Federal Reserve keeps the federal funds target range unchanged as two members dissent for a rise

28 October 2026

The Federal Open Market Committee of the United States Federal Reserve decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent. The statement said economic activity is growing strongly, domestic spending has held up despite elevated uncertainty, the unemployment rate has barely moved and inflation remains elevated. The Committee said it will gather more information to decide the policy stance needed to bring inflation back to its 2 percent goal in a timely way, and will keep maintaining a sufficient supply of reserves in the banking system. The decision passed by ten votes to two. Lisa D. Cook and Beth M. Hammack voted against, both preferring an increase of a quarter of a percentage point.