Last updated: October 9, 2026
The Federal Reserve will announce its next interest rate decision on Wednesday, October 28, 2026, at 2:00 p.m. Eastern Time. The chair’s press conference follows at 2:30 p.m. ET. The Federal Open Market Committee (FOMC) meets for two days, October 27 and 28, and the decision comes on the second day.
Decision time in your time zone
Daylight saving time in the U.S. ends on November 1, so on October 28 New York is still on Eastern Daylight Time.
LocationStatementPress conferenceNew York (ET)2:00 p.m.2:30 p.m.Chicago (CT)1:00 p.m.1:30 p.m.Denver (MT)12:00 p.m.12:30 p.m.Los Angeles (PT)11:00 a.m.11:30 a.m.London / Paris6:00 p.m. / 7:00 p.m.6:30 p.m. / 7:30 p.m.Algiers7:00 p.m.7:30 p.m.Riyadh9:00 p.m.9:30 p.m.Dubai10:00 p.m.10:30 p.m.
An emergency meeting, if one were ever called, would be announced separately and could use a different time. Always confirm on the Federal Reserve’s FOMC calendar.
Where rates stand now
On September 16, 2026, the FOMC voted 12–0 to raise the federal funds target range by 1/4 percentage point to 3¾ to 4 percent, its first increase since 2023 (official statement). The minutes of that meeting say most participants saw another increase as likely appropriate by year-end. The Fed has not said whether that would come in October or December, which is why this meeting matters. For the fallout so far, see Fed Rate Hike Fallout: What Americans Should Watch This Week.
What’s at stake on October 28
With a hike already delivered and more signaled, three outcomes are possible: another increase, a hold with a signal for December, or a hold with softer language. The first sentence of the statement tells you which. If you have a mortgage or are about to lock a rate, read what the September surge means for homebuyers.
What happens at 2:00 and at 2:30
- 2:00 p.m.: the statement. A short document that sets the federal funds target range (the overnight rate banks charge each other) and gives the vote. Under the current chair, recent statements have been only a few sentences long.
- 2:30 p.m.: the press conference. The chair answers questions about the statement already published. Markets often react more to a phrase in the answers than to the rate itself, especially when the move was expected.
- Minutes: published about three weeks later, expected November 18, 2026. They show the range of views inside the room.
Is October a “dot plot” meeting?
No. New economic projections (the dot plot, plus growth, unemployment and inflation forecasts) come only at the March, June, September and December meetings. October gives you a decision and a press conference, but no new forecast table.
MeetingStatement dateNew projectionsJan 27–28Wed, Jan 28NoMar 17–18Wed, Mar 18YesApr 28–29Wed, Apr 29NoJun 16–17Wed, Jun 17YesJul 28–29Wed, Jul 29NoSep 15–16Wed, Sep 16YesOct 27–28Wed, Oct 28 (next)NoDec 8–9Wed, Dec 9Yes
For a table that updates itself after each meeting, see our Next Fed Meeting page.
What the Fed decision does not set
The Fed sets the federal funds target range. It does not directly set the 30-year mortgage rate, gasoline prices, or the rate on a loan you already have. Mortgage quotes follow Treasury yields and what lenders expected the Fed to do before 2:00 p.m., so a decision that matches expectations often barely moves them. A surprise does.
Example: on a $320,000, 30-year fixed loan, the monthly principal and interest is about $2,129 at 7% and about $2,023 at 6.5%. That is roughly $106 a month, or about $38,000 over the full term. These are standard amortization figures, not a lender quote and not a forecast. Use our mortgage rate comparison with your own offer, then add taxes and insurance in the payment calculator.
Three things to check at 2:00 p.m.
- Did the target range change, and by how much? The first sentence of the statement answers this. Read it before any headline.
- Was it expected? If markets had already priced in the move, mortgage rates may not react much.
- Did the chair give a condition or a date? Listen for whether the next step is tied to a specific data release before the December 9 meeting.
Where to watch
The statement is posted at 2:00 p.m. ET on the Federal Reserve’s monetary policy page, and the press conference is webcast from the same site at 2:30 p.m. ET. Social posts and TV banners in the first minutes often simplify the headline, so wait for the full document.
FAQ
What time is the Fed announcement on October 28? 2:00 p.m. ET, with the press conference at 2:30 p.m. ET.
What did the Fed do in September 2026? It raised the target range by 1/4 percentage point to 3¾ to 4 percent, by a 12–0 vote.
Will the Fed raise rates again in October? The Fed has not said. Most officials signaled another increase by year-end, but the timing is open.
Is there a new dot plot in October? No. The next one is December 9, 2026.
When is the next Fed meeting after October? December 8–9, 2026, with the statement on December 9 at 2:00 p.m. ET.
Will mortgage rates change right after the decision? Only if the decision or the chair’s tone surprises the market.
Sources: Federal Reserve FOMC calendar · September 16, 2026 FOMC statement. This article is for information only and is not financial advice.
Comments (0)