Historical FOMC Press Conferences

The Federal Open Market Committee, which sets US monetary policy including the target range for the federal funds rate (what banks charge each other overnight), holds eight scheduled meetings a year, about six weeks apart. It announces its decision in a statement at 2:00 p.m. Eastern at the end of each meeting, and the Chair takes questions from reporters at a press conference half an hour later: after every meeting since 2019, and after four meetings a year from April 2011. Each press conference below links to the points the Chair made, the opening statement and the full transcript.

2026

• July 29, 2026
  Target range 3.50–3.75% unchanged · Dissents: Hammack ↑, Kashkari ↑, Logan ↑ · Tone: Balanced +0.18
  The chair said the increase in market interest rates between FOMC meetings ranked around the top decile of the most significant moves in the last two decades.
• June 17, 2026
  Target range 3.50–3.75% unchanged · Tone: Balanced +0.25
  The chairman announced the appointment of five task forces covering Fed communications, the balance sheet, data sources, productivity and jobs, and inflation frameworks, with work expected to begin in the coming weeks and most concluding by year-end.
• April 29, 2026
  Target range 3.50–3.75% unchanged · Dissents: Hammack, Kashkari, Logan, Miran ↓ · Tone: Balanced +0.19
  Powell said the unemployment rate was 4.3 percent in March, a figure not in the statement.
• March 18, 2026
  Target range 3.50–3.75% unchanged · Dissents: Miran ↓ · Tone: Balanced +0.04
  The median SEP projection for real GDP growth this year is 2.4 percent, up from the December projection.
• January 28, 2026
  Target range 3.50–3.75% unchanged · Dissents: Miran ↓, Waller ↓ · Tone: Balanced +0.05
  The chair said the federal funds rate is within a range of plausible estimates of neutral after cumulative cuts of 175 basis points since September 2024.

2025

• December 10, 2025
  Target range 3.50–3.75% ▼ cut 0.25 pp · Dissents: Goolsbee ↑, Miran ↓, Schmid ↑ · Tone: Leaning dovish -0.74
  The chair said the federal government shutdown likely weighed on economic activity in the current quarter, with effects mostly offset by higher growth next quarter.
• October 29, 2025
  Target range 3.75–4.00% ▼ cut 0.25 pp · Dissents: Miran ↓, Schmid ↑ · Tone: Leaning dovish -0.66
  The chair said GDP rose at a 1.6 percent pace in the first half of the year, down from 2.4 percent last year, with data prior to the shutdown suggesting a firmer growth trajectory than expected, mainly due to stronger consumer spending.
• September 17, 2025
  Target range 4.00–4.25% ▼ cut 0.25 pp · Dissents: Miran ↓ · Tone: Leaning dovish -0.69
  The chair said GDP rose at a pace of around 1½ percent in the first half of the year, down from 2.5 percent last year, with the moderation largely reflecting a slowdown in consumer spending.
• July 30, 2025
  Target range 4.25–4.50% unchanged · Dissents: Bowman ↓, Waller ↓ · Tone: Balanced +0.19
  Chair Powell said GDP rose at a 1.2 percent pace in the first half of the year, down from 2.5 percent last year, with a stronger 3 percent increase in the second quarter.
• June 18, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.25
  The chair said the median FOMC participant projects GDP growth of 1.4 percent this year and 1.6 percent next year, slower than the March projections.
• May 7, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.11
  The chair said the first-quarter GDP decline was likely driven by businesses importing goods ahead of potential tariffs, and that private domestic final purchases grew at a solid 3 percent rate in the first quarter.
• March 19, 2025
  Target range 4.25–4.50% unchanged · Dissents: Waller · Tone: Balanced +0.16
  The chair said the median FOMC participant projects GDP to rise 1.7 percent this year, lower than the December projection, and a bit below 2 percent over the next two years.
• January 29, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.21
  The Chair said the economy is "strong overall" and has made "significant progress" toward the Fed's goals over the past two years.

2024

• December 18, 2024
  Target range 4.25–4.50% ▼ cut 0.25 pp · Dissents: Hammack ↑ · Tone: Leaning dovish -0.51
  The chair said the economy grew at an annual rate of 2.8 percent in the third quarter, about the same pace as the second quarter.
• November 7, 2024
  Target range 4.50–4.75% ▼ cut 0.25 pp · Tone: Leaning dovish -0.53
  The chair said the economy is strong overall and has made significant progress toward the Fed's goals over the past two years.
• September 18, 2024
  Target range 4.75–5.00% ▼ cut 0.50 pp · Dissents: Bowman ↑ · Tone: Leaning dovish -0.65
  Chair Powell said the FOMC's decision to cut by 50 basis points was supported by data since the last meeting, including two employment reports, two inflation reports, and the QCEW report suggesting payroll numbers may be revised down.
• July 31, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.47
  The chair said the economy has made considerable progress toward both goals over the past two years, with inflation easing from a peak of 7 percent to 2.5 percent.
• June 12, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.55
  The chair said inflation has eased from a peak of 7 percent to 2.7 percent, a figure not in the statement.
• May 1, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.55
  The chair said that private domestic final purchases grew at 3.1 percent in the first quarter, matching the strength of the second half of 2023, despite overall GDP growth moderating to 1.6 percent.
• March 20, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.53
  Chair Powell stated that the median projection for the federal funds rate is 4.6 percent at the end of 2024, 3.9 percent at the end of 2025, and 3.1 percent at the end of 2026.
• January 31, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.54
  The chair said the FOMC believes the policy rate is likely at its peak for this tightening cycle and that it will likely be appropriate to begin dialing back policy restraint at some point this year.

2023

• December 13, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.51
  The chair said the FOMC has raised the policy rate by 5¼ percentage points since early last year and reduced securities holdings by more than $1 trillion.
• November 1, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.64
  The chair said the FOMC has raised the policy interest rate by 5¼ percentage points since early last year.
• September 20, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.64
  The chair said the median SEP projection for the federal funds rate is 5.6 percent at the end of 2023, 5.1 percent at the end of 2024, and 3.9 percent at the end of 2025, with the 2024 and 2025 medians revised up by half a percentage point from June.
• July 26, 2023
  Target range 5.25–5.50% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.81
  The chair said the FOMC had raised the policy rate by 5¼ percentage points since early last year.
• June 14, 2023
  Target range 5.00–5.25% unchanged · Tone: Leaning hawkish +0.54
  The chair said the FOMC has raised the policy interest rate by 5 percentage points since early last year.
• May 3, 2023
  Target range 5.00–5.25% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.79
  The chair said the FOMC removed the sentence from the March statement that "anticipates that some additional policy firming may be appropriate," replacing it with language about taking into account cumulative tightening, lags, and economic developments, marking a meaningful change in forward guidance.
• March 22, 2023
  Target range 4.75–5.00% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.87
  The chair said the Federal Reserve, Treasury, and FDIC took decisive actions to protect the U.S. economy and strengthen public confidence in the banking system, including creating the Bank Term Funding Program.
• February 1, 2023
  Target range 4.50–4.75% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.94
  The chair said the U.S. economy slowed significantly last year, with real GDP rising at a below-trend pace of 1 percent.

2022

• December 14, 2022
  Target range 4.25–4.50% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.97
  The chair said the FOMC raised the policy interest rate by ½ percentage point, bringing the target range to 4¼ to 4½ percent, and that this was a step-down from the 75 basis point pace of the previous four meetings.
• November 2, 2022
  Target range 3.75–4.00% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.98
  The chair said the U.S. economy has slowed significantly from last year’s rapid pace, with real GDP unchanged so far this year despite a 2.6 percent rise last quarter.
• September 21, 2022
  Target range 3.00–3.25% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.95
  The median projection for real GDP growth was 0.2 percent this year and 1.2 percent next year, well below the longer-run normal rate.
• July 27, 2022
  Target range 2.25–2.50% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.93
  The chair said the FOMC considered a full percentage point increase but decided on 75 basis points, with broad support for the move.
• June 15, 2022
  Target range 1.50–1.75% ▲ raised 0.75 pp · Dissents: George · Tone: Clearly hawkish +0.91
  The chair said the 75 basis point increase was an "unusually large" move and that he does not expect moves of this size to be common.
• May 4, 2022
  Target range 0.75–1.00% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.89
  The chair said the labor market is "extremely tight" and that employment rose by nearly 1.7 million jobs over the first three months of the year.
• March 16, 2022
  Target range 0.25–0.50% ▲ raised 0.25 pp · Dissents: Bullard ↑ · Tone: Clearly hawkish +0.79
  The chair said the probability of a recession within the next year is not particularly elevated, citing strong aggregate demand and labor market conditions.
• January 26, 2022
  Target range 0.00–0.25% unchanged · Tone: Leaning hawkish +0.50
  The chair said the Omicron variant will "surely weigh on economic growth this quarter," citing high-frequency indicators of reduced spending in travel and restaurants.

2021

• December 15, 2021
  Target range 0.00–0.25% unchanged · Tone: Balanced -0.06
  The chair said the median FOMC projection for real GDP growth is 5.5 percent this year and 4 percent next year.
• November 3, 2021
  Target range 0.00–0.25% unchanged · Tone: Balanced -0.24
  The chair said the economy expanded at a 6.5 percent pace in the first half of the year, with third-quarter growth slowing notably due to the Delta variant and supply constraints.
• September 22, 2021
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.49
  The chair said the "substantial further progress" test for inflation has been met, while the employment test is "all but met" in his view, with the FOMC possibly deciding on tapering as soon as the next meeting.
• July 28, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.82
  The chair said real GDP this year appears to be on track to post its fastest rate of increase in decades.
• June 16, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.93
  The chair described the labor market as on a path to a very strong labor market with low unemployment, high participation, and rising wages, projecting the unemployment rate to decline to 3.5 percent by the end of 2023.
• April 28, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.94
  The chair said it is not yet time to start talking about tapering asset purchases, and the Fed will let the public know well in advance of any actual decision to taper.
• March 17, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The chair noted that it has been a full year since the pandemic arrived with force on U.S. shores, and that Congress provided the fastest and largest fiscal response to any postwar economic downturn.
• January 27, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The chair said the housing sector has more than fully recovered from the downturn, supported in part by low mortgage interest rates.

2020

• December 16, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  The chair said real GDP rose at an annual rate of 33 percent in the third quarter, a figure not in the statement.
• November 5, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The chair said real GDP rose at an annual rate of 33 percent in the third quarter.
• September 16, 2020
  Target range 0.00–0.25% unchanged · Dissents: Kaplan, Kashkari · Tone: Clearly dovish -1.00
  The chair said household spending has recovered about three-quarters of its earlier decline since the second quarter.
• July 29, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The chair said household spending appears to have recovered about half of its earlier decline, with services like air travel and hotels showing much less pickup.
• June 10, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The chair said the May employment report was the biggest data surprise anyone can remember, illustrating the high uncertainty about the economic path.
• April 29, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  The chair said next week's jobs report is expected to show the unemployment rate has surged into double digits from 50-year lows two months ago.
• March 15, 2020
  Target range 0.00–0.25% ▼ cut 1.00 pp · Dissents: Mester ↑ · Tone: Clearly dovish -1.00
  The chair said the second quarter is likely to be weak, with output possibly declining from the first quarter.
• March 2, 2020
  The chair said the decision to cut rates was made because the spread of the coronavirus had broadened over the last couple of weeks, including a slight spread in the United States, and posed a risk to the economic outlook.
• January 29, 2020
  Target range 1.50–1.75% unchanged · Tone: Leaning dovish -0.49
  The chair said the expansion is in its 11th year, the longest on record.

2019

• December 11, 2019
  Target range 1.50–1.75% unchanged · Tone: Leaning dovish -0.49
  Chair Powell opened the press conference by paying tribute to the late former Fed Chair Paul Volcker, praising his character and his role in taming double-digit inflation.
• October 30, 2019
  Target range 1.50–1.75% ▼ cut 0.25 pp · Dissents: George ↑, Rosengren ↑ · Tone: Clearly dovish -0.91
  The Fed has cut interest rates three times this year, with today's reduction bringing the target range to 1½ to 1¾ percent.
• September 18, 2019
  Target range 1.75–2.00% ▼ cut 0.25 pp · Dissents: Bullard ↓, George ↑, Rosengren ↑ · Tone: Clearly dovish -0.90
  The chair said the U.S. economy grew at a 2½ percent pace in the first half of the year.
• July 31, 2019
  Target range 2.00–2.25% ▼ cut 0.25 pp · Dissents: George ↑, Rosengren ↑ · Tone: Clearly dovish -0.92
  The chair described the rate cut as a "midcycle adjustment to policy," contrasting it with the beginning of a lengthy cutting cycle.
• June 19, 2019
  Target range 2.25–2.50% unchanged · Dissents: Bullard ↓ · Tone: Leaning dovish -0.53
  The chair said that eight FOMC participants wrote down rate cuts in their projections, and a number of others saw the case for a cut as strengthened.
• May 1, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.54
  The chair said that job gains averaged 180,000 per month in the first quarter, well above the pace needed to absorb new entrants to the labor force.
• March 20, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.56
  The chair said the U.S. economy is in a good place and that the current policy stance is appropriate.
• January 30, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.49
  The chair said the FOMC decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent, but the statement already says this.

2018

• December 19, 2018
  Target range 2.25–2.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.51
  The chair said the FOMC had lowered its median projection for 2019 rate increases from about three to two.
• September 26, 2018
  Target range 2.00–2.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.52
  The chair said the Fed does not consider political factors in its decisions, responding to a question about President Trump's criticism of rate hikes.
• June 13, 2018
  Target range 1.75–2.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.44
  The Fed will hold a press conference after every scheduled FOMC meeting starting in January, a change that does not signal any shift in the timing or pace of rate changes.
• March 21, 2018
  Target range 1.50–1.75% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.35
  Powell said the median projection for the federal funds rate is 2.1 percent at the end of 2018, 2.9 percent at the end of 2019, and 3.4 percent at the end of 2020.

2017

• December 13, 2017
  Target range 1.25–1.50% ▲ raised 0.25 pp · Dissents: Evans ↓, Kashkari ↓ · Tone: Balanced +0.20
  The chair said the economy grew at a solid 3¼ percent pace in the second and third quarters of the year.
• September 20, 2017
  Target range 1.00–1.25% unchanged · Tone: Balanced -0.16
  The chair said that the median projection for real GDP growth is 2.4 percent in 2017, about 2 percent in 2018 and 2019, and 1.8 percent in 2020.
• June 14, 2017
  Target range 1.00–1.25% ▲ raised 0.25 pp · Dissents: Kashkari ↓ · Tone: Balanced +0.13
  The chair said the FOMC's decision to raise rates reflects progress toward maximum employment and price stability, and that the stance of policy remains accommodative.
• March 15, 2017
  Target range 0.75–1.00% ▲ raised 0.25 pp · Dissents: Kashkari ↓ · Tone: Leaning hawkish +0.25
  The Chair declined to provide a specific quantitative definition of "well under way" regarding balance sheet normalization, framing it instead in qualitative terms related to confidence in the economic trajectory and balanced risks.

2016

• December 14, 2016
  Target range 0.50–0.75% ▲ raised 0.25 pp · Tone: Balanced -0.11
  The chair said the economy has added 2¼ million net new jobs over the past year and more than 15 million jobs since the depths of the Great Recession.
• September 21, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑, Mester ↑, Rosengren ↑ · Tone: Leaning dovish -0.43
  The chair said the median projection for the federal funds rate rises to 1.1 percent by end-2017, 1.9 percent by end-2018, and 2.6 percent by end-2019, with the median longer-run normal rate marked down to 2.9 percent.
• June 15, 2016
  Target range 0.25–0.50% unchanged · Tone: Clearly dovish -0.78
  The chair said the first-quarter slowdown in household spending appears to have been temporary, with second-quarter indicators pointing to a sizable rebound.
• March 16, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑ · Tone: Leaning dovish -0.72
  The median federal funds rate projection was lowered by about half a percentage point for 2016 and 2017 compared with December, with the median longer-run normal rate also revised down.

2015

• December 16, 2015
  Target range 0.25–0.50% ▲ raised 0.25 pp · Tone: Balanced -0.16
  The chair said the rate increase marks the end of a seven-year period of near-zero rates following the worst financial crisis since the Great Depression.
• September 17, 2015
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning dovish -0.58
  The chair said the median FOMC participant projection for the federal funds rate was about 1½ percent in late 2016, 2½ percent in late 2017, and 3½ percent in 2018.
• June 17, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.57
  The chair said the first-quarter GDP weakness was likely partly due to transitory factors, with consumer sentiment remaining solid.
• March 18, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.60
  The chair said that job gains averaged nearly 290,000 per month over the past three months, a figure not in the statement.

2014

• December 17, 2014
  Target range 0.00–0.25% unchanged · Dissents: Fisher ↑, Kocherlakota ↓, Plosser · Tone: Leaning dovish -0.68
  The FOMC considers it unlikely to begin the normalization process for at least the next couple of meetings, interpreting "patient" as meaning no liftoff for at least two meetings.
• September 17, 2014
  Target range 0.00–0.25% unchanged · Dissents: Fisher ↑, Plosser ↑ · Tone: Leaning dovish -0.67
  The chair said the FOMC released a separate document on policy normalization principles and plans, which was not mentioned in the statement.
• June 18, 2014
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.64
  The unemployment rate stood at 6.3 percent, four-tenths lower than at the March meeting, and the broader U-6 measure had fallen by a similar amount.
• March 19, 2014
  Target range 0.00–0.25% unchanged · Dissents: Kocherlakota · Tone: Leaning dovish -0.58
  The unemployment rate stood at 6.7 percent, three-tenths lower than at the December meeting, and broader measures like the U-6 fell even more.

2013

• December 18, 2013
  Target range 0.00–0.25% unchanged · Dissents: Rosengren ↓ · Tone: Leaning dovish -0.55
  The chair said the FOMC participants' central tendency for GDP growth was 2.2 to 2.3 percent for 2013, rising to 2.8 to 3.2 percent for 2014, with similar estimates for 2015 and 2016.
• September 18, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.89
  The chair said the unemployment rate at 7.3 percent remains well above acceptable levels, with long-term unemployment and underemployment still high.
• June 19, 2013
  Target range 0.00–0.25% unchanged · Dissents: Bullard, George ↑ · Tone: Clearly dovish -0.97
  The chair said 14 of 19 FOMC participants expect the first federal funds rate increase to occur in 2015, and one expects it in 2016.
• March 20, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.99
  The chair said the 19 FOMC participants' projections had a central tendency for 2013 economic growth of 2.3 to 2.8 percent, rising to 2.9 to 3.7 percent in 2015.

2012

• December 12, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  The chair said that about 5 million people, more than 40 percent of the unemployed, have been jobless for six months or more.
• September 13, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -1.00
  The chair said that fewer than half of the 8 million jobs lost in the recession have been restored, and that 5 million Americans have been unemployed for more than six months.
• June 20, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -0.99
  The chair said the FOMC participants' projections for the unemployment rate in the fourth quarter of 2012 have a central tendency of 8.0 to 8.2 percent, declining to 7.0 to 7.7 percent in the fourth quarter of 2014.
• April 25, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  The chair said the unemployment rate had fallen nearly a percentage point since August, to 8.2 percent.
• January 25, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -1.00
  The chair said the FOMC's longer-run inflation goal is 2 percent as measured by the personal consumption expenditures price index.

2011

• November 2, 2011
  Target range 0.00–0.25% unchanged · Dissents: Evans ↓ · Tone: Clearly dovish -0.97
  The FOMC participants' longer-run projections for real GDP growth had a central tendency of 2.4 to 2.7 percent, and for the unemployment rate, 5.2 to 6.0 percent.
• June 22, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.76
  The chair said the FOMC's longer-run projections for output growth have a central tendency of 2.5 to 2.8 percent and for the unemployment rate 5.2 to 5.6 percent, unchanged from April.
• April 27, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.90
  The chair said the FOMC's longer-run projections for output growth have a central tendency of 2.5 to 2.8 percent, unchanged from January.