Fed holds rates at 3.75%–4.00% in split October FOMC vote

The Federal Reserve left its benchmark federal funds target range unchanged at 3.75% to 4.00% on Oct. 28, 2026, a decision that drew two dissents and highlighted a difference inside the Federal Open Market Committee over whether policy should tighten further.

Evidence and context

In its Oct. 28 statement, released at 2:00 p.m. EDT, the Fed said economic activity has expanded at a strong pace. It described domestic spending as resilient, productivity growth as strong and capital investment as robust, while noting that job gains have kept pace with the workforce and unemployment has changed little. Inflation remained elevated, and the Committee said additional information would help determine the policy stance needed to return inflation to its 2% objective, according to the Federal Reserve.

The vote was 10-2. Lisa D. Cook and Beth M. Hammack dissented in favor of a 0.25-percentage-point increase, making the October decision a divided hold rather than a unanimous move. That contrasts with the Sept. 16, 2026 meeting, when the Committee raised rates by 0.25 percentage point to the same 3.75% to 4.00% range in a 12-0 vote, according to the Fed.

The October meeting did not include a scheduled Summary of Economic Projections. The next scheduled FOMC meeting is Dec. 8-9, 2026, and it is designated to include projections, according to the Federal Reserve calendar.