Federal Open Market Committee (FOMC)

Money Moves

Held rates at 3.75%-4% on Oct. 28; Cook and Hammack dissented in favor of a hike

The Federal Reserve held its benchmark rate at 3.75% to 4% on Oct. 28, a pause after September's quarter-point increase, the first hike since 2023. A stronger-than-expected October jobs report on Nov. 6 pushed traders to price about an 80% chance of another quarter-point increase at the Dec. 8-9 meeting, up from roughly 67% a day earlier.

Updated Yesterday

Rule Changes

As of May 2026: Held rates steady 10-2 in January 2026 with unprecedented dual-governor dissent; more hawkish voting roster in 2026

The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote. Governors Stephen Miran and Christopher Waller both dissented for a 25-basis-point cut — the first time two sitting governors have dissented together in decades.

Updated May 18

Rule Changes

As of May 2026: Deeply split on how fast to cut, but currently delivering quarter‑point moves.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December's third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated May 10