The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System that sets U.S. monetary policy, most visibly the target range for the federal funds rate. It consists of the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven Reserve Bank presidents on a rotating basis.

What is the current federal funds target range?

The current target range for the federal funds rate is 3.50%–3.75%, effective December 11, 2025 (a 25 basis point decrease), according to the Federal Reserve.

Fed Meeting Tracker

Q: What is the dot plot (Summary of Economic Projections)?

Four times a year (at the March, June, September, and December meetings) the FOMC publishes the Summary of Economic Projections (SEP). It includes the "dot plot," a chart showing where each participant expects the federal funds rate to be at the end of coming years. Markets watch it closely as a signal of the likely path of policy.

Next FOMC meeting countdown, calendar, and rate decision history

Free tool by Money365.Market · Data: Federal Reserve

Next FOMC Meeting

July 28–29, 2026

Days

Hours

Minutes

Seconds

Policy statement expected at 2:00 p.m. ET on the final meeting day, press conference at 2:30 p.m. ET.

Current Target Range

3.50%–3.75%

Unchanged since December 2025

Last Rate Change

−25 bp

Cut on December 10, 2025

Last Meeting

June 16–17, 2026

No change · 3.50–3.75%

Meetings Per Year

4 include the dot plot (SEP)

FOMC Calendar 2026

January 27–28No change · 3.50–3.75%
March 17–18No change · 3.50–3.75%Dot PlotAt this meeting the Fed also releases the Summary of Economic Projections (SEP), including the "dot plot" — each participant's projection of where interest rates are headed. These four meetings a year tend to move markets more than the others.
April 28–29No change · 3.50–3.75%
June 16–17No change · 3.50–3.75%Dot PlotAt this meeting the Fed also releases the Summary of Economic Projections (SEP), including the "dot plot" — each participant's projection of where interest rates are headed. These four meetings a year tend to move markets more than the others.
July 28–29← Next
September 15–16Dot PlotAt this meeting the Fed also releases the Summary of Economic Projections (SEP), including the "dot plot" — each participant's projection of where interest rates are headed. These four meetings a year tend to move markets more than the others.
October 27–28
December 8–9Dot PlotAt this meeting the Fed also releases the Summary of Economic Projections (SEP), including the "dot plot" — each participant's projection of where interest rates are headed. These four meetings a year tend to move markets more than the others.

FOMC Calendar 2027

January 26–27
March 16–17Dot PlotAt this meeting the Fed also releases the Summary of Economic Projections (SEP), including the "dot plot" — each participant's projection of where interest rates are headed. These four meetings a year tend to move markets more than the others.
April 27–28
June 8–9Dot PlotAt this meeting the Fed also releases the Summary of Economic Projections (SEP), including the "dot plot" — each participant's projection of where interest rates are headed. These four meetings a year tend to move markets more than the others.
July 27–28
September 14–15Dot PlotAt this meeting the Fed also releases the Summary of Economic Projections (SEP), including the "dot plot" — each participant's projection of where interest rates are headed. These four meetings a year tend to move markets more than the others.
October 26–27
December 7–8Dot PlotAt this meeting the Fed also releases the Summary of Economic Projections (SEP), including the "dot plot" — each participant's projection of where interest rates are headed. These four meetings a year tend to move markets more than the others.

Federal Funds Target Range Changes (2022–present)

Effective Date	Change	New Target Range (%)
December 11, 2025	−25 bp	3.50–3.75
October 30, 2025	−25 bp	3.75–4.00
September 18, 2025	−25 bp	4.00–4.25
December 19, 2024	−25 bp	4.25–4.50
November 8, 2024	−25 bp	4.50–4.75
September 19, 2024	−50 bp	4.75–5.00
July 27, 2023	+25 bp	5.25–5.50
May 4, 2023	+25 bp	5.00–5.25
March 23, 2023	+25 bp	4.75–5.00
February 2, 2023	+25 bp	4.50–4.75
December 15, 2022	+50 bp	4.25–4.50
November 3, 2022	+75 bp	3.75–4.00
September 22, 2022	+75 bp	3.00–3.25
July 28, 2022	+75 bp	2.25–2.50
June 16, 2022	+75 bp	1.50–1.75
May 5, 2022	+50 bp	0.75–1.00
March 17, 2022	+25 bp	0.25–0.50

Dates are as published by the Federal Reserve: the day the new target range became effective, which is typically the day after the FOMC announcement (for example, the December 10, 2025 decision took effect December 11, 2025). Meetings not listed resulted in no change to the target range. All four 2026 meetings to date (January, March, April, June) left the range unchanged.

Sources: Federal Reserve — Meeting calendars and information · Federal Reserve — Open Market Operations · Retrieved July 19, 2026. U.S. federal government works, public domain.

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Frequently Asked Questions

When is the next Fed meeting?

The next scheduled FOMC meeting is July 28–29, 2026. The FOMC holds eight regularly scheduled meetings per year — roughly every six weeks — and the full calendar is published by the Federal Reserve well in advance.

What is the FOMC?

The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System that sets U.S. monetary policy — most visibly the target range for the federal funds rate, which influences borrowing costs across the economy. It consists of the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four other Reserve Bank presidents who serve on a rotating basis.

What time is the Fed rate decision announced?

The FOMC policy statement is normally released at 2:00 p.m. Eastern Time on the final day of the meeting. The Fed Chair's press conference follows at 2:30 p.m. Eastern Time. Markets often move sharply in the minutes around both events.

What is the dot plot (Summary of Economic Projections)?

Four times a year — at the March, June, September, and December meetings — the FOMC publishes the Summary of Economic Projections (SEP). It includes the famous "dot plot," a chart in which each participant marks where they expect the federal funds rate to stand at the end of the coming years. Investors watch it closely as a signal of the likely path of interest rates, though it is a projection, not a commitment.

When are FOMC meeting minutes released?

The minutes of regularly scheduled FOMC meetings are released three weeks after the date of the policy decision. They provide a more detailed account of the discussion than the post-meeting statement and can themselves move markets.

Where does the data on this page come from?

Every date and rate on this page comes directly from the Federal Reserve's official website (federalreserve.gov) — the meeting calendar page and the open market operations page. As works of the U.S. federal government, the data is in the public domain. Each value carries its retrieval date, and the page is updated after every FOMC decision.

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Educational purposes only. Not financial advice.