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EconomyPast Article

The Fed Holds the Funds Range at 3.75%–4%

The October 28 statement records a 10–2 vote to leave the target unchanged. Lisa D. Cook and Beth M. Hammack preferred another quarter-point increase.

By Helen Voss, Rates Columnist

Washington1 min read

aerial view of city during nighttime
aerial view of city during nighttimePhoto by Denys Nevozhai on Unsplash

The Federal Open Market Committee left the target range for the federal funds rate at 3.75 to 4 percent on Wednesday, October 28, 2026. The statement says the vote was 10–2. Lisa D. Cook and Beth M. Hammack preferred to raise the range by a quarter point at this meeting.

In September the same committee had raised the range by a quarter point, 12–0, and had said inflation remained elevated. The October statement uses that phrase again. It also says economic activity is expanding at a strong pace, that domestic spending has been resilient, that job gains have kept pace with the workforce, and that the unemployment rate has changed little. The statement was released at 2 p.m. Eastern.

The implementation note keeps interest on reserve balances at 3.90 percent, effective October 29, and the primary credit rate at 4 percent. Overnight reverse repurchase agreements stay at an offering rate of 3.75 percent. The directive tells the Desk to keep the funds rate inside the existing range. The effective federal funds rate, as published by the St. Louis Fed, was 3.88 percent on October 28. That is a market rate inside the range, not the range itself.

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