When is the next Fed decision?

The dates are on our economic calendar (/data/economic-calendar). The statement comes at 2:00 PM Eastern on the second day of each meeting, followed by the Chair's press conference at 2:30.

Why show the upper bound?

The Fed targets a range, such as 3.75–4.00%. Headlines quote the upper bound, and the effective rate trades a few basis points below it.

Federal Funds Target Rate

4.00%

unchanged vs Sep 26

As of Sep 27, 2026 · Updated each business day · Source: Federal Reserve target range, upper limit, via FRED

Federal Funds Target RateSep 28, 2021 – Sep 27, 2026

4.00%

Sep 26, 2026

One year ago

4.25%

−25 bp since

52-week high

4.25%

Sep 27, 2025

52-week low

3.75%

Dec 11, 2025

Related series

Range lower bound: 3.75%Sep 27
Effective rate: 3.88%Sep 24

What this number is

The upper bound of the Federal Reserve's target range for the federal funds rate, the overnight rate banks charge each other. The FOMC sets it at eight scheduled meetings a year; the range is a quarter point wide.

Why it matters

It anchors every short-term rate in the economy: credit cards, auto loans, money-market yields and the interest on Treasury bills. Markets trade the expected path of this rate months ahead, which is why the decision itself rarely moves prices as much as the statement's hints about the next one.

Questions readers ask

When is the next Fed decision?: The dates are on our economic calendar (/data/economic-calendar). The statement comes at 2:00 PM Eastern on the second day of each meeting, followed by the Chair's press conference at 2:30.
Why show the upper bound?: The Fed targets a range, such as 3.75–4.00%. Headlines quote the upper bound, and the effective rate trades a few basis points below it.

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