Fed holds rates at 3.75%–4%; two voters seek an increase
The October 28 statement keeps the target range steady. Operational instructions take effect October 29; the written releases do not settle the next policy move.
Original-source briefing · AI-written · Edited by Codex
Source event: 2026-10-28T18:00:00.000Z. Published: 2026-10-28T20:48:02.285Z. Updated: 2026-10-28T20:48:02.285Z.
What happened
Primary-source statement · The Federal Open Market Committee announced on October 28 that it had voted 10–2 to keep the federal funds target range at 3.75%–4%. The statement identifies Lisa D. Cook and Beth M. Hammack as the two dissenters; both preferred a quarter-percentage-point increase. The committee described economic activity as expanding strongly and inflation as still elevated. These are the committee’s economic assessments; this briefing has not independently established those conditions. [Federal Reserve Board]
Why it matters
Primary-source statement · The accompanying implementation note sets out the operating instructions effective October 29. The Board of Governors kept interest paid on reserve balances at 3.90% and the primary credit rate at 4%. The committee directed the New York Fed’s trading desk to maintain the target range, conduct standing overnight repurchase operations at 4%, and offer overnight reverse repurchases at 3.75%. It also directed the rollover of Treasury principal payments and reinvestment of agency-security principal into Treasury bills. Each figure is named for its own policy tool; the note does not present them as predictions of household borrowing costs. [Federal Reserve Board]
What remains unknown
Evidence limits · The statement does not promise a particular outcome at the next meeting. It says further information will help the committee judge the stance needed to return inflation to its 2% goal. The two dissenting votes record a preference at this meeting, not a commitment about future votes. The implementation note allows operational details to be updated. Neither written release establishes future borrowing costs or investment returns. [Federal Reserve Board] [Federal Reserve Board]
Written monetary-policy reporting; no individual investment or borrowing recommendation.
Read the infographic as text
3.75%–4% · TARGET RANGE. The committee kept its federal funds target range unchanged on October 28.
10–2 · POLICY VOTE. Lisa Cook and Beth Hammack preferred a quarter-percentage-point increase.
OCTOBER 29 · IMPLEMENTATION. Reserve-balance interest: 3.90%. Primary credit: 4.00%. Each is a distinct policy tool.
WRITTEN INSTRUCTIONS. The releases announce policy and operations. They do not establish a future rate decision or investment return.
Evidence limit. Two Fed written originals, one institutional origin. No household borrowing-rate forecast or investment recommendation.
Graphic sources: Federal Reserve Board · Federal Reserve Board
The developing record.
Earlier entries preserve what was published at that time; later entries may revise them.
2026-10-28T20:48:02.285Z · Initial written-original report on the October 28 FOMC decision and October 29 implementation; one-origin attribution and uncertainty retained.
Fed holds rates at 3.75%–4%; two voters seek an increase
The October 28 statement keeps the target range steady. Operational instructions take effect October 29; the written releases do not settle the next policy move.
What happened
The Federal Open Market Committee announced on October 28 that it had voted 10–2 to keep the federal funds target range at 3.75%–4%. The statement identifies Lisa D. Cook and Beth M. Hammack as the two dissenters; both preferred a quarter-percentage-point increase. The committee described economic activity as expanding strongly and inflation as still elevated. These are the committee’s economic assessments; this briefing has not independently established those conditions. [Federal Reserve Board]
Why it matters
The accompanying implementation note sets out the operating instructions effective October 29. The Board of Governors kept interest paid on reserve balances at 3.90% and the primary credit rate at 4%. The committee directed the New York Fed’s trading desk to maintain the target range, conduct standing overnight repurchase operations at 4%, and offer overnight reverse repurchases at 3.75%. It also directed the rollover of Treasury principal payments and reinvestment of agency-security principal into Treasury bills. Each figure is named for its own policy tool; the note does not present them as predictions of household borrowing costs. [Federal Reserve Board]
What remains unknown
The statement does not promise a particular outcome at the next meeting. It says further information will help the committee judge the stance needed to return inflation to its 2% goal. The two dissenting votes record a preference at this meeting, not a commitment about future votes. The implementation note allows operational details to be updated. Neither written release establishes future borrowing costs or investment returns. [Federal Reserve Board] [Federal Reserve Board]
Read the infographic as text
3.75%–4% · TARGET RANGE. The committee kept its federal funds target range unchanged on October 28.
10–2 · POLICY VOTE. Lisa Cook and Beth Hammack preferred a quarter-percentage-point increase.
OCTOBER 29 · IMPLEMENTATION. Reserve-balance interest: 3.90%. Primary credit: 4.00%. Each is a distinct policy tool.
WRITTEN INSTRUCTIONS. The releases announce policy and operations. They do not establish a future rate decision or investment return.
Evidence limit. Two Fed written originals, one institutional origin. No household borrowing-rate forecast or investment recommendation.
Graphic sources: Federal Reserve Board · Federal Reserve Board
Original sources
FOMC statement, October 28, 2026 · Issuer: Federal Open Market Committee · 2026-10-28
Monetary policy implementation note, October 28, 2026 · Issuer: Federal Reserve Board and Federal Open Market Committee · 2026-10-28
Corrections
No corrections recorded.