Federal Reserve Meeting Schedule & Prime Rate Decision Dates
Complete 2026 FOMC calendar with rate expectations, how meetings work, and what each decision means for your loans
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Fed Meeting Schedule
When Is the Next Federal Reserve Meeting?
The Federal Open Market Committee (FOMC) meets 8 times per year to set the federal funds rate, which directly determines the prime rate (currently 6.75%). The next FOMC meeting is May 6–7, 2026, where markets expect the Fed to hold rates steady. The most recent meeting (March 18–19, 2026) held the federal funds rate unchanged at 3.50%–3.75%. Below is the complete 2026 FOMC schedule with market rate expectations for each meeting.
Key Facts
- The FOMC meets 8 times per year on a pre-announced schedule. Meetings are typically Tuesday–Wednesday, with the rate decision and statement released at 2:00 PM ET on the final day.
- The Fed has cut rates 5 times since September 2024, bringing the federal funds rate from 5.25%–5.50% to 3.50%–3.75% and prime from 8.50% to 6.75%.
- Markets currently expect 1–2 additional cuts in H2 2026, potentially bringing prime to 6.25%–6.50% by year-end.
- 4 of the 8 meetings include updated Summary of Economic Projections (SEP) and the “dot plot” showing individual FOMC members’ rate forecasts — these meetings carry more market-moving potential.
- The prime rate changes within one business day of an FOMC rate decision. If the Fed cuts on a Wednesday, prime drops by Thursday morning.
On This Page
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 Dates | Statement Date | SEP/Dot Plot? | Market Expectation | Expected Prime After | Status |
|---|---|---|---|---|---|
| Jan 28–29 | Jan 29 | No | Hold | 6.75% | ✓ Completed — Held |
| Mar 18–19 | Mar 19 | Yes ★ | Hold | 6.75% | ✓ Completed — Held |
| May 6–7 | May 7 | No | Hold (~85%) | 6.75% | ▶ NEXT |
| Jun 16–17 | Jun 17 | Yes ★ | Cut possible (~40%) | 6.50%–6.75% | Upcoming |
| Jul 29–30 | Jul 30 | No | Data dependent | 6.50%–6.75% | Upcoming |
| Sep 16–17 | Sep 17 | Yes ★ | Cut likely (~60%) | 6.25%–6.50% | Upcoming |
| Oct 28–29 | Oct 29 | No | Data dependent | 6.25%–6.50% | Upcoming |
| Dec 15–16 | Dec 16 | Yes ★ | Cut possible | 6.25%–6.50% | Upcoming |
★ = 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 Jerome Powell.
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.
2024–2025 FOMC Rate Decisions
The most recent easing cycle has been one of the most aggressive since 2020. Here is every FOMC decision since the first cut in September 2024:
| FOMC Meeting | Decision | Fed Funds Rate After | Prime Rate After | Vote |
|---|---|---|---|---|
| Mar 18–19, 2026 | Hold | 3.50%–3.75% | 6.75% | Unanimous |
| Jan 28–29, 2026 | Hold | 3.50%–3.75% | 6.75% | Unanimous |
| Dec 10, 2025 | ↓ Cut 0.25% | 3.50%–3.75% | 6.75% | 11–1 |
| Oct 29, 2025 | ↓ Cut 0.25% | 3.75%–4.00% | 7.00% | Unanimous |
| Jun 11, 2025 | ↓ Cut 0.25% | 4.00%–4.25% | 7.25% | Unanimous |
| Nov 7, 2024 | ↓ Cut 0.25% | 4.25%–4.50% | 7.50% | Unanimous |
| Sep 18, 2024 | ↓ Cut 0.50% | 4.50%–4.75% | 8.00% | 11–1 |
Total easing: 1.75 percentage points in five cuts over 15 months. The September 2024 “jumbo” 50bp cut was the largest single move since March 2020. 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:
| Product | Time to Adjust | How It Works |
|---|---|---|
| Prime rate | 1 business day | Banks update the next morning |
| Credit cards | 1 billing cycle | New rate on next statement |
| HELOCs | 1 month | Adjusts on look-back date |
| SBA 7(a) variable | 1 quarter | Quarterly adjustment cycle |
| Savings accounts | 1–4 weeks | Banks adjust APY gradually |
| New personal loans | 4–8 weeks | Lenders update pricing algorithms |
| Fixed mortgages | Indirect | Tied to Treasuries, not prime |
For detailed analysis of how each product responds, see our dedicated guides: credit cards, mortgages/HELOCs, business loans, and personal loans.
Frequently Asked Questions
When is the next Federal Reserve meeting?
The next FOMC meeting is May 6–7, 2026. The rate decision and policy statement will be released at 2:00 PM ET on Wednesday, May 7. A press conference follows at 2:30 PM ET. Markets currently expect the Fed to hold rates steady.
How many times does the Fed meet per year?
The FOMC meets 8 times per year on a pre-announced schedule, typically every 6–8 weeks. Four of the eight meetings include the Summary of Economic Projections and dot plot. The Fed can also call emergency meetings if economic conditions require it (last done in March 2020).
When does the prime rate change after a Fed meeting?
Within one business day. If the Fed announces a rate change at 2:00 PM on a Wednesday, banks update their posted prime rate by Thursday morning. Credit cards adjust on the next billing cycle, HELOCs within a month, and SBA loans within one quarter.
What is the dot plot?
The dot plot is a chart showing each of the 19 FOMC participants’ individual forecasts for the federal funds rate at year-end. The median dot is the primary signal for the market’s rate path expectations. It is released at 4 of the 8 meetings (March, June, September, December).
Will the Fed cut rates in 2026?
Markets expect 1–2 additional cuts in the second half of 2026. The June and September meetings are the most likely candidates. However, persistent inflation above 2.5% could delay or eliminate further cuts. The CME FedWatch Tool provides real-time probability estimates.
How do I prepare for an FOMC meeting?
Check the CME FedWatch Tool the week before for rate probabilities. Review the latest CPI and jobs data. If a cut is likely and you have variable-rate debt, your payments will decrease. If a hold is expected, no changes to plan. For major financial decisions, wait until after the meeting for certainty.
Related Resources
- Current Prime Rate: 6.75%
- 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