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FOMC Meetings | Interest Rates |
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The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. The price here is the interest rate, (cost of money or cost of borrowing), and refers to the Federal Funds Rate.→ Read More
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 1. Fed Funds Rate (1 of 3) 2. FOMC Minutes (2 of 3) 3. Beige Book (3 of 3)
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Big Chart | Large Data |
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Federal Funds Rate | Interest Rates |
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Today's Week |
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Category | 3 |
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Federal Funds Rate | Interest Rates |
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Today's Week |
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Release Schedule | 2026 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings (At 14:00 ET)
| RELEASE 2026 |
No 1 |
No 2 |
No 3 |
No 4 |
No 5 |
No 6 |
No 7 |
No 8 |
| Release | Week |
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| Release | Date |
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| Release | Day |
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| Prior Target Level |
3.50% to 3.75% |
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| CONSENSUS |
3.50% to 3.75% |
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| FED FUNDS RATE |
3.50% to 3.75% |
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| Change Prior |
-25 bp |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
| Change Consensus |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
| Change Actual |
0 bp |
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| RATING |
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Release Schedule | 2025 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
| RELEASE 2025 |
No 1 |
No 2 |
No 3 |
No 4 |
No 5 |
No 6 |
No 7 |
No 8 |
| Release | Week |
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| Release | Date |
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| Release | Day |
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| Prior Target Level |
4.25% to 4.50% |
4.375% |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
3.75% to 4.00% |
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| CONSENSUS |
4.375% to 4.375% |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
4.00% to 4.25% |
3.75% to 4.00% |
3.50% to 3.75% |
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| FED FUNDS RATE |
4.375% |
4.25.% to 4.50% |
4.25.% to 4.50% |
4.25.% to 4.50% |
4.25.% to 4.50% |
4.00% to 4.25% |
3.75% to 4.00% |
3.50% to 3.75% |
| Change Prior |
-25 bp |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
-25 bp |
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| Change Consensus |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
-25 bp |
-25 bp |
-25 bp |
| Change Actual |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
-25 bp |
-25 bp |
-25 bp |
| RATING |
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| Minutes Week |
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Release Schedule | 2024 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
| FOMC MEETING 2024 |
No 1 |
No 2 |
No 3 |
No 4 |
No 5 |
No 6 |
No 7 |
No 8 |
| FOMC | Week |
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| FOMC | Date |
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| FOMC | Day |
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| Prior Target Level: |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
4.75% to 5.00% |
4.75% to 5.00% |
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| Consensus |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.00% to 5.25% |
4.50% to 4.75% |
4.50% to 4.75% |
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| FED FUNDS RATE |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
4.75% to 5.00% |
4.25% to 4.50% |
4.25% to 4.50% |
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| Change Prior |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
-50 bp |
0 bp |
| Change Consensus |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
-25 bp |
-25 bp |
0 bp |
| Change Actual |
0 bp |
0 bp |
0 bp |
0 bp |
0 bp |
-50 bp |
-25 bp |
0 bp |
| Rating: |
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Release Schedule | 2023 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
| FOMC MEETING 2023 |
No 1 |
No 2 |
No 3 |
No 4 |
No 5 |
No 6 |
No 7 |
No 8 |
| FOMC | Week |
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| FOMC | Date |
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| FOMC | Day |
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| Prior Target Level: |
4.25% to 4.50% |
4.50% to 4.75% |
4.75% to 5.00% |
5.00% to 5.25% |
5.00% to 5.25% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
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| Consensus |
4.50% to 4.75% |
4.75% to 5.00% |
5.00% to 5.25% |
5.00% to 5.25% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
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| FED FUNDS RATE |
4.50% to 4.75% |
4.75% to 5.00% |
5.00% to 5.25% |
5.00% to 5.25% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
5.25% to 5.50% |
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| Change Prior |
50bp |
25bp |
25bp |
25bp |
0bp |
25bp |
0bp |
0bp |
| Change Consensus |
25bp |
25bp |
25bp |
0bp |
25bp |
0bp |
0bp |
0bp |
| ChangeActual |
25bp |
25bp |
25bp |
0bp |
25bp |
0bp |
0bp |
0bp |
| Rating: |
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Release Schedule | 2022 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
| FOMC MEETING 2022 |
No 1 |
No 2 |
No 3 |
No 4 |
No 5 |
No 6 |
No 7 |
No 8 |
| FOMC | Week |
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| FOMC | Date |
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| FOMC | Day |
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| Prior Target Level: |
0.00% to 0.25% |
0.00% to 0.25% |
0.25% to 0.50% |
0.75% to 1.00% |
1.50% to 1.75% |
2.25% to 2.50% |
3.00% to 3.25% |
3.75% to 4.00% |
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| Consensus |
0.00% to 0.25% |
0.25% to 0.50% |
0.75% to 1.00% |
1.25% to 1.50% |
2.25% to 2.50% |
3.00% to 3.25% |
3.75% to 4.00% |
4.25% to 4.50% |
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| FED FUNDS RATE LOW: |
0.00% to 0.25% |
0.25% to 0.50% |
0.75% to 1.00% |
1.25% to 1.50% |
2.25% to 2.50% |
3.00% to 3.25% |
3.75% to 4.00% |
4.25% to 4.50% |
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| Change Consensus |
0bp |
25bp |
50bp |
50bp |
75bp |
75bp |
75bp |
50bp |
| Change |
0bp |
25bp |
50bp |
75bp |
75bp |
75bp |
75bp |
50bp |
| Rating: |
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Release Schedule | 2021 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
| FOMC MEETING 2021 |
No 1 |
No 2 |
No 3 |
No 4 |
No 5 |
No 6 |
No 7 |
No 8 |
| FOMC | Week |
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| FOMC | Date |
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| FED FUNDS RATE: |
0.0% to 0.25% |
0.0% to 0.25% |
0.0% to 0.25% |
0.0% to 0.25% |
0.0% to 0.25% |
0.0% to 0.25% |
0.0% to 0.25% |
0.0% to 0.25% |
| Rating: |
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Legends: |
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Delayed |
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Positive View |
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Negative View |
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Neutral View |
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Non Available |
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Brief News | 2026 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
| DATE/WEEK |
HIGHLIGHTS |
FOR |
BEIGE |
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Meetings |
No 8 |
N/A |
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Dec-2026 |
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Meetings |
No 7 |
N/A |
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Oct-2026 |
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Meetings |
No 6 |
N/A |
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Sep-2026 |
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Meetings |
No 5 |
N/A |
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Jul-2026 |
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Meetings |
No 4 |
N/A |
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May 2026 |
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Meetings |
No 3 |
N/A |
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Apr 2026 |
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Meetings |
No 2 |
N/A |
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Mar-2026 |
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Looming this week is the Fed’s first policy decision of the year. The central bank is widely expected to keep its key rate at a target range of 3.5% to 3.75%, but traders will search for clues on when future cuts may come. Fed funds futures trading still suggests there could be two quarter percentage point cuts by the end of 2026. |
No 1 |
3.75% |
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Jan-2026 |
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Brief News | 2025 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
| DATE/WEEK |
HIGHLIGHTS |
FOR |
ACTUAL |
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Federal Open Market Committee |
No 8 |
3.75% |
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Dec-2025 |
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The Fed lowered its benchmark overnight borrowing rate by a quarter percentage point at the conclusion of its two-day policy meeting Wednesday, putting it in a range of between 3.75% to 4%. This marks the second time in 2025 that it has slashed rates. Prior to the decision, investors were also betting on another quarter-point cut at the Fed’s December meeting. The Fed cut its overnight rate by 25 basis points. That put the benchmark rate in a range of 3.75%-4%. |
No 7 |
4.00% |
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Nov-2025 |
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Federal Open Market Committee. Fed’s interest rate cut this week, with policymakers voting 11-to-1 to lower the benchmark overnight lending rate by a quarter percentage point to a range between 4.00%-4.25%. Fed Chairman Jerome Powell described the rate move as “risk management,” and policymakers indicated that two more rate cuts would be forthcoming this year. |
No 6 |
4.25% |
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Sep-2025 |
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The Federal Reserve on Wednesday kept interest rates unchanged for the fifth consecutive meeting as it remains under intense pressure from President Donald Trump and his allies to lower borrowing costs. The central bank left its benchmark lending rate at a range of 4.25% to 4.5%, where it has been since December, but the decision wasn’t unanimous. Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman cast dissenting votes, marking the first time more than one Fed governor has dissented since 1993. They preferred a quarter-point rate cut instead, the Fed said. |
No 5 |
4.50% |
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Jul-2025 |
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Fed holds key rate steady, still sees two more cuts this year. The Federal Reserve kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December. However, the central bank expects inflation to remain elevated and sees lower economic growth ahead. Still, the Federal Open Market Committee expects to make two rate reductions later this year, according to the closely watched “dot plot.” The Federal Reserve on Wednesday kept interest rates steady amid expectations of higher inflation and lower economic growth ahead, and still pointed to two reductions later this year. With markets expecting no chance of a central bank move this week, the Federal Open Market Committee kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December. |
No 4 |
4.50% |
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Jun-2025 |
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Fed holds rates steady as it notes rising uncertainty and stagflation risk. The Federal Reserve held its key interest rate unchanged in a range between 4.25%-4.5%, where it has been since December. The post-meeting statement noted the recent market volatility and how that is factoring into the central bank’s policy decisions. “Uncertainty about the economic outlook has increased further,” the statement said. |
No 3 |
4.50% |
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May-2025 |
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Fed holds interest rates steady, still sees two cuts coming this year. The rate-setting Federal Open Market Committee kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December. The FOMC downgraded its collective outlook for economic growth and gave a bump higher to its inflation projection. Officials now see the economy accelerating at just a 1.7% pace this year, down 0.4 percentage point from the last projection in December. In addition to the rate decision, the Fed announced a further scaling back of its “quantitative tightening” program in which it is slowly reducing the bonds it holds on its balance sheet. |
No 2 |
4.50% |
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Mar-2025 |
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The Federal Reserve left unchanged its overnight borrowing rate in a range between 4.25%-4.5%. The decision followed three straight cuts since September 2024. The post-meeting statement offered a somewhat more optimistic view on the labor market while dropping a key reference from the December statement that inflation “has made progress toward” the Fed’s 2% inflation goal. The Federal Reserve held its key interest rate in check Wednesday, reversing a recent trend of easing policy as it examines what is likely to be a bumpy political and economic landscape ahead. In a widely anticipated move, the central bank’s Federal Open Market Committee left unchanged its overnight borrowing rate in a range between 4.25%-4.5%. |
No 1 |
4.375% |
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Jan-2025 |
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Brief News | 2024 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
| DATE/WEEK |
HIGHLIGHTS |
FOR |
ACTUAL |
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Fed cuts by a quarter point, indicates fewer reductions ahead. The Federal Open Market Committee cut its overnight borrowing rate to a target range of 4.25%-4.5%, back to the level where it was in December 2022. “Today was a closer call but we decided it was the right call,” Chair Jerome Powell said. The Fed indicated that it probably would only lower twice more in 2025, according to the closely watched “dot plot” matrix of individual members’ future rate expectations. The Federal Reserve on Wednesday lowered its key interest rate by a quarter percentage point, the third consecutive reduction and one that came with a cautionary tone about additional cuts in coming years. In a move widely anticipated by markets, the Federal Open Market Committee cut its overnight borrowing rate to a target range of 4.25%-4.5%, back to the level where it was in December 2022 when rates were on the move higher. Stocks sold off sharply following the Fed announcement, with the Dow Jones Industrial Average closing down more than 1,100 points while Treasury yields soared. The central bank reduced its overnight borrowing rate by a quarter point to a target range of 4.25% to 4.5%, as expected. However, the Fed indicated Wednesday afternoon it would only cut rates twice in 2025, fewer than the four cuts given in its last forecast. |
No 8 |
Meeting |
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Dec-2024 |
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As widely expected, the central bank delivered a 0.25% trimming to the federal funds rate Thursday (Nov. 7), which will take some time to work through the economy and impact the cost of debt, for everything from corporate loans to credit cards. In a widely anticipated move, the Federal Reserve cut interest rates by 25 basis points last Thursday. In a press conference following the announcement, Fed Chair Jerome Powell declined to comment on the central bank's plans for future rate cuts. |
No 7 |
Meeting |
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Nov-2024 |
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At its September meeting, the Federal Open Market Committee, decided to reduce the target range of its widely impactful federal funds rate. Changes to the Fed’s interest rate can influence the cost of loan products such as mortgages and the value of cash, bonds and stocks. The Federal Reserve’s decision to cut interest rate comes after months of shaky labor market data in the U.S. The unemployment rate stood at 4.2% in August 2024 with 7.1 million Americans without work, little changed from recent months. But the jobs picture had darkened notably from a year ago, when unemployment was 3.8%, with 6.3 million Americans looking for work. |
No 6 |
Meeting |
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Sep-2024 |
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The Fed chose to keep rates at the highest levels in two decades. Fed Chair Jerome Powell did give some investors hope by signaling a September rate cut is on the table. The economic data keep rolling on in the direction of a downturn, if not recession, this morning,The stock market doesn’t know whether to laugh or cry because while three Fed rate cuts may be coming this year and 10-year bond yields are falling below 4.00%, the winds of recession are coming in hard. |
No 5 |
Meeting |
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Jul-2024 |
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Federal Reserve Chair Jerome Powell said it is unclear why the sentiment of everyday Americans is so sour on the economy. No one on the Fed committee has rate hikes in their base case, Powell says. Federal Reserve Chair Jerome Powell said no one on the committee has interest rate hikes in their base case. Federal Reserve Chair Jerome Powell said the central bank does not yet have the confidence to start lowering interest rates, even after May’s consumer price index on Wednesday came in cooler than expected. The Federal Reserve kept a steady hand on interest rates, but it is calling for just one rate cut in 2024. The S&P 500 and Nasdaq Composite held on to their gains as of 2:19 p.m. ET, with the broad market benchmark up 1% and the tech-heavy index up nearly 1.8%. |
No 4 |
Meeting |
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Jun-2024 |
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Fed keeps rates steady as it notes ‘lack of further progress’ on inflation. The Federal Reserve held its ground on interest rates, again deciding not to cut as it continues a battle with inflation that has grown more difficult lately. The federal funds rate has been between 5.25%-5.50% since July 2023, when the Fed last hiked and took the range to its highest level in more than two decades. “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the Fed’s statement said. |
No 3 |
Meeting |
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May-2024 |
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The Federal Reserve on Wednesday held interest rates steady at a range between 5.25%-5.5% as expected, and reiterated its guidance for three 25 basis point interest rate cuts throughout this year. Market futures are pricing around a 70% chance that the first cut comes at the Fed’s June 11-12 meeting, according to CME Group’s FedWatch tool. The cut expectations remain despite projections of stronger growth, lower unemployment and slightly higher-than-expected core inflation, prompting a slight increase in the central bank’s long-run policy rate forecast. |
No 2 |
Meeting |
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Mar-2024 |
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The Fed kept interest rates unchanged, as was widely expected. However, the central bank indicated it is not ready to start lowering interest rates just yet. “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the statement said.Dow falls 200 points after Powell signals Fed may not cut at March meeting:. Stocks fell on Wednesday after Federal Reserve chairman Jerome Powell said the central bank likely wouldn’t be ready to cut rates in March.Bond yields trimmed their losses after the Fed released its updated statement, but the 10-year Treasury yield stayed below the 4% market. |
No 1 |
Meeting |
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Jan-2024 |
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Brief News | 2023 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
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The Federal Open Market Committee will not be looked back on positively after the central bank did not push back on market expectations for cuts next year, said Brad Conger, deputy chief investment officer at Hirtle Callaghan & Co. Fed doesn’t need a recession to cut rates, The Federal Reserve is willing to cut rates even if the U.S. economy doesn’t dip into a recession in 2024, Chair Jerome Powell said. Rates unchange 0bp. |
No 8 |
Meeting |
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Dec-2023 |
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Fed holds rates steady, upgrades assessment of economic growth. The Federal Reserve’s rating-setting group on Wednesday unanimously agreed to hold the key federal funds rate in a target range between 5.25%-5.5%, where it has been since July. This was the second consecutive meeting that the Federal Open Market Committee chose to hold, following a string of 11 rate hikes, including four in 2023. The decision included an upgrade to the committee’s general assessment of the economy. Stocks rallied on the news, with the Dow Jones Industrial Average gaining 212 points on the session. |
No 7 |
Meeting |
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Nov-2023 |
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Fed declines to hike, but points to rates staying higher for longer. The Federal Reserve held interest rates steady, while also indicating it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. Along with the rate projections, the Fed also sharply revised up its economic growth expectations for this year, with gross domestic product now expected to rise 2.1% this year. In addition to holding rates at relatively high levels, the Fed is continuing to reduce its bond holdings, a process that has cut the central bank balance sheet by some $815 billion since June 2022. |
No 6 |
Meeting |
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Sep-2023 |
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Rates up 25bp. Fed approves hike that takes interest rates to highest level in more than 22 years. The Federal Reserve approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years. The quarter percentage point increase will bring the fed funds rate to a target range of 5.25%-5.5%. While policymakers indicated at the June meeting that two rate hikes are coming this year, markets are pricing in a better-than-even chance that there won’t be any more moves this year. Chair Jerome Powell said the central bank will make data-driven decisions on a “meeting-by-meeting” basis. |
No 5 |
Meeting |
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Jul-2023 |
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The Federal Reserve delivered what investors wanted this week when the central bank left rates unchanged Wednesday after 10 consecutive hikes. While the Fed signaled that two more rate increases were coming this year, many traders and economists on Wall Street believe the Fed could be nearly done. Earlier in the week, the May consumer price index came in at the lowest in two years. Fed holds off on rate hike, but says two more are coming later this year After a two-day meeting, the Federal Reserve decided to leave interest rates unchanged. “Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the central bank’s post-meeting statement said. The surprising aspect of the decision came with the “dot plot” in which the individual members of the FOMC indicate their expectations for rates further out. The dots moved decidedly upward, pushing the median expectation to a funds rate of 5.6% by the end of 2023. |
No 4 |
Meeting |
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Jun-2023 |
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Fed increases rates a quarter point and signals a potential end to hikes. The Federal Reserve approved its 10th interest rate increase in just a little over a year and dropped a tentative hint that the current tightening cycle is at an end. The widely expected decision, which takes the fed funds rate to a target range of 5%-5.25%, was unanimous. The post-meeting statement omitted a sentence present in the previous statement saying that “the Committee anticipates that some additional policy firming may be appropriate” for the Fed to achieve its 2% inflation goal. The Federal Reserve on Wednesday approved its 10th interest rate increase in just a little over a year and dropped a tentative hint that the current tightening cycle is at an end. In a unanimous decision widely expected by markets, the central bank’s Federal Open Market Committee raised its benchmark borrowing rate by 0.25 percentage point. The rate sets what banks charge each other for overnight lending but feeds through to many consumer debt products such as mortgages, auto loans and credit cards. The Federal Reserve raised interest rates by a quarter of a point at the end of its two-day policy meeting. This 0.25 percentage point hike marks the 10th time the Fed has raised its benchmark interest rate over the past year or so, the fastest pace of tightening since the early 1980s. A wide range of borrowing costs — from mortgages and credit cards to auto loans and student debt — are affected by the rate increase. |
No 3 |
Meeting |
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May-2023 |
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Fed hikes rates by a quarter percentage point, indicates increases are near an end. The Federal Reserve on Wednesday enacted a quarter percentage point interest rate increase, expressing caution about the recent banking crisis and indicating that hikes are nearing an end. Along with its ninth hike since March 2022, the rate-setting Federal Open Market Committee noted that future increases are not assured and will depend largely on incoming data. |
No 2 |
Meeting |
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Mar-2023 |
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Federal Reserve officials believe their effort to shrink the U.S. central bank's bond holdings is far from done, pushing back against some economists' idea that dwindling financial sector liquidity would bring the drawdown to a close in coming months. Instead, Fed officials reckon there remains a lot of liquidity, properly measured, for them to remove as part of their push to tighten financial conditions and bring down inflation. These officials also noted the Fed at some point could even lower short-term interest rates as it continues to draw down the roughly $8.5 trillion balance sheet, and that such a move would not be at odds with wider monetary policy. . Many are expecting the Fed to announce a 25 basis point increase then. That would be a further slowdown of the pace of rate hikes implemented by the Fed in its battle against inflation. |
No 1 |
Meeting |
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Jan-2023 |
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Brief News | 2022 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
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Fed raises interest rates half a point to highest level in 15 years. The Federal Reserve continued its battle against inflation by raising its benchmark interest rate to the highest level in 15 years. The Federal Open Market Committee voted to boost the overnight borrowing rate half a percentage point, taking it to a targeted range between 4.25% and 4.5%. Along with the increase came an indication that officials expect to keep rates higher through next year, with no reductions until 2024. |
No 8 |
Meeting |
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Dec-2022 |
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The Federal Reserve is expected to raise interest rates by three-quarters of a percentage point Wednesday and then signal that it could reduce the size of its rate hikes starting as soon as December. Markets are primed for the fourth 75-basis point hike in a row, and investors are anticipating the Fed will slow down its pace before winding down the rate-hiking cycle in March. A basis point is equal to 0.01 of a percentage point. “The November meeting isn’t really about November. It’s about December,” Gapen said. He expects the Fed to raise rates to a level of 4.75% to 5% by spring, and that would be its terminal rate — or end point. The 75 basis point hike Wednesday would take the fed funds rate range to 3.75% to 4%, from a range of zero to 0.25% in March.As the Fed has raised interest rates, the economy is beginning to show signs of slowing. The housing market is slumping, as some mortgage rates have nearly doubled. The 30-year fixed rate mortgage was at 7.08% in the week of Oct. 28, up from 3.85% in March, according to Freddie Mac. Markets are widely expecting the fourth consecutive 75 basis point interest rate hike from the Federal Reserve and are hoping to gain some clarity about whether the central bank will slow the pace of rate hikes as the year ends. |
No 7 |
Meeting |
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Nov-2022 |
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The Fed’s two-day meeting will begin Tuesday, with most market participants expecting another 75-basis-point hike by the central bank. Some analysts have, however, argued the Fed could increase interest rates by a full point, or 100 basis points. It comes after inflation rose more than expected in August. The consumer price index increased 0.1% for the month and 8.3% over the past year — higher than economists expected. The data has led investors to expect the Fed to double down on higher interest rates for longer, until prices fall. |
No 6 |
Meeting |
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Sep-2022 |
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Fed officials earlier this week approved a second consecutive 0.75 percentage point increase in the central bank’s benchmark interest rate. Inflation by any measure has been running well above the Fed’s 2% longer-run target, and Chairman Jerome Powell said the central bank is “strongly committed” to bringing inflation down. An inflation gauge that the Federal Reserve uses as its primary barometer jumped to its highest 12-month gain in more than 40 years in June, the Bureau of Economic Analysis reported Friday |
No 5 |
Meeting |
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Jul-2022 |
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The Federal Reserve on Wednesday increased its benchmark funds rate by 75 basis points, the largest hike since 1994, with annual U.S. inflation running at a 40-year high of 8.6% in May. The Federal Reserve on Wednesday increased its benchmark funds rate by 75 basis points, the largest hike since 1994, with annual U.S. inflation running at a 40-year high of 8.6% in May. |
No 4 |
Meeting |
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Jun-2022 |
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The Federal Reserve is expected to raise interest rates Wednesday for the second time since 2018, boosting the fed funds target rate by a half-percentage point. The central bank is also expected to launch a program to reduce its massive bond holdings by $95 billion a month, starting in June. The markets are braced for a hawkish Fed, but many investors are wondering if Fed Chair Jerome Powell will signal that the central bank is willing to get even tougher with rate increases. |
No 3 |
Meeting |
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May-2022 |
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FOMC Meeting 15-16 March 2022. Federal Reserve approves first interest rate hike in more than three years, sees six more ahead. The Fed approved a 0.25 percentage point rate hike, the first increase since December 2018. Officials indicated an aggressive path ahead, with rate rises coming at each of the remaining six meetings in 2022. Members also pared expectations for economic growth this year and sharply raised their outlook for inflation. The Federal Reserve on Wednesday approved its first interest rate increase in more than three years, an incremental salvo to address spiraling inflation without torpedoing economic growth. After keeping its benchmark interest rate anchored near zero since the beginning of the Covid pandemic, the policymaking Federal Open Market Committee said it will raise rates by a quarter percentage point, or 25 basis points. That will bring the rate now into a range of 0.25%-0.5%. The move will correspond with a hike in the prime rate and immediately send financing costs higher for many forms of consumer borrowing and credit. Fed officials indicated the rate increases will come with slower economic growth this year. |
No 2 |
Meeting |
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Mar-2022 |
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FOMC Meeting 26-27 January 2022. The Federal Reserve is expected to signal at its meeting this week that it is ready to raise interest rates as soon as March and that it will consider other policy tightening. The Fed issues its policy statement Wednesday afternoon, at the end of its two-day meeting, and it is expected to show that it is willing to take the steps necessary to fight inflation.The Fed begins its two-day meeting Tuesday, and on Wednesday afternoon, the central bank is expected to issue a new statement that shows it is resolved to fight inflation. Against the backdrop of a violent stock market correction, Fed officials are expected to say they are ready to push up the fed funds rate from zero as soon as March. |
No 1 |
Meeting |
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Jan-2022 |
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Brief News | 2021 |
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FOMC Meetings | Interest Rates |
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Today's Week |
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FOMC Meetings
(At 14:00 ET)
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HIGHLIGHTS |
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ACTUAL |
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FOMC Meeting 15-16 December 2021. Fed starting to take the Band-Aid off, Fundstrat’s Tom Lee says “I think the band aid is getting pulled off. The market’s been waiting for this. It was selling off on the rumor and it’s time to buy the event,” said Tom Lee of Fundstrat. Powell says asset valuations are ‘somewhat elevated’ Fed Chairman Jerome Powell on Wednesday cited asset valuations as one of four key areas the central bank looks at when assessing financial stability risk. Stocks hit session highs as Powell speaks. Stocks hit their highs of the day Wednesday as Fed Chairman Jerome Powell answered question following the central bank’s latest monetary policy announcement. There’s a risk that inflation may stay persistently high, Powell says. Powell says Covid omicron variant is a risk, but does not impact accelerated taper plans. Powell says ‘disappointing’ return to labor force participation could ‘take longer’. |
Dec |
Meeting |
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2021 |
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FOMC Meeting 02-03 November 2021. The Federal Reserve said Wednesday it will begin tapering the pace of its asset purchases later in November. On a monthly basis, the reduction will see $10 billion less in Treasurys and $5 billion less in mortgage-backed securities. There also was only a slight change to Fed’s view on inflation. The post-meeting statement kept the word “transitory” to describe price increases that are running at a 30-year high, though it qualified the term somewhat by saying pressures are “expected to” be temporary. Chairman Jerome Powell said he expects conditions pushing inflation to last “well into next year. |
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Meeting |
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2021 |
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FOMC Meeting 21-22 September 2021. Federal Reserve Chair Jerome Powell announced that the FOMC, at its meeting that concluded on Sept. 22, 2021, has decided to "keep interest rates at zero and continue the current pace of asset purchases." More specifically, the FOMC will continue to target the benchmark federal funds rate at a range of 0% to 0.25%. Powell reiterated the Fed's commitment to its dual mandate of promoting maximum employment while also fostering price stability. He noted that economic indicators point to progress on both fronts. However, he warned that "the path of the economy continues to rely on the path of the [COVID-19] virus." According to Fed Chair Jerome Powell, "The path of the economy continues to rely on the path of the [COVID-19] virus." FOMC members "still foresee rapid growth" ahead. "Long-run [inflation] expectations are in line with the goal of 2%." "If progress continues, a moderation of the pace of asset purchases can be warranted." Evergrande does not pose risks for the U.S. |
Sep |
Meeting |
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2021 |
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FOMC Meeting 27-28 July 2021. Fed holds rates near zero, says economy has gotten better even with pandemic worries/ Federal Reserve officials on Wednesday updated investors and economists on how they are thinking about inflation and employment in the United States. The central bank decided not to raise interest rates from near zero nor adjust the pace at which it buys government bonds each month. Investors are paying close attention to how Chairman Jerome Powell characterizes the economic outlook given the spread of the delta variant of Covid-19 and its timeline for tapering its monthly bond purchases. Powell said the U.S. economy is still a good deal away from making “substantial further progress” toward the Fed’s dual mandates of stable prices and maximum employment. “I’d say we have some ground to cover on the labor market side,” Powell said Wednesday. “I think we’re some way away from having had substantial further progress toward the maximum employment goal.”
The Federal Reserve on Wednesday held its benchmark interest rate near zero and said the economy continues to progress despite concerns over the pandemic spread. As expected, the Federal Open Market Committee concluded its two-day meeting by keeping interest rates in a target range between zero and 0.25%. Along with that, the committee said in a unanimously approved statement that the economy continues to “strengthen.” |
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Meeting |
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2021 |
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FOMC Meeting 15-16/June/2021. The Federal Open Market Committee (FOMC) ended its June 15-16, 2021 meeting by announcing no change in policy. While recognizing that inflation has risen, they attribute this mainly to "transitory factors" that will abate. However, the consensus of members is that the federal funds rate will be increased in 2023. |
Jun |
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2021 |
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FOMC Meeting 27-28/Apr/2021. Fed holds interest rates near zero, sees faster growth and higher inflation/ The Fed on Wednesday declined to let up on its easy money policy despite an economy that it acknowledged is accelerating. As expected, the U.S. central bank decided to keep short-term interest rates anchored near zero as it buys at least $120 billion of bonds each month.
The Federal Reserve on Wednesday kept its easy money policy in place despite an economy that it acknowledged is accelerating. As expected, the U.S. central bank decided to keep short-term interest rates anchored near zero as it buys at least $120 billion of bonds each month. The latter part of policy is a two-pronged effort to support an economy that grew strongly to start 2021 as well as to support market functioning at a time when 30-year mortgages still go for around 3%. Despite noting the economic strength as well as inflation that is on the rise, if just temporarily, the policymaking Federal Open Market Committee unanimously decided to make no changes in its approach and gave no indications that things will change anytime soon. |
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2021 |
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FOMC Meeting 16-17/Mar/2021. Fed sees stronger economy and higher inflation, but no rate hikes. The Federal Reserve kept rates anchored near zero and maintained the current pace of asset purchases, following the conclusion of this week’s meeting. Officials also upgraded expectations for GDP growth and inflation and cut estimates for the unemployment rate. More members foresee rate hikes in coming years, but not enough to change the forecast for none through at least 2023. The Federal Reserve on Wednesday sharply ramped up its expectations for economic growth but indicated that there are no interest rate hikes likely through 2023 despite an improving outlook and a turn this year to higher inflation. As widely expected, the policymaking Federal Open Market Committee also voted to keep short-term borrowing rates steady near zero, while continuing an asset purchase program in which the central bank buys at least $120 billion of bonds a month. The key changes came in how central bankers view the economic road ahead and what impact that could have on policy. |
Mar |
Meeting |
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2021 |
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FOMC Meeting 26-27/Jan/2021. The Federal Reserve kept its benchmark interest rate anchored near zero following the conclusion of its two-day meeting Wednesday.
Along with the commitment to zero rates, the central bank said it will keep buying at least $120 billion of bonds a month.
The post-meeting statement noted that growth has “moderated in recent months.”
In addition to repeating its belief that the path of the economy is dependent on the virus progression, the statement added “progress on vaccinations” to its watchlist.
The decision means that the fed funds rate, which serves as a benchmark for a variety of consumer debt instruments, will remain anchored in a range between 0% and 0.25% and most recently was trading at 0.08%.
The Fed took the rate to zero in the early days of the Covid-19 pandemic and has left it there since. In recent months, officials have made their commitment to low rates even more aggressive, vowing not to start hiking even if inflation gets close to or slightly exceeds the central bank’s 2% target. |
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Definitions | Explain |
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FOMC Meetings | Interest Rates |
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Today's Week |
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| FOMC MEETS 8 TIMES A YEAR |
Federal Open Market Committee (FOMC)
FOMC is the policy-making arm of the Federal Reserve.
The FOMC then determines whether short-term interest rates should be raised, lowered, or left unchanged to accomplish its objectives of healthy economic growth and low inflation.
Important: the FOMC can control inflation but they cannot control unemployment in the long run. That depends on many other factors.
The Federal Funds Target Rate is determined by a meeting of the members of the Federal Open Market Committee which normally occurs eight times a year about seven weeks apart.
Remember, the Federal Reserve uses Open market operations to influence the supply of money in the U.S. economy to make the Federal Funds Effective Rate follow the Federal Funds Target Rate.
By law, the FOMC must meet at least four times each year in Washington, D.C. Since 1981 the FOMC holds eight regularly scheduled meetings during the year and other meetings as needed.
- Beige Book: Come first.
- FOMC Meeting: Some can last 2 days
- FOMC Minutes: After 3 weeks of the meeting
- FOMC Forecast: After 3 weeks of the meeting
Beige Book
The U.S. central bank's "Summary of commentary on current economic conditions," otherwise known as the Beige Book, compiles results from a survey that Fed investigators take of businesses in the nine Federal Reserve districts.
Eight times a year, the Federal Reserve issues the Beige Book, a snapshot of business conditions in each of the Fed's 12 regional bank districts. The findings are all anecdotal; there are no numbers. The Beige Book is updated two weeks before each meeting of the Fed's policymaking meeting in Washington.
The idea is to detect trends in Consumer Spending, Manufacturing and Real Estate, among other areas. Consumer spending is particularly important because it accounts for about 70% of Gross Domestic Product (GDP) and also accounts for more than 2/3 of the economy, therefore it is indicative of the general health of the economy.
The Beige Book is compiled slightly more than a week before it's published. That makes it relatively current compared with many other economic indicators, which can lag a month or more behind the period they report on.
The Beige Book's formal title is the "Summary of Commentary on Current Economic Conditions by Federal Reserve District." The idea for it came in 1970 from Arthur Burns, then the Fed chairman.
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| DATA INFORMATION |
FOMC MEETINGS |
| SOURCE |
Federal Reserve Board of Governors |
| WEB |
www.federalreserve.gov |
| FREQUENCY |
Eight times a year |
| AVAILABILITY |
Late January, mid-March, late April, late June, mid-August, late September, early November, and mid-December |
| COVERAGE |
Not Applicable |
| REVISIONS |
Not Applicable |
| IMPORTANCE |
Interest Rates - Very Important |
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