Federal Open Market Committee · federal funds target
When is the next Fed meeting, and what is the Fed's interest rate target?
The Federal Reserve's target range for the federal funds rate is 3.75% to 4.00%, since ; the next meeting of the Federal Open Market Committee ends on .
The federal funds target at the end of each month, a range since December 2008
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
The tinted band is the Federal Open Market Committee's target range for the federal funds rate (Board of Governors of the Federal Reserve System, Meeting calendars and information): 3.75% to 4.00% in .
The tinted band is the Federal Open Market Committee's target range for the federal funds rate (Board of Governors of the Federal Reserve System, Meeting calendars and information): 3.75% to 4.00% in .
The tinted band is the Federal Open Market Committee's target range for the federal funds rate (Board of Governors of the Federal Reserve System, Meeting calendars and information): 3.75% to 4.00% in .
The lines
- Top of the target4.00%
- Bottom of the target3.75%
Each change of the target: the move of its top, in basis points
The target in force at the end of each month, a single rate until 16 December 2008 and a range since; each change as a column, up above the line and down below. Pointing at the chart shows the month or the day and the value.
Select a line to followLatest:
Inspect and compare dates
The target now beside the one before it and the nearest ones a year, five and ten years earlier, each from the day it took effect. Every change since 13 July 1990 is in the tables under "The numbers behind the chart".
| Measure | Latest | The target before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Took effect | |||||
| Target | 3.75–4.00% | 3.50–3.75% | 4.25–4.50% | 0.00–0.25% | 0.25–0.50% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The Federal Open Market Committee raised the target range for the federal funds rate by 0.25 percentage point to 3.75% to 4.00% at its meeting of 15 and .
The new range took effect on .
From that meeting: Statement, Minutes, released 7 October 2026 and Summary of Economic Projections.
Next meetingThe Board's calendar
The next meeting of the Federal Open Market Committee is on 27 and .
The calendar does not mark it as a meeting with a Summary of Economic Projections.
After it: 8–9 Dec 2026, 26–27 Jan 2027 and 16–17 Mar 2027.
In 2026Ours, from the changes the Board lists
The target changed once in 2026: one increase, from 3.50% to 3.75% at the end of 2025 to 3.75% to 4.00%.
Understanding the federal funds target
Where it stands today
The target range is 3.75% to 4.00% since .
What is the federal funds target?
The Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy body, sets a target for the federal funds rate, the interest rate at which banks and other institutions lend reserve balances to each other overnight. The Committee announces it in a statement after each meeting; the Board of Governors lists every change of the target with the day it took effect.
Read more
The target was a single rate until , when the Committee set a range for the first time; each change since then moves the whole range, and the Board lists both ends.
The Committee holds eight scheduled meetings a year, on dates the Board publishes in advance, and has also changed the target between meetings. A meeting marked with an asterisk on the Board's calendar comes with a Summary of Economic Projections. The minutes of a meeting come out about three weeks after it.
What 500metrics adds: the target at the end of each month, the move of each change in basis points, and the outcome of each meeting (raised, lowered or unchanged), all worked out from the changes the Board lists and their dates.
The numbers behind the chart
When did the target change, and by how much?110 changes since 13 July 1990, newest first
| Took effect | Move | New target |
|---|---|---|
| Up 25 bp | 3.75–4.00% | |
| Down 25 bp | 3.50–3.75% | |
| Down 25 bp | 3.75–4.00% | |
| Down 25 bp | 4.00–4.25% | |
| Down 25 bp | 4.25–4.50% | |
| Down 25 bp | 4.50–4.75% | |
| Down 50 bp | 4.75–5.00% | |
| Up 25 bp | 5.25–5.50% | |
| Up 25 bp | 5.00–5.25% | |
| Up 25 bp | 4.75–5.00% | |
| Up 25 bp | 4.50–4.75% | |
| Up 50 bp | 4.25–4.50% |
Show 98 more rows
| Took effect | Move | New target |
|---|---|---|
| Up 75 bp | 3.75–4.00% | |
| Up 75 bp | 3.00–3.25% | |
| Up 75 bp | 2.25–2.50% | |
| Up 75 bp | 1.50–1.75% | |
| Up 50 bp | 0.75–1.00% | |
| Up 25 bp | 0.25–0.50% | |
| Down 100 bp | 0.00–0.25% | |
| Down 50 bp | 1.00–1.25% | |
| Down 25 bp | 1.50–1.75% | |
| Down 25 bp | 1.75–2.00% | |
| Down 25 bp | 2.00–2.25% | |
| Up 25 bp | 2.25–2.50% | |
| Up 25 bp | 2.00–2.25% | |
| Up 25 bp | 1.75–2.00% | |
| Up 25 bp | 1.50–1.75% | |
| Up 25 bp | 1.25–1.50% | |
| Up 25 bp | 1.00–1.25% | |
| Up 25 bp | 0.75–1.00% | |
| Up 25 bp | 0.50–0.75% | |
| Up 25 bp | 0.25–0.50% | |
| Down 75-100 bp | 0.00–0.25% | |
| Down 50 bp | 1.00% | |
| Down 50 bp | 1.50% | |
| Down 25 bp | 2.00% | |
| Down 75 bp | 2.25% | |
| Down 50 bp | 3.00% | |
| Down 75 bp | 3.50% | |
| Down 25 bp | 4.25% | |
| Down 25 bp | 4.50% | |
| Down 50 bp | 4.75% | |
| Up 25 bp | 5.25% | |
| Up 25 bp | 5.00% | |
| Up 25 bp | 4.75% | |
| Up 25 bp | 4.50% | |
| Up 25 bp | 4.25% | |
| Up 25 bp | 4.00% | |
| Up 25 bp | 3.75% | |
| Up 25 bp | 3.50% | |
| Up 25 bp | 3.25% | |
| Up 25 bp | 3.00% | |
| Up 25 bp | 2.75% | |
| Up 25 bp | 2.50% | |
| Up 25 bp | 2.25% | |
| Up 25 bp | 2.00% | |
| Up 25 bp | 1.75% | |
| Up 25 bp | 1.50% | |
| Up 25 bp | 1.25% | |
| Down 25 bp | 1.00% | |
| Down 50 bp | 1.25% | |
| Down 25 bp | 1.75% | |
| Down 50 bp | 2.00% | |
| Down 50 bp | 2.50% | |
| Down 50 bp | 3.00% | |
| Down 25 bp | 3.50% | |
| Down 25 bp | 3.75% | |
| Down 50 bp | 4.00% | |
| Down 50 bp | 4.50% | |
| Down 50 bp | 5.00% | |
| Down 50 bp | 5.50% | |
| Down 50 bp | 6.00% | |
| Up 50 bp | 6.50% | |
| Up 25 bp | 6.00% | |
| Up 25 bp | 5.75% | |
| Up 25 bp | 5.50% | |
| Up 25 bp | 5.25% | |
| Up 25 bp | 5.00% | |
| Down 25 bp | 4.75% | |
| Down 25 bp | 5.00% | |
| Down 25 bp | 5.25% | |
| Up 25 bp | 5.50% | |
| Down 25 bp | 5.25% | |
| Down 25 bp | 5.50% | |
| Down 25 bp | 5.75% | |
| Up 50 bp | 6.00% | |
| Up 75 bp | 5.50% | |
| Up 50 bp | 4.75% | |
| Up 50 bp | 4.25% | |
| Up 25 bp | 3.75% | |
| Up 25 bp | 3.50% | |
| Up 25 bp | 3.25% | |
| Down 25 bp | 3.00% | |
| Down 50 bp | 3.25% | |
| Down 25 bp | 3.75% | |
| Down 50 bp | 4.00% | |
| Down 25 bp | 4.50% | |
| Down 25 bp | 4.75% | |
| Down 25 bp | 5.00% | |
| Down 25 bp | 5.25% | |
| Down 25 bp | 5.50% | |
| Down 25 bp | 5.75% | |
| Down 25 bp | 6.00% | |
| Down 50 bp | 6.25% | |
| Down 25 bp | 6.75% | |
| Down 25 bp | 7.00% | |
| Down 25 bp | 7.25% | |
| Down 25 bp | 7.50% | |
| Down 25 bp | 7.75% | |
| Down 25 bp | 8.00% |
When does the FOMC meet?57 meetings on the Board's calendar, newest first
| Meeting | Projections | Target | Minutes released |
|---|---|---|---|
| Yes | Ahead | ||
| No | Ahead | ||
| Yes | Ahead | ||
| No | Ahead | ||
| Yes | Ahead | ||
| No | Ahead | ||
| Yes | Ahead | ||
| No | Ahead | ||
| Yes | Ahead | ||
| No | Ahead | ||
| Yes | Raised | ||
| No | Unchanged |
Show 45 more rows
| Meeting | Projections | Target | Minutes released |
|---|---|---|---|
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Lowered | ||
| No | Lowered | ||
| Yes | Lowered | ||
| No | No change listed | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Lowered | ||
| No | Lowered | ||
| Yes | Lowered | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Raised | ||
| Yes | Unchanged | ||
| No | Raised | ||
| Yes | Raised | ||
| No | Raised | ||
| Yes | Raised | ||
| No | Raised | ||
| Yes | Raised | ||
| No | Raised | ||
| Yes | Raised | ||
| No | Raised | ||
| Yes | Raised | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged | ||
| Yes | Unchanged | ||
| No | Unchanged |
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- The target is the Committee's; the rate banks pay each other overnight, the effective federal funds rate, is published separately each business day by the Federal Reserve Bank of New York.
- A meeting's outcome is ours: raised or lowered where the Board lists a change that took effect in the days after it, unchanged where it lists none.
- The Board's calendar lists meetings from 2021 on; its list of changes goes back to 1990.
Observed . Checked .
How to cite this
Board of Governors of the Federal Reserve System, Federal Open Market Committee, meeting calendars and open market operations, through 17 September 2026. Compiled by 500metrics, "When is the next Fed meeting, and what is the Fed's interest rate target?", https://500metrics.com/fed-rate-decisions.
Recession dates from the National Bureau of Economic Research. FOMC target range from the Board of Governors of the Federal Reserve System.
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