Federal Open Market Committee (FOMC)

Money Moves

Voted 12-0 to raise rates; projects more tightening

The Federal Reserve raised its benchmark interest rate by a quarter point on Sept. 16, the first hike since July 2023. The unanimous 12-0 vote set the federal funds rate at 3.75%-4%, unwinding one of three cuts made last year.

Updated Sep 24

Rule Changes

Held rates steady 10-2 in January 2026 with unprecedented dual-governor dissent; more hawkish voting roster in 2026

The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote. Governors Stephen Miran and Christopher Waller both dissented for a 25-basis-point cut — the first time two sitting governors have dissented together in decades.

Updated May 18

Rule Changes

Deeply split on how fast to cut, but currently delivering quarter‑point moves.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December's third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated May 10