FOMC

The Federal Reserve's rate decisions, projections and statements.

Target range: 3.75–4.00%; Decided 09/16
Last move: +25bp
Next meeting: D-28; Statement 10/29 03:00

Target range over time

Fed funds target range, upper and lower bounds
Day	Upper bound	Lower bound
21/01/27	0.25%	0.00%
21/03/17	0.25%	0.00%
21/04/28	0.25%	0.00%
21/06/16	0.25%	0.00%
21/07/28	0.25%	0.00%
21/09/22	0.25%	0.00%
21/11/03	0.25%	0.00%
21/12/15	0.25%	0.00%
22/01/26	0.25%	0.00%
22/03/16	0.50%	0.25%
22/05/04	1.00%	0.75%
22/06/15	1.75%	1.50%
22/07/27	2.50%	2.25%
22/09/21	3.25%	3.00%
22/11/02	4.00%	3.75%
22/12/14	4.50%	4.25%
23/02/01	4.75%	4.50%
23/03/22	5.00%	4.75%
23/05/03	5.25%	5.00%
23/06/14	5.25%	5.00%
23/07/26	5.50%	5.25%
23/09/20	5.50%	5.25%
23/11/01	5.50%	5.25%
23/12/13	5.50%	5.25%
24/01/31	5.50%	5.25%
24/03/20	5.50%	5.25%
24/05/01	5.50%	5.25%
24/06/12	5.50%	5.25%
24/07/31	5.50%	5.25%
24/09/18	5.00%	4.75%
24/11/07	4.75%	4.50%
24/12/18	4.50%	4.25%
25/01/29	4.50%	4.25%
25/03/19	4.50%	4.25%
25/05/07	4.50%	4.25%
25/06/18	4.50%	4.25%
25/07/30	4.50%	4.25%
25/09/17	4.25%	4.00%
25/10/29	4.00%	3.75%
25/12/10	3.75%	3.50%
01/28	3.75%	3.50%
03/18	3.75%	3.50%
04/29	3.75%	3.50%
06/17	3.75%	3.50%
07/29	3.75%	3.50%
09/16	4.00%	3.75%
09/30	4.00%	3.75%

Latest statement

Decided 09/16

The federal funds rate target range was raised to 3.75%–4.00% by 0.25 percentage point, with a 12–0 vote. The Committee said this supports the Federal Reserve's dual mandate. It also said economic activity is expanding at a solid pace, domestic spending has been resilient despite elevated uncertainty tied in part to geopolitical developments, productivity growth is strong, capital investment is robust, inflation remains elevated, and today's action will support a timelier return to the Committee's 2 percent goal. The Committee removed the sentence saying it would maintain the target range.

Dot plot

Projections of the 09/16 meeting

FOMC participants' projected rates, meeting of 09/16
Year	Rate	Participants
2026	4.375%	4 participants
2026	4.125%	12 participants
2026	3.875%	2 participants
2026	4.125%	Median
2027	4.375%	8 participants
2027	4.125%	6 participants
2027	3.625%	3 participants
2027	3.125%	1 participant
2027	4.125%	Median
2028	4.125%	4 participants
2028	3.875%	5 participants
2028	3.625%	3 participants
2028	3.375%	1 participant
2028	3.125%	4 participants
2028	3.875%	Median
2029	3.875%	3 participants
2029	3.625%	7 participants
2029	3.375%	2 participants
2029	3.125%	4 participants
2029	2.875%	1 participant
2029	3.625%	Median
Longer run	3.875%	2 participants
Longer run	3.75%	1 participant
Longer run	3.625%	2 participants
Longer run	3.50%	2 participants
Longer run	3.375%	1 participant
Longer run	3.25%	2 participants
Longer run	3.125%	1 participant
Longer run	3.00%	6 participants
Longer run	2.875%	1 participant
Longer run	3.25%	Median

Decisions

	Target range			Projections
09/16	3.75–4.00%	+25bp	12–0	With projections
07/29	3.50–3.75%	Hold	9–3
06/17	3.50–3.75%	Hold	12–0	With projections
04/29	3.50–3.75%	Hold	8–3
03/18	3.50–3.75%	Hold	11–1	With projections
01/28	3.50–3.75%	Hold	10–2
25/12/10	3.50–3.75%	−25bp	9–3	With projections
25/10/29	3.75–4.00%	−25bp	10–1
25/09/17	4.00–4.25%	−25bp	11–1	With projections
25/07/30	4.25–4.50%	Hold	9–2
25/06/18	4.25–4.50%	Hold	12–0	With projections
25/05/07	4.25–4.50%	Hold	12–0
25/03/19	4.25–4.50%	Hold	11–1	With projections
25/01/29	4.25–4.50%	Hold	12–0
24/12/18	4.25–4.50%	−25bp	11–1	With projections
24/11/07	4.50–4.75%	−25bp	12–0
24/09/18	4.75–5.00%	−50bp	11–1	With projections
24/07/31	5.25–5.50%	Hold	12–0
24/06/12	5.25–5.50%	Hold	12–0	With projections
24/05/01	5.25–5.50%	Hold	12–0