The Federal Reserve announces its interest rate decision on Wednesday, October 28, 2026 at 2:00 PM ET, with the target range expected to hold at 3.75%–4%, the same level it sits at now. Fortune reports the FOMC set this range at its September 15-16 meeting, and this week's gathering runs October 27-28.
| Measure | Rate |
|---|---|
| Expected | 3.75%–4% |
| Now | 3.75%–4% |
Source: Economic calendar: the Federal Reserve's policy rate and the consensus forecast · as of October 27, 2026 at 6:00 PM ET · The federal funds target range. Announced at 2:00 PM ET; the press conference is at 2:30 PM ET.
Where the rate has been
The effective federal funds rate, shown monthly from November 2006 through September 2026, stood at 3.75% in September 2026. The series peaked at 5.33% in August 2023 and bottomed at 0.05% in April 2020, after the Fed cut rates to near zero to counter the pandemic's economic damage. A year before the latest reading, in September 2025, the rate was 4.22%.
- Latest
- 3.8% Sep 2026
- High
- 5.3% Aug 2023
- Low
- 0.1% Apr 2020
Source: Federal Reserve, effective federal funds rate, monthly · The monthly average runs to September 2026; it trails the target the committee sets.
What to watch
The Fed releases its policy statement at 2:00 PM ET on October 28, followed by the chair's press conference at 2:30 PM ET. A summary of trader discussion on X, described only as talk among market participants and not stated as fact, suggests many are focused less on the decision itself and more on how the statement is worded and what the chair's remarks might signal about the Fed's approach heading into its December meeting. That same discussion ties the outcome to moves in the dollar, equities, and crypto, alongside upcoming inflation and growth data.