FOMC minutes show all participants backed the September 25 bp hike
The Federal Reserve released minutes of the September 15–16, 2026 FOMC meeting on October 7 at 2:00 p.m. EDT. All participants supported raising the federal funds target range 1/4 percentage point to 3-3/4 to 4 percent. The postmeeting statement was approved 12–0. Most participants assessed that another increase in the target range would likely be appropriate by year end. Almost all participants assessed that inflation risks were tilted to the upside while risks to the labor market were broadly balanced. Staff estimated total PCE inflation at 3.8 percent in August and core PCE at 3.4 percent. The unemployment rate was 4.1 percent in July and August. The Board set interest on reserve balances at 3.90 percent and the primary credit rate at 4.0 percent, effective September 17. The next meeting is October 27–28, 2026.
- Federal funds target range, lower bound
- 3.75%
- Federal funds target range, upper bound
- 4%
- Change in federal funds target range
- +25 bp
- FOMC statement vote, members in favor
- 12
- Staff estimate, total PCE inflation, 12-month
- 3.8%
- Staff estimate, core PCE inflation, 12-month
- 3.4%
- Unemployment rate
- 4.1%
- Interest on reserve balances
- 3.9%
Source: Minutes of the Federal Open Market Committee, September 15-16, 2026 — Board of Governors of the Federal Reserve System. Also: Press release: Minutes of the Federal Open Market Committee, September 15-16, 2026.
all 8 figures found at the source
- found Federal funds target range, lower bound = 3.75% — at Board of Governors of the Federal Reserve System
- found Federal funds target range, upper bound = 4% — at Board of Governors of the Federal Reserve System
- found Change in federal funds target range = +25 bp — at Board of Governors of the Federal Reserve System
- found FOMC statement vote, members in favor = 12 — at Board of Governors of the Federal Reserve System
- found Staff estimate, total PCE inflation, 12-month = 3.8% — at Board of Governors of the Federal Reserve System
- found Staff estimate, core PCE inflation, 12-month = 3.4% — at Board of Governors of the Federal Reserve System
- found Unemployment rate = 4.1% — at Board of Governors of the Federal Reserve System
- found Interest on reserve balances = 3.9% — at Board of Governors of the Federal Reserve System
This page is one print. The daily brief for October 7, 2026 is the editor's cut of what mattered that day. Figures are as the named sources printed them. The methodology says how this page is made and what is checked.