Federal Reserve Meeting Schedule & Prime Rate Decision Dates

2026 FOMC Meeting Schedule

The Federal Reserve publishes the FOMC meeting schedule a year in advance. Here are all 8 meetings for 2026 with market expectations for each:

★ = Meeting includes updated Summary of Economic Projections (SEP) and “dot plot.” These are the highest-impact meetings because they reveal individual FOMC members’ rate forecasts for the coming years.

How FOMC Meetings Work

Each FOMC meeting follows a structured two-day format set by the Federal Reserve Board:

Day 1 (Tuesday): Staff presentations on economic conditions, financial markets, and the outlook. FOMC members discuss their views on the economy, inflation, and employment. No public statements are released.

Day 2 (Wednesday): The committee votes on the federal funds rate target range. At exactly 2:00 PM ET, the Fed releases a policy statement with the rate decision and forward guidance language. At 2:30 PM, the Fed Chair holds a press conference answering questions from financial journalists.

Who votes: The FOMC has 12 voting members: the 7 members of the Federal Reserve Board of Governors and 5 of the 12 Federal Reserve Bank presidents (the NY Fed president always votes; the other 4 rotate annually). All 19 participants contribute to the discussion and dot plot projections. The current Board members include Chair Kevin Warsh.

The dot plot (SEP meetings only): At 4 of the 8 meetings (marked with ★), the Fed releases the Summary of Economic Projections, including the “dot plot” — a chart showing each FOMC participant’s forecast for the federal funds rate at year-end for the current year, next year, and two years out. The median dot is the market’s primary signal for the rate path ahead. Review the rate trajectory with our Prime Rate Forecast Calculator.

Recent FOMC Rate Decisions

After an aggressive easing cycle, the Fed reversed course in September 2026 with its first hike since 2023. Here is every FOMC decision since the first cut in September 2024:

Total easing was 1.75 percentage points across five cuts, before the Fed reversed with a 25-basis-point hike on September 16, 2026 that lifted prime to 7.00%. For the full historical timeline, see our Prime Rate History page.

What to Watch Before Each Meeting

The FOMC does not surprise the market. Rate decisions are heavily telegraphed through data releases and Fed speeches in the weeks before each meeting. Here are the key indicators to watch:

CPI and PCE inflation. The Fed targets 2% inflation measured by core PCE (Personal Consumption Expenditures). If core PCE is above 2.5%, the Fed is unlikely to cut. If it is trending toward 2%, cuts become more likely. The Bureau of Labor Statistics releases CPI monthly, and the Bureau of Economic Analysis releases PCE data.

Employment data. The monthly jobs report (first Friday of each month) shows nonfarm payrolls, unemployment rate, and wage growth. A weakening labor market supports rate cuts; strong employment growth supports holding.

CME FedWatch. The CME FedWatch Tool translates federal funds futures into meeting-by-meeting probability estimates. If FedWatch shows 80%+ probability of a cut, the market has already priced it in. If it shows 50/50, the meeting outcome is genuinely uncertain.

Fed speeches. FOMC members give public speeches and interviews between meetings. Hawkish language (“need to see more progress on inflation”) signals a hold. Dovish language (“risks are balanced,” “labor market softening”) signals openness to cutting. The Fed’s speech calendar tracks all upcoming appearances.

How FOMC Decisions Affect Your Rates

The speed at which an FOMC rate decision flows through to your accounts depends on the product:

For detailed analysis of how each product responds, see our dedicated guides: credit cards, mortgages/HELOCs, business loans, and personal loans.

When Is the Next Fed Meeting?

The Federal Open Market Committee completed its September 15–16, 2026 meeting on September 16 by raising the target range a quarter point to 3.75%–4.00% — its first hike since 2023 — which lifted the prime rate to 7.00%. Because September was an SEP meeting, it included an updated Summary of Economic Projections and dot plot pointing to a higher path for rates. The next FOMC meeting is October 27–28, 2026, a non-SEP meeting that will not include updated projections or a dot plot.

Markets currently see the October meeting as a close call between a hold and another hike, according to the CME FedWatch Tool, with the updated dot plot pointing to a higher path for rates. With the prime rate now at 7.00%, borrowers with variable-rate products — credit cards, HELOCs, and SBA 7(a) loans — face higher costs and should not expect relief in the near term. The latest data reinforces that stance: the August CPI report showed inflation at 3.4% year over year, still above target, while the August jobs report put unemployment at 4.1% — a combination that keeps further tightening on the table.

What Is the Federal Reserve Meeting Schedule for 2026?

The FOMC meets 8 times per year on a pre-announced schedule published by the Federal Reserve Board. For 2026, the complete meeting dates are: January 27–28, March 17–18 (with SEP/dot plot), April 28–29, June 16–17 (SEP), July 28–29, September 15–16 (SEP), October 27–28, and December 8–9 (SEP). The four SEP meetings — marked with a star (★) in the schedule table above — are the highest-impact for markets because they include the Summary of Economic Projections and dot plot, giving the clearest signal on the Fed’s rate path.

If you are timing a major financial decision around interest rates — such as refinancing a mortgage, locking a HELOC rate, or applying for a personal loan — the SEP meetings provide the most forward guidance. Non-SEP meetings (April, July, October) can still deliver rate changes, but they typically confirm or maintain the trajectory set at the previous dot-plot meeting rather than charting a new course.

What Did the Fed Decide at the Last Meeting?

At the September 15–16, 2026 FOMC meeting, the Federal Reserve raised the federal funds rate by 25 basis points to 3.75%–4.00%, lifting the prime rate to 7.00% — its first hike since 2023. The committee cited persistent, still-elevated inflation as the reason for reversing the easing cycle that delivered five rate cuts between September 2024 and December 2025.

The updated September dot plot points to a higher path for rates, leaving the door open to another increase before year-end. Markets read the meeting as hawkish, and the 10-year Treasury yield has climbed to about 5.00%. For borrowers, the practical implication is that variable-rate costs have risen and are likely to stay elevated, with any further move more likely to be a hike than a cut.

Why Did the Fed Raise Rates?

The Fed raised rates in September 2026 for one primary reason: sticky inflation. Headline CPI was running at 3.4% year over year, still well above the 2% target, driven by persistent shelter and services costs. After pausing its easing cycle earlier in the year, the committee judged that inflation was not cooling quickly enough and moved to tighten policy for the first time since 2023.

The labor market, while gradually cooling, has not deteriorated enough to offset the inflation concern. Unemployment sits at roughly 4.1%. The committee’s dual mandate requires balancing price stability with maximum employment, and with employment still holding up, the calculus favored addressing inflation directly. The Fed has emphasized it wants to see “sustained progress toward 2%” before it would consider easing again.

Will the Fed Hike Again Next?

The September 15–16, 2026 meeting concluded with a 25-basis-point hike to 3.75%–4.00% — the Fed’s first increase since 2023. The next decision is at the October 27–28 meeting, where the CME FedWatch Tool shows markets split between a hold and another quarter-point increase. With inflation still above target, a follow-up hike is very much on the table.

The next SEP meeting is December 8–9, which gives the committee a natural opportunity to update its projections and dot plot for the rate path ahead. If price pressures persist, another hike between now and year-end would push prime to 7.25%. If inflation cools convincingly toward 2%, the Fed could pause. If you are timing a major borrowing decision, the October and December meetings are the ones to watch most closely.

Will the Fed Raise Rates Again in 2026?

After the September hike to 3.75%–4.00%, the FOMC’s updated projections lean toward a higher path for rates, and futures markets assign meaningful odds to one more 25-basis-point increase before year-end — which would bring the fed funds rate to 4.00%–4.25% and the prime rate to 7.25%. Whether the Fed follows through depends on how quickly inflation cools back toward the 2% target.

For consumers, the practical range of outcomes is: base case, prime holds at 7.00% into year-end; hawkish case, one more hike takes prime to 7.25%; dovish case, the Fed pauses and holds if inflation cools. If you carry variable-rate debt, another quarter-point hike on a $30,000 balance adds roughly $75 per year in interest. Track the real-time probability of each scenario with the CME FedWatch Tool.

What Will the Fed Decide at the Next Meeting?

At the October 27–28 meeting, the outcome is a close call between a hold at 3.75%–4.00% and another quarter-point hike. The committee will be weighing the September jobs report and the latest inflation readings. Watch the statement language for any change in how the Fed characterizes inflation risks — firmer language would point toward a follow-up hike, while a softer tone would suggest a pause.

The Fed Chair’s press conference will be the main event. Reporters will press on whether another hike is coming and on the inflation outlook. If the Fed stresses that inflation remains too high, markets will price in higher odds of a follow-up increase, and borrowers should prepare for steady-to-higher variable rates. Fixed-rate products like mortgages and CDs move more on the 10-year Treasury yield, which has already risen sharply alongside the shift in the Fed’s stance.

Frequently Asked Questions About the Fed Meeting Schedule

When is the next Federal Reserve meeting?

The most recent FOMC meeting concluded on September 16, 2026, with the Fed raising the target range by 25 basis points to 3.75%–4.00% — its first hike since 2023 — which lifted the prime rate to 7.00%. The next FOMC meeting is on October 27–28, 2026, where markets are split between another hold and a further quarter-point hike. October is a non-SEP meeting; the following meeting, December 8–9, will include an updated Summary of Economic Projections.

How many times does the Fed meet per year?

The FOMC meets 8 times per year on a pre-announced schedule, typically spaced 6–8 weeks apart. Four of those meetings (March, June, September, December) include the Summary of Economic Projections and the closely watched dot plot, making them the highest-impact meetings for markets. The Federal Reserve publishes the full calendar a year in advance. In extraordinary circumstances, the Fed can also call unscheduled emergency meetings — the last time this happened was March 2020 during the COVID-19 crisis, when the committee cut rates to near-zero in two emergency sessions.

When does the prime rate change after a Fed meeting?

The prime rate changes within one business day of an FOMC rate decision. If the Fed announces a cut at 2:00 PM on a Wednesday, major banks update their posted prime rate by Thursday morning. The prime rate is calculated as the federal funds rate upper bound plus 3 percentage points, so a 25-basis-point Fed cut automatically means a 25-basis-point drop in prime. Downstream effects vary by product: credit card rates adjust on the next billing cycle (typically 1–2 months), HELOCs within 30 days, auto loans on new originations only, and SBA loans at the next quarterly reset date.

What is the dot plot?

The dot plot is a chart released at 4 of the 8 FOMC meetings (March, June, September, December) that shows each of the 19 FOMC participants’ individual forecasts for where the federal funds rate will be at the end of the current year, the next two years, and the “longer run.” The median dot is what markets focus on most, as it represents the central tendency of the committee’s rate outlook. For example, the September 2026 dot plot points to a higher path for rates, leaving the door open to a further hike this year. Investors and borrowers can use the dot plot alongside the CME FedWatch Tool to gauge whether market expectations align with the Fed’s own forecasts.

Will the Fed cut rates in 2026?

Not on current projections. After hiking in September 2026 to 3.75%–4.00%, the Fed’s dot plot leans toward a higher path for rates, and futures markets price in the possibility of one more increase before year-end rather than a cut. Whether the Fed hikes again depends heavily on inflation data: if it cools convincingly toward 2%, the committee could pause; if it stays elevated, another increase is likely.

How do I prepare for an FOMC meeting?

Start by checking the CME FedWatch Tool the week before the meeting to see the market-implied probability of a rate change. Then review the latest CPI and jobs data releases, as these are the two indicators the Fed weighs most heavily. If you have variable-rate debt (credit cards, HELOCs, adjustable-rate mortgages), a cut means your payments will decrease — potentially saving hundreds per year. If a hold is expected, no changes to your financial plan are needed. For major decisions like refinancing a mortgage or locking a fixed-rate personal loan, wait until after the meeting for certainty on the rate direction.

What did the Fed do at the last meeting?

At the September 15–16, 2026 FOMC meeting, the Federal Reserve raised the federal funds rate by 25 basis points to 3.75%–4.00%, lifting the prime rate to 7.00% — its first hike since 2023. The committee cited persistent, still-elevated inflation as the reason for reversing the easing cycle that delivered five cuts between September 2024 and December 2025. Markets interpreted the meeting as hawkish, pushing the 10-year Treasury yield to about 5.00%.

How many times will the Fed cut rates in 2026?

After hiking in September 2026, the Fed’s dot plot leans toward a higher path for rates, and the CME FedWatch Tool shows markets pricing in the possibility of one more 25-basis-point increase before year-end rather than a cut. The actual path depends on inflation data: if inflation cools convincingly toward 2%, the Fed can pause; if it stays elevated, another hike is likely. Borrowers with variable-rate products should watch the September and October CPI reports closely.

How do Fed rate decisions affect mortgage rates?

The Fed does not set mortgage rates directly, but its decisions have a strong indirect effect on where they land. Lenders price 30-year fixed mortgages off the 10-year Treasury yield, which responds to the Fed’s rate moves and — more importantly — its forward guidance on the rate path ahead. When the Fed signals future cuts, Treasury yields typically fall and mortgage rates follow. However, mortgage rates also depend on inflation expectations and investor demand for mortgage-backed securities. Even as the Fed cut through 2024–2025, the 30-year fixed rate stayed elevated, and it has moved up toward 6.8% as long-term yields rose alongside the Fed’s September 2026 hike and sticky inflation expectations.

How do Fed rate decisions affect personal loans?

Personal loan rates respond to the Fed more directly than mortgage rates because lenders set their pricing based on the current prime rate, which equals the fed funds upper bound plus 3 percentage points. When the Fed raises rates, lenders lift the rates they offer to new borrowers — though existing fixed-rate loans stay at their original rate. With the Fed reversing course and hiking in September 2026, new personal loan pricing is likely to edge higher rather than lower in the near term. If inflation cools and the Fed later pauses or eases, new offers could improve again. Compare current rates at Compare Best Personal Loans.

Related Resources

• Current prime rate: 7.00%
• The Prime Rate: Complete Guide
• Prime Rate Forecast 2026
• Prime Rate History
• Prime Rate vs Fed Funds vs SOFR

References

• Federal Reserve — FOMC Meeting Calendar
• Federal Reserve — FOMC Statements and Minutes
• Federal Reserve — Board of Governors
• Federal Reserve — Speech Calendar
• CME Group — FedWatch Tool
• BLS — Consumer Price Index
• BEA — PCE Price Index
• BLS — Employment Situation Report
• FRED — Bank Prime Loan Rate
• Federal Reserve — H.15 Selected Interest Rates

Calculators

• Prime Rate Impact Calculator
• Rate History & Forecast Calculator
• Variable vs Fixed Rate Calculator
• Credit Card Calculator
• Loan Payment Calculator
• Savings Calculator