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Federal Reserve

The Fed last raised to 3.75%–4.00%.

Tracking every FOMC decision, the target range, and what the Fed's own projections say about the next meeting.

Fed funds rate · actual & projectedTarget range midpoint
Dec 24: 4.38%Jan 25: 4.38%Feb 25: 4.38%Mar 25: 4.38%Apr 25: 4.38%May 25: 4.38%Jun 25: 4.38%Jul 25: 4.38%Aug 25: 4.38%Sep 25: 4.13%Oct 25: 3.88%Nov 25: 3.88%Dec 25: 3.63%Jan 26: 3.63%Feb 26: 3.63%Mar 26: 3.63%Apr 26: 3.63%May 26: 3.63%Jun 26: 3.63%Jul 26: 3.63%Aug 26: 3.63%Sep 26: 3.88%Oct 26: 3.88%Nov 26: 3.88%Dec 26 projected: 4.10%4.63%Dec 24Apr 25Aug 25Dec 25Apr 26Aug 26Nov 26Projected
Next FOMC decisionDec 9, 2026Statement at 2:00 PM ET · Powell press conference to followHikesFed's projected path
What the Fed's projections imply

The target range stands at 3.75%–4.00%, a 3.88% midpoint. The FOMC's median projection for end of 2026 is 4.100% — 22 bps above today, implying tightening. Further out, longer run sits at 3.200%. Projections as of Sep 2026.

MonthTarget rateMove
Nov 20263.875%Held
Oct 20263.875%Held
Sep 20263.875%+25bp
Aug 20263.625%Held
Jul 20263.625%Held
Jun 20263.625%Held
The Fed's own projections

Where the Fed sees rates from here

The median projection from the FOMC's Summary of Economic Projections — released quarterly alongside the “dot plot.”

End of 20264.100%22 bps above today's 3.88% midpoint
End of 20274.100%22 bps above today's 3.88% midpoint
End of 20283.900%2 bps above today's 3.88% midpoint
End of 20293.600%27 bps below today's 3.88% midpoint
Longer run3.200%67 bps below today's 3.88% midpoint