September 16, 2026
July 29, 2026
For release at 2:00 p.m. EDT
The Federal Open Market Committee approved the following statement for release by a 9 12 – 3 0 vote:
The Committee decided to maintain raise the target range for the federal funds rate at 3-1/2 to 3-3/4 by 1/4 percentage pointto 3-3/4to 4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated pace. While uncertainty that owes, remains elevated owing, in part, to the conflict in the Middle East. geopolitical developments,domestic spending has been resilient. Productivity growth is strong, and capital investment are strong. is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated. Today's policy action will support a timelier return to the Committee's 2 percent goal. The Committee will deliver price stability.
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Implementation Note issued July 29, September 16, 2026
Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.
Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.