The Federal Reserve held its benchmark interest rate at a target range of 3.75%–4% on Wednesday, matching what was expected and leaving the range unchanged from before the meeting. The policy rate, known as the federal funds target range, stays at the same level set previously. Chair Warsh was due to hold a press conference at 2:30 PM ET following the announcement.
| Measure | Rate |
|---|---|
| Decision | 3.75%–4% |
| Expected | 3.75%–4% |
| Before the meeting | 3.75%–4% |
Source: Economic calendar: the Federal Reserve's policy rate and the consensus forecast · as of October 28, 2026 at 2:05 PM ET · The federal funds target range. Announced at 2:00 PM ET; the press conference is at 2:30 PM ET.
The committee's projections
No new projections came with this meeting. TheStreet reported that the Fed did not release an updated Summary of Economic Projections, the quarterly table of policymakers' rate forecasts, at this gathering.
Where the rate has been
The effective federal funds rate, tracked as a monthly average, stood at 3.75% in September 2026, the most recent reading in the series. The rate reached a high of 5.33% in August 2023 and a low of 0.05% in April 2020, and it was 4.22% a year earlier than the latest reading.
- 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.
How markets took it
At 2:05 PM ET, shortly after the decision, the S&P 500 traded at 7,734.00, up 0.15% from the prior close, while the Nasdaq Composite was at 26,466.89, down 0.04%. The 10-year Treasury yield rose 0.74% to 5.031%. TheStreet reported that a hold was priced at roughly 93% by CME's FedWatch tool ahead of the announcement, and traders on X were discussing whether the statement and press conference might leave room for a rate hike later in the year.
| Market | Level | Change |
|---|---|---|
| S&P 500 | 7,734.00 | +0.15% |
| Nasdaq Composite | 26,466.89 | -0.04% |
| 10-year Treasury yield | 5.031% | +0.74% |
Source: Index and Treasury yield quotes · as of October 28, 2026 at 2:05 PM ET · Read at 2:05 PM ET; change is from the prior close.