Central bank
FOMC Rate Decision
The Federal Reserve's monetary policy decision, including the target range for the federal funds rate.
Next FOMC decision
2:00 p.m. ETin 18 days
Oct 27–28 meeting · Statement and press conference
After that
- (tentative)
- (tentative)
- (tentative)
Source: Federal Reserve FOMC calendar ↗ · checked Oct 10, 2026. Agencies can reschedule; confirm before trading.
- Frequency
- Eight scheduled meetings per year
- Release time
- 2:00 p.m. ET (statement); 2:30 p.m. ET (press conference)
- Typical timing
- Second day of each scheduled two-day meeting Official schedule ↗
FOMC meeting schedule
| Meeting | Decision | Projections (dot plot) | Status |
|---|---|---|---|
| 2026 | |||
| Jan 27–28 | Wed, Jan 28, 2:00 p.m. ET | — | — |
| Mar 17–18 | Wed, Mar 18, 2:00 p.m. ET | Yes | — |
| Apr 28–29 | Wed, Apr 29, 2:00 p.m. ET | — | — |
| Jun 16–17 | Wed, Jun 17, 2:00 p.m. ET | Yes | — |
| Jul 28–29 | Wed, Jul 29, 2:00 p.m. ET | — | — |
| Sep 15–16 | Wed, Sep 16, 2:00 p.m. ET | Yes | — |
| Oct 27–28 | Wed, Oct 28, 2:00 p.m. ET | — | — |
| Dec 8–9 | Wed, Dec 9, 2:00 p.m. ET | Yes | — |
| 2027 · tentative | |||
| Jan 26–27 | Wed, Jan 27, 2:00 p.m. ET | — | — |
| Mar 16–17 | Wed, Mar 17, 2:00 p.m. ET | Yes | — |
| Apr 27–28 | Wed, Apr 28, 2:00 p.m. ET | — | — |
| Jun 8–9 | Wed, Jun 9, 2:00 p.m. ET | Yes | — |
| Jul 27–28 | Wed, Jul 28, 2:00 p.m. ET | — | — |
| Sep 14–15 | Wed, Sep 15, 2:00 p.m. ET | Yes | — |
| Oct 26–27 | Wed, Oct 27, 2:00 p.m. ET | — | — |
| Dec 7–8 | Wed, Dec 8, 2:00 p.m. ET | Yes | — |
Source: Federal Reserve FOMC calendar. Next year's dates stay tentative until confirmed at the preceding meeting, and the Fed can add unscheduled meetings; confirm on the official calendar.
What FOMC measures
The Federal Open Market Committee sets US monetary policy. At each scheduled meeting it announces the target range for the federal funds rate and any changes to its balance sheet policy, in a statement released at 2:00 p.m. ET.
The Fed Chair holds a press conference at 2:30 p.m. ET. At four meetings each year (typically March, June, September and December), the Committee also publishes the Summary of Economic Projections, including the 'dot plot' of participants' rate projections. Minutes follow three weeks after each meeting.
Why traders watch it
The policy rate is the anchor for short-term interest rates and influences every asset class. Decisions are usually well telegraphed, so markets often react more to the statement's language, the projections and the press conference than to the decision itself.
FOMC days can produce sharp two-way moves: an initial reaction to the 2:00 p.m. statement, then a second reaction as the Chair takes questions.
What to look at in the release
| Fed funds target range | The policy decision itself |
| Statement language | Changes in wording on inflation, labor and guidance |
| Dot plot (SEP meetings) | Median projected policy rate for coming years |
| Press conference | The Chair's framing of the outlook and risks |
| Dissents | Votes against the decision signal internal disagreement |
How markets tend to interpret it
Relative to consensus expectations — not the absolute level.
Stronger / hotter than expected
A more hawkish outcome than expected — fewer cuts, more hikes, or firmer language — has often lifted short-term yields and the dollar and weighed on equities and gold.
Weaker / cooler than expected
A more dovish outcome than expected has often had the opposite effect.
Context matters. Pricing in fed funds and SOFR futures before the meeting defines what counts as a surprise. Markets frequently reverse their initial reaction during the press conference.
Historical data
% · last 10 years
Show recent data
| Date | Value (%) |
|---|---|
| Oct 10, 2026 | 4.00 |
| Oct 2, 2026 | 4.00 |
| Sep 24, 2026 | 4.00 |
| Sep 16, 2026 | 3.75 |
| Sep 8, 2026 | 3.75 |
| Aug 31, 2026 | 3.75 |
| Aug 23, 2026 | 3.75 |
| Aug 15, 2026 | 3.75 |
| Aug 7, 2026 | 3.75 |
| Jul 30, 2026 | 3.75 |
| Jul 22, 2026 | 3.75 |
| Jul 14, 2026 | 3.75 |
Markets that watch FOMC
Each note explains the channel for that market; reactions are tendencies, not rules.
| Market | Why it can matter |
|---|---|
| US 2Y | The 2-year yield is largely a forecast of where the fed funds rate is expected to average over the next two years, so a surprise in the decision, the statement or the dot plot can reprice it directly. It often moves more than longer maturities on Fed days. |
| US 10Y | The 10-year reflects the expected policy path plus a term premium, so it can react to the decision, the dot plot's longer-run rate and balance-sheet guidance. Its move is often smaller than the 2-year's, and can even go the other way if markets read policy as too tight for growth. |
| DXY | DXY is driven heavily by US interest rates relative to those abroad, so a more hawkish or dovish Fed than expected can move it against all six component currencies at once. |
| S&P 500 | Changes in the expected path of interest rates affect discount rates, financial conditions and growth expectations, all of which can move equity valuations. The 2:30 p.m. ET press conference can reverse the initial reaction to the statement. |
| Nasdaq 100 | Shifts in the expected rate path and real yields tend to matter most for long-duration growth stocks, which dominate the Nasdaq-100, so the index can move more than the S&P 500 on Fed days. |
| Gold | Gold pays no interest, so the expected path of real rates — the opportunity cost of holding it — and the dollar's reaction to the Fed are two of its main scheduled drivers. |
| EUR/USD | EUR/USD trades largely on the gap between expected Fed and ECB policy; a Fed decision or dot plot that shifts US rate expectations changes that gap directly. |
| USD/JPY | USD/JPY has been one of the most rate-sensitive major pairs: Fed decisions that shift US yields relative to Japanese yields can move it sharply. |
Also covered on: VIX, Dow, Russell 2000, Silver, GBP/USD, AUD/USD, USD/CAD, Bitcoin, Ethereum
FOMC FAQ
What time is the FOMC announcement?
The policy statement is released at 2:00 p.m. ET on the final day of the meeting, and the Chair's press conference begins at 2:30 p.m. ET.
How many times does the Fed meet each year?
The FOMC holds eight regularly scheduled meetings per year and can hold unscheduled meetings if conditions require.
What is the dot plot?
It is a chart in the Summary of Economic Projections showing each FOMC participant's view of the appropriate federal funds rate at the end of the next few years and over the longer run. It is published four times a year and is not a commitment.
When are the FOMC minutes released?
Minutes are released three weeks after the date of each policy decision, at 2:00 p.m. ET.