FOMC meetings
Rate-move odds for each upcoming meeting from Fed Funds futures, and every past decision with how the market priced it. Daily record since July 30, 2025.
Upcoming meetings
| Meeting | Probabilities | Likeliest | Implied change | Days away |
|---|---|---|---|---|
| Dec 9, 2026SEP | 18%82% |
25bp hike 82% | +20 bp | 29 |
| Jan 27, 2027 | 74%26% |
Hold 74% | +7 bp | 78 |
| Mar 17, 2027SEP | 51%49% |
Hold 51% | +12 bp | 127 |
| Apr 28, 2027 | 89% |
Hold 89% | +3 bp | 169 |
| Jun 16, 2027SEP | 57%43% |
Hold 57% | +11 bp | 218 |
| Jul 28, 2027 | 15%85% |
Hold 85% | −4 bp | 260 |
| Sep 15, 2027SEP | 92% |
Hold 92% | +2 bp | 309 |
| Oct 27, 2027 | 100% |
Hold 100% | 0 bp | 351 |
| Dec 8, 2027SEP | not priced yet | — | — | — |
Probabilities from 30-day Fed Funds futures (/ZQ), as on Fed Watch. The futures price about eight meetings ahead; later meetings get odds as they come into range. SEP marks meetings with the Summary of Economic Projections (dot plot).
Past decisions
newest first| Meeting | Decision | Target range after | Odds a week before | Odds the day before | Favorite the day before |
|---|---|---|---|---|---|
| Oct 28, 2026 | Held | 3.75–4.00% | 84% | 92% | Hold 92% |
| Sep 16, 2026 | Raised 25 bp | 3.75–4.00% | 60% | 92% | 25bp hike 92% |
| Jul 29, 2026 | Held | 3.50–3.75% | 66% | 70% | Hold 70% |
| Jun 17, 2026 | Held | 3.50–3.75% | 100% | 93% | Hold 93% |
| Apr 29, 2026 | Held | 3.50–3.75% | 100% | 99% | Hold 99% |
| Mar 18, 2026 | Held | 3.50–3.75% | 100% | 98% | Hold 98% |
| Jan 28, 2026 | Held | 3.50–3.75% | 96% | 96% | Hold 96% |
| Dec 10, 2025 | Cut 25 bp | 3.50–3.75% | 94% | 94% | 25bp cut 94% |
| Oct 29, 2025 | Cut 25 bp | 3.75–4.00% | 100% | 92% | 25bp cut 92% |
| Sep 17, 2025 | Cut 25 bp | 4.00–4.25% | 94% | 98% | 25bp cut 98% |
Odds columns are the futures-implied probability of the outcome that happened, at the close a week before and the day before the decision.
Questions
When is the next FOMC meeting?
The next FOMC meeting is December 8–9, 2026, with the rate decision at 2:00 PM ET on December 9, 2026. Fed Funds futures price a 25 bp hike as the likeliest outcome (82%).
What did the Fed decide at its last meeting?
On October 28, 2026, the FOMC left the federal funds target range unchanged at 3.75–4.00%.
How often does the FOMC meet?
The Federal Open Market Committee holds eight scheduled meetings a year, each over two days. The decision and statement come at 2:00 PM ET on the second day. The March, June, September and December meetings also publish the Summary of Economic Projections (the dot plot).