FOMC meeting schedule 2026–2027 and the federal funds rate
When the Federal Open Market Committee meets, when its next rate decision comes (2:00 PM ET), the federal funds target range in effect today, and how it has changed.
Updated
The federal funds rate now
- Target range
- 3.75%–4.00%
- Effective federal funds rate
- 3.88% on Oct 27, 2026
- Next rate decision
- in 41 days
| Meeting | Decision (ET) | Projections | Status |
|---|---|---|---|
| — | Held | ||
| Yes (SEP) | Held | ||
| — | Held | ||
| Yes (SEP) | Held | ||
| — | Held | ||
| Yes (SEP) | Held | ||
| — | Held | ||
| Yes (SEP) | Next |
| Meeting | Decision (ET) | Projections | Status |
|---|---|---|---|
| — | Scheduled | ||
| Yes (SEP) | Scheduled | ||
| — | Scheduled | ||
| Yes (SEP) | Scheduled | ||
| — | Scheduled | ||
| Yes (SEP) | Scheduled | ||
| — | Scheduled | ||
| Yes (SEP) | Scheduled |
| In effect from | New target range | Change |
|---|---|---|
| 3.75%–4.00% | +25 bp | |
| 3.50%–3.75% | −25 bp | |
| 3.75%–4.00% | −25 bp | |
| 4.00%–4.25% | −25 bp | |
| 4.25%–4.50% | −25 bp | |
| 4.50%–4.75% | −25 bp | |
| 4.75%–5.00% | −50 bp | |
| 5.25%–5.50% | +25 bp | |
| 5.00%–5.25% | +25 bp | |
| 4.75%–5.00% | +25 bp | |
| 4.50%–4.75% | +25 bp | |
| 4.25%–4.50% | +50 bp | |
| 3.75%–4.00% | +75 bp | |
| 3.00%–3.25% | +75 bp | |
| 2.25%–2.50% | +75 bp | |
| 1.50%–1.75% | +75 bp | |
| 0.75%–1.00% | +50 bp | |
| 0.25%–0.50% | +25 bp | |
| 0.00%–0.25% | −100 bp | |
| 1.00%–1.25% | −50 bp | |
| 1.50%–1.75% | −25 bp | |
| 1.75%–2.00% | −25 bp | |
| 2.00%–2.25% | −25 bp | |
| 2.25%–2.50% | +25 bp | |
| 2.00%–2.25% | +25 bp | |
| 1.75%–2.00% | +25 bp | |
| 1.50%–1.75% | +25 bp | |
| 1.25%–1.50% | +25 bp | |
| 1.00%–1.25% | +25 bp | |
| 0.75%–1.00% | +25 bp | |
| 0.50%–0.75% | +25 bp | |
| 0.25%–0.50% | +25 bp |
How FOMC meetings and rate decisions work
The Federal Open Market Committee sets US monetary policy. It holds eight scheduled meetings a year, most over two days, and announces its decision in a statement at 2:00 PM ET on the last day; the Chair holds a press conference half an hour later. Minutes follow three weeks after each meeting.
The main decision is the target range for the federal funds rate, the rate banks charge each other for overnight loans. The effective federal funds rate is the volume-weighted median of those loans, published by the New York Fed every business day; it normally stays inside the range. A new range usually applies from the day after the decision.
Four meetings a year, marked SEP in the schedule, also publish the Summary of Economic Projections, including the dot plot of each participant’s view of the appropriate rate. These meetings tend to draw the most attention.
Markets move on the difference between the decision, the statement’s wording and the projections on one side and what was expected on the other. For swing traders the afternoon of a decision and the following morning are event risk: volatility around 2:00 PM ET is common, so position size should allow for it.
Frequently asked questions
When is the next FOMC meeting?
The next FOMC rate decision is due Wed, Dec 9, 2026, 2:00 PM ET, at the end of that meeting. The full 2026 and 2027 schedules below are taken from the Federal Reserve’s own calendar.
How many times a year does the Fed meet?
The FOMC holds eight scheduled meetings a year, roughly every six weeks. It can also meet or act between scheduled meetings when conditions call for it.
What is the federal funds target range?
It is the range, a quarter of a percentage point wide, that the FOMC sets for the overnight rate at which banks lend reserves to each other. The Fed steers the actual rate into that range with the interest it pays on reserves and other tools.
What is the difference between the target range and the effective rate?
The target range is the policy decision. The effective federal funds rate is what banks actually paid on the previous business day, calculated by the New York Fed as the volume-weighted median of overnight loans.
What does SEP mean on the schedule?
SEP is the Summary of Economic Projections, published at four meetings a year. It shows participants’ projections for growth, unemployment, inflation and the policy rate, including the dot plot.
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