The Fed rate meeting opened on October 27, 2026, with markets expecting policymakers to hold interest rates steady after raising them in September. The decision is due Wednesday, days before the US midterm elections.

Fed rate meeting follows September increase

At its September meeting, the Federal Open Market Committee raised its target range by 25 basis points to 3.75%–4.00%, its first rate increase in three years.

Since then, key policymakers have suggested there was no urgency to raise rates again, while hinting at the possibility of another increase in December. On Tuesday, CME's FedWatch tool put the probability of a rate hold at nearly 90%.

Decision comes ahead of midterm elections

Inflation has remained above the Fed's long-term 2% target for more than five years. The rate decision comes as President Donald Trump's Republican Party faces a Democratic challenge for control of Congress in the following week's midterm elections.

The Fed is scheduled to announce its decision at 2:00 p.m. local time on October 28, followed by a press conference with Chair Kevin Warsh.

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