Fed rate decision · 28 October 2026
Policy rate held at 3.75–4.00%.
Decision
Fed funds target range
Expectation before the decision
The results of the survey collected before this decision have not been published yet, or there is no expectation recorded before the decision. They will appear here once published.
What changed in the statement?
The Fed held the federal funds target range at 3-3/4 to 4 percent after September's hike, saying further information will determine the appropriate stance, while two members dissented in favor of a hike.
- The Committee held the target range at 3-3/4 to 4 percent after September's 1/4 percentage point hike.
- The phrase "Today's policy action will support a timelier return" was replaced by language saying the accumulation of more information will help determine the policy stance appropriate to ensure a timely return of inflation to 2 percent.
- The vote shifted from 12–0 to 10–2, with Lisa D. Cook and Beth M. Hammack dissenting in favor of a 1/4 percentage point hike.
- The description of economic activity was upgraded from a "solid" to a "strong" pace.
- The statements that inflation remains elevated and that the Committee will deliver price stability were retained.
Tone of the statement: mixed, with changes in both directions — The shift from a hike to wait-and-see language ("accumulation of more information") is more dovish, but the upgrade of growth to "strong" and two dissents in favor of a hike lean hawkish.
Stance of the statement: +4.0 (hawkish) · previous statement +6.0 — Although rates were held, the statement stresses that inflation remains elevated, that the Committee will deliver price stability and that growth is strong, two members wanted a hike, and there is no hint of easing.
The summary, tone and score were produced by a language model (claude-code/opus, prompt version 2); they are no substitute for the official text. The score uses the same -10 (very dovish) to +10 (very hawkish) scale as the speeches.
Difference from the previous statement
56 words added, 14 words removed. Additions are underlined, removals struck through.
The Federal Open Market Committee approved the following statement for release by a [removed: 12] [added: 10] – [removed: 0] [added: 2] vote:
The Committee decided to [removed: raise] [added: maintain] the target range for the federal funds rate [removed: by 1/4 percentage point to] [added: at] 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a [removed: solid] [added: strong] pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated. [removed: Today's policy action] [added: The accumulation of more information] will [removed: support] [added: help the Committee determine the policy stance appropriate to ensure] a [removed: timelier] [added: timely] return [added: of inflation] to the Committee's 2 percent goal. The Committee will deliver price stability.
[added: Voting against the monetary policy action were Lisa D. Cook and Beth M. Hammack, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.]
Source: Board of Governors of the Federal Reserve System. The text is in the public domain. Official statement →
What do the minutes say?
The FOMC minutes have not been published yet; they usually follow three weeks after the decision, and a summary will appear here.