FOMC held the federal funds target range at 3.75 to 4 percent, with two dissents for a hike
The Federal Open Market Committee held the target range for the federal funds rate at 3-3/4 to 4 percent on October 28, 2026, after raising it by 1/4 percentage point on September 16. The statement was approved 10-2. Lisa D. Cook and Beth M. Hammack voted against, preferring to raise the target range by 1/4 percentage point. The statement said economic activity is expanding at a strong pace (solid in September) and that inflation remains elevated. The Board kept interest on reserve balances at 3.90 percent and the primary credit rate at 4.0 percent, effective October 29, 2026. Standing overnight repurchase agreement operations stay at 4.0 percent and the overnight reverse repurchase offering rate at 3.75 percent, with a $160 billion per-counterparty limit.
- Federal funds target range, upper bound
- 4%
- FOMC statement vote, members in favor
- 10
- FOMC statement vote, members against
- 2
- Primary credit rate
- 4%
- Standing overnight RP rate
- 4%
Source: Federal Reserve issues FOMC statement, October 28, 2026 — Board of Governors of the Federal Reserve System. Also: Implementation Note issued October 28, 2026.
all 5 figures found at the source
- found Federal funds target range, upper bound = 4% — at Board of Governors of the Federal Reserve System
- found FOMC statement vote, members in favor = 10 — at Board of Governors of the Federal Reserve System
- found FOMC statement vote, members against = 2 — at Board of Governors of the Federal Reserve System
- found Primary credit rate = 4% — at Board of Governors of the Federal Reserve System
- found Standing overnight RP rate = 4% — at Board of Governors of the Federal Reserve System
This page is one print. The daily brief for October 28, 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.