United States · USD
Federal Reserve: next decision, current federal funds target rate, consensus
As of 28 October 2026.
The next Federal Reserve federal funds target rate decision is confirmed for Wed 28 Oct 2026 at 18:00 UTC (28 Oct 14:00 (UTC-04:00)).
The federal funds target rate is currently 4%, after a +25 bp move on 16 Sep 2026.
FXMacroData forecast is 4.05%.
Federal Reserve rate facts
Every value is the latest published reading FXMacroData holds. A decision date appears only after the bank publishes it, and times are shown in UTC with the market-local time where the schedule supplies one.
| Current federal funds target rate | 4% Latest published reading, 16 Sep 2026 |
|---|---|
| Last change | +25 bp on 16 Sep 2026 |
| Next decision (UTC) | Confirmed · local 28 Oct 14:00 (UTC-04:00) |
| Consensus | 4.05% FXMacroData forecast · FXMacroData Blended |
| Meeting frequency | ~8x/year Published cadence for this series. FXMacroData never infers a decision date from a cadence rule. |
| Official source | Federal Reserve |
The full federal funds target rate history, decision by decision, is on the United States policy rate page. Upcoming dates come from the published release calendar, which currently reaches 04 Nov 2026 17:02 UTC.
How Federal Reserve sets policy
The Federal Reserve sets the federal funds target rate through the Federal Open Market Committee (FOMC), which holds eight scheduled meetings per year. Its dual mandate is maximum employment and price stability, with a long-run inflation goal of 2% measured by the core PCE deflator. Decisions are accompanied by a Summary of Economic Projections (SEP) and 'dot plot' four times a year.
Common questions
When is the next Federal Reserve rate decision?
The next Federal Reserve federal funds target rate decision is confirmed for Wed 28 Oct 2026 at 18:00 UTC, which is 28 Oct 14:00 (UTC-04:00) in the market's own time zone.
What is the current Federal Reserve federal funds target rate?
The Federal Reserve federal funds target rate is 4%, from the reading published on 16 Sep 2026. The last change was +25 bp on 16 Sep 2026.
How often does the Federal Reserve meet?
The federal funds target rate series is published ~8x/year. FXMacroData publishes a decision date only after the bank confirms it, so a cadence never stands in for a date.
How do I get Federal Reserve decisions from the API?
Call GET /v1/announcements/usd/policy_rate for the rate series with its release timestamps, and GET /v1/calendar/usd?indicator=policy_rate for the upcoming decision date. USD is open without a key; other currencies need a subscription key.