The Fed held its policy rate at 3.75%–4.00% in October, after raising it in September.

The October 28 decision passed 10–2; Lisa Cook and Beth Hammack favored a quarter-point increase. The Fed continues to maintain ample reserves, rolling over Treasury principal and reinvesting agency principal in Treasury bills. Decision and implementation note

In September, policymakers’ median projection for the year-end 2026 policy rate rose to 4.1% from 3.8% in June. That is a forecast, not an adopted rate decision. September meeting minutes said most participants thought another increase would likely be appropriate by year-end, depending on incoming information. Projections | Minutes

The next scheduled meeting is December 8–9, with updated projections expected. Calendar