Fed opens two-day meeting with rates at 3.75%–4.00% as hot inflation keeps a hike on the table
Policymakers begin deliberations on Tuesday and publish their decision at 2 p.m. Eastern on Wednesday. Most commentary expects a hold, but at least one major bank economist argues for a hike.
The short answer
- The FOMC meets October 27–28; the statement is due at 2 p.m. ET on Wednesday, October 28.
- The federal funds target range going into the meeting is 3.75%–4.00%.
- No new economic projections are published at this meeting.
The Federal Reserve's Federal Open Market Committee begins a two-day policy meeting on Tuesday, October 27, according to the Board's published calendar. The policy statement is scheduled for 2 p.m. Eastern Time on Wednesday, October 28, followed by the Chair's press conference.
The target range for the federal funds rate stands at 3.75%–4.00% going into the meeting, according to the Fed's H.15 selected interest rates release. The range was raised to that level at the September meeting.
October is not a projections meeting: the Summary of Economic Projections, including the so-called dot plot, is only published in March, June, September and December.
Why a hike is being discussed
Kiplinger's live coverage reports that a hold is widely expected, but quotes BofA Securities economist Aditya Bhave arguing that "the inflation picture has gotten worse on net since the September meeting." US consumer prices rose 3.7% in the 12 months to September, according to the Bureau of Labor Statistics.
Energy has been the main driver. The BLS said gasoline prices rose 9.1% in September alone, accounting for over half of the monthly increase in the all-items index.
Markets will also be reading the meeting alongside quarterly results from Microsoft, Alphabet, Amazon and Apple, several of which report on the same days.
What is still unclear
- Whether the Committee holds or hikes is not known until the 2 p.m. ET statement on October 28.
- How many members, if any, dissent.
Sources
- Calendar: October 2026 — Federal Reserve Board
- H.15 Selected Interest Rates — Federal Reserve Board
- October Fed Meeting: Live Updates and Commentary — Kiplinger via Yahoo Finance
- Consumer Price Index — September 2026 — U.S. Bureau of Labor Statistics
Spotted an error? Tell our corrections desk.
How this article was produced
- Responsible desk:
- Markets
- Published:
- 27 Oct 2026, 08:12 UTC
- Last updated:
- 27 Oct 2026, 08:12 UTC
- Verification:
- Figures and quotations checked against primary sources under our fact-checking policy and editorial standards.
- Independence:
- No advertiser or affiliate partner had any involvement in this article — see editorial independence and how we make money.
- Corrections:
- Report a factual error.
This article is general financial information and journalism, not personalised financial, investment, tax or legal advice.