the Chair's press conference at 2:30 p.m. October is not a projection meeting, so there is no new dot plot.
- December 8–9, 2026Meeting with projectionsscheduled
The next Summary of Economic Projections and dot plot are due at this meeting.
This lists scheduled dates and past decisions only: it cannot show the outcome of the October 28 meeting, which was unknown when the article was written, and it is not trading or investment advice.
What the federal funds rate is
Federal funds are unsecured overnight US-dollar loans between depository institutions. The New York Fed publishes the effective federal funds rate each day as a volume-weighted median of those overnight trades. The FOMC sets a target range for the rate. It keeps the rate in that range mainly through administered rates such as interest on reserve balances, which rose to 3.90% from September 17, 2026. Changes in this rate pass through to other borrowing costs and asset prices.
Policy is more than the rate. In October 2025 the Committee decided to stop shrinking its securities holdings on December 1, 2025. Its 2026 statements say it continues "maintaining ample reserves in the banking system."
Why crypto markets watch Fed meetings
The Fed does not set crypto prices, and its September 2026 minutes do not mention digital assets. The link runs through financial conditions. Rates, the dollar and investors' appetite for risk all respond to Fed decisions and guidance.
The evidence that crypto now moves with other risk assets comes mainly from an IMF analysis published on January 11, 2022. It found that the correlation between bitcoin and the S&P 500 was 0.01 in 2017–19 and 0.36 in 2020–21. It also found that bitcoin volatility explained about one-sixth of S&P 500 volatility during the pandemic period. The authors warned that this "growing interconnectedness" lets shocks spread across asset classes. That study ends in 2021, and the relationship has not been shown to hold at every meeting.
Markets usually price the expected decision before it is announced. That makes the statement wording, the vote split, the dot plot (when there is one) and the Chair's answers at 2:30 p.m. often more informative than the decision itself. In 2026, the shift from dissents in favour of cuts (January) to dissents in favour of hikes (July) came before the September increase.
How to follow expectations before a meeting
- The Fed's own releases: statements, minutes, SEP tables and the meeting calendar at federalreserve.gov. Committee members' speeches are published there too.
- Fed funds futures: their prices can be converted into implied probabilities for each meeting. Several public tools publish these.
- Short-dated Treasury yields: the 2-year yield tends to move with expected policy. Daily yields are published by the US Treasury.
- Inflation and jobs data: PCE and CPI inflation, payrolls and unemployment. These are the data the Committee cites in its statements.
This article explains how the Fed works. It is not trading or investment advice.
Frequently asked questions
What is the difference between the Fed and the FOMC?
The Federal Reserve is the whole system: the Board of Governors and the twelve Reserve Banks. The FOMC is the twelve-member committee inside it that votes on monetary policy.
When is the next Fed meeting?
October 27–28, 2026. The statement is due at 2:00 p.m. ET on October 28, followed by the Chair's press conference at 2:30 p.m. The meeting after that is December 8–9, 2026, and it includes projections.
What is the federal funds rate now?
The target range is 3.75%–4.00%, set on September 16, 2026.
What are hawks and doves?
These are informal labels. "Hawks" put more weight on bringing inflation down and lean towards higher rates. "Doves" put more weight on employment and lean towards lower rates. The Fed does not use these terms. Votes and dissents in the official statements are the reliable record of where members stand.
Can the Fed meet outside the schedule?
Yes. The FOMC can hold unscheduled meetings. The Fed's 2026 calendar shows none so far.
Limitations: the meeting outcome on October 28, 2026 was unknown when this was written, and the crypto–equity correlation figures come from a single IMF analysis covering 2017–2021.
