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After September's Hike, the Fed Decides Again October 28
The federal funds target is 3.75 to 4 percent. Inflation ran at 3.7 percent in September, well above the Fed's 2 percent goal.
The Federal Reserve raised its benchmark interest rate by a quarter point at its September 15–16 meeting, to a target range of 3.75 to 4 percent, on a 12–0 vote. Its next decision comes at the end of the October 27–28 meeting, followed by a final 2026 meeting December 8–9.
The statement said inflation remains elevated and that the increase would support a timelier return to the 2 percent goal, while describing the economy as expanding at a solid pace with unemployment little changed. September's Consumer Price Index, released October 14, showed prices up 3.7 percent from a year earlier.
The federal funds rate is what banks charge each other overnight, but variable-rate borrowing such as credit cards and home equity lines generally follows the prime rate, which moves with it. Savings and money market yields tend to move in the same direction. Fixed mortgage rates track longer-term Treasury yields more than the Fed's rate.
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