The Fed Gazette — an independent publication

Est. 2026 Vol. I, No. 2

The Fed Gazette

A civic journal of money and credit

Rates & FOMC

FOMC Meetings 2026–2027: Fed Meeting Schedule and Next Fed Meeting

The next FOMC meeting is October 27–28, 2026, according to the Federal Reserve Board calendar, last updated September 16, 2026.

Source: Federal Reserve Board, FOMC meeting calendars and information · Updated

Meeting dates of the Federal Open Market Committee as the Board lists them, which meetings carry a Summary of Economic Projections, and links to each statement, implementation note, press conference, and set of minutes the Board has published.

Next meeting

October 27–28, 2026

The Board does not mark this meeting with a Summary of Economic Projections. The date is tentative until confirmed at the meeting immediately before it, per the Board.

The Board calendar page does not state a release time, so none is printed.

2026 meetings

MeetingSummary of Economic ProjectionsStatementMinutes
January 27–28, 2026NoStatementMinutes
March 17–18, 2026YesStatementMinutes
April 28–29, 2026NoStatementMinutes
June 16–17, 2026YesStatementMinutes
July 28–29, 2026NoStatementMinutes
September 15–16, 2026YesStatementNone yet
October 27–28, 2026NoNone yetNone yet
December 8–9, 2026YesNone yetNone yet

2027 meetings

MeetingSummary of Economic ProjectionsStatementMinutes
January 26–27, 2027NoNone yetNone yet
March 16–17, 2027YesNone yetNone yet
April 27–28, 2027NoNone yetNone yet
June 8–9, 2027YesNone yetNone yet
July 27–28, 2027NoNone yetNone yet
September 14–15, 2027YesNone yetNone yet
October 26–27, 2027NoNone yetNone yet
December 7–8, 2027YesNone yetNone yet

2028

The Board lists one 2028 meeting so far: January 25–26, 2028. It prints no other 2028 dates.

The policy rate over time

Federal funds target range and effective rate

Band: the target range as printed with each EFFR. Line: the effective federal funds rate. Dots: dates the printed range changed. Percent.

3.40%3.60%3.80%4.00%4.20%4.40%Jan 26Apr 26Jul 26Oct 26Latest change Sep 17, 20263.40%3.60%3.80%4.00%4.20%4.40%Jan 26Apr 26Jul 26Oct 26Latest change Sep 17, 2026
0.00%2.00%4.00%6.00%20222023202420252026Latest change Sep 17, 20260.00%2.00%4.00%6.00%20222023202420252026Latest change Sep 17, 2026
0.00%2.00%4.00%6.00%20182020202220242026Latest change Sep 17, 20260.00%2.00%4.00%6.00%20182020202220242026Latest change Sep 17, 2026
0.00%2.00%4.00%6.00%8.00%20052010201520202025Latest change Sep 17, 20260.00%2.00%4.00%6.00%8.00%20052010201520202025Latest change Sep 17, 2026
  • Target range 3.75% to 4.00% first printed Sep 17, 2026
  • Effective rate (EFFR) 3.88% Oct 2, 2026

Source: Federal Reserve Bank of New York, Markets Data API, effective federal funds rate · as of · retrieved

Data
Every date the printed target range changed, with the effective rate that day
DateRange lowRange highEFFR
Dec 16, 20080.00%0.25%0.17%
Dec 17, 20150.25%0.50%0.37%
Dec 15, 20160.50%0.75%0.66%
Mar 16, 20170.75%1.00%0.91%
Jun 15, 20171.00%1.25%1.16%
Dec 14, 20171.25%1.50%1.41%
Mar 22, 20181.50%1.75%1.68%
Jun 14, 20181.75%2.00%1.90%
Sep 27, 20182.00%2.25%2.18%
Dec 20, 20182.25%2.50%2.40%
Aug 1, 20192.00%2.25%2.14%
Sep 19, 20191.75%2.00%1.90%
Oct 31, 20191.50%1.75%1.58%
Mar 4, 20201.00%1.25%1.09%
Mar 16, 20200.00%0.25%0.25%
Mar 17, 20220.25%0.50%0.33%
May 5, 20220.75%1.00%0.83%
Jun 16, 20221.50%1.75%1.58%
Jul 28, 20222.25%2.50%2.33%
Sep 22, 20223.00%3.25%3.08%
Nov 3, 20223.75%4.00%3.83%
Dec 15, 20224.25%4.50%4.33%
Feb 2, 20234.50%4.75%4.58%
Mar 23, 20234.75%5.00%4.83%
May 4, 20235.00%5.25%5.08%
Jul 27, 20235.25%5.50%5.33%
Sep 19, 20244.75%5.00%4.83%
Nov 8, 20244.50%4.75%4.58%
Dec 19, 20244.25%4.50%4.33%
Sep 18, 20254.00%4.25%4.08%
Oct 30, 20253.75%4.00%3.87%
Dec 11, 20253.50%3.75%3.64%
Sep 17, 20263.75%4.00%3.88%
Effective rate, the last print of each calendar quarter (a sample of the plotted line)
DateEFFR
Sep 29, 20006.60%
Dec 29, 20005.41%
Mar 30, 20015.29%
Jun 29, 20013.95%
Sep 28, 20012.75%
Dec 31, 20011.52%
Mar 29, 20021.74%
Jun 28, 20021.73%
Sep 30, 20021.85%
Dec 31, 20021.16%
Mar 31, 20031.38%
Jun 30, 20031.45%
Sep 30, 20031.17%
Dec 31, 20030.94%
Mar 31, 20041.05%
Jun 30, 20041.38%
Sep 30, 20041.94%
Dec 31, 20041.97%
Mar 31, 20052.96%
Jun 30, 20053.35%
Sep 30, 20053.93%
Dec 30, 20054.09%
Mar 31, 20065.00%
Jun 30, 20065.05%
Sep 29, 20065.34%
Dec 29, 20065.17%
Mar 30, 20075.30%
Jun 29, 20075.31%
Sep 28, 20074.58%
Dec 31, 20073.06%
Mar 31, 20082.51%
Jun 30, 20082.47%
Sep 30, 20082.03%
Dec 31, 20080.14%
Mar 31, 20090.16%
Jun 30, 20090.22%
Sep 30, 20090.07%
Dec 31, 20090.05%
Mar 31, 20100.09%
Jun 30, 20100.09%
Sep 30, 20100.15%
Dec 31, 20100.13%
Mar 31, 20110.10%
Jun 30, 20110.07%
Sep 30, 20110.06%
Dec 30, 20110.04%
Mar 30, 20120.09%
Jun 29, 20120.09%
Sep 28, 20120.09%
Dec 31, 20120.09%
Mar 29, 20130.09%
Jun 28, 20130.07%
Sep 30, 20130.06%
Dec 31, 20130.07%
Mar 31, 20140.06%
Jun 30, 20140.09%
Sep 30, 20140.07%
Dec 31, 20140.06%
Mar 31, 20150.06%
Jun 30, 20150.08%
Sep 30, 20150.07%
Dec 31, 20150.20%
Mar 31, 20160.25%
Jun 30, 20160.30%
Sep 30, 20160.29%
Dec 30, 20160.55%
Mar 31, 20170.82%
Jun 30, 20171.06%
Sep 29, 20171.06%
Dec 29, 20171.33%
Mar 30, 20181.67%
Jun 29, 20181.91%
Sep 28, 20182.18%
Dec 31, 20182.40%
Mar 29, 20192.43%
Jun 28, 20192.40%
Sep 30, 20191.90%
Dec 31, 20191.55%
Mar 31, 20200.08%
Jun 30, 20200.08%
Sep 30, 20200.09%
Dec 31, 20200.09%
Mar 31, 20210.06%
Jun 30, 20210.08%
Sep 30, 20210.06%
Dec 31, 20210.07%
Mar 31, 20220.33%
Jun 30, 20221.58%
Sep 30, 20223.08%
Dec 30, 20224.33%
Mar 31, 20234.83%
Jun 30, 20235.08%
Sep 29, 20235.33%
Dec 29, 20235.33%
Mar 29, 20245.33%
Jun 28, 20245.33%
Sep 30, 20244.83%
Dec 31, 20244.33%
Mar 31, 20254.33%
Jun 30, 20254.33%
Sep 30, 20254.09%
Dec 31, 20253.64%
Mar 31, 20263.64%
Jun 30, 20263.63%
Sep 30, 20263.88%
Oct 2, 20263.88%