← 2026-10-28 edition · Sourced reporting
Fed holds at 3.75%–4%; two members wanted an increase
As of 2026-10-28 · Publication details
October 28, 2026 policy action · FOMC votes (12 total)
United States; 12 votes on the October 28 FOMC action. Ten backed holding the 3.75%–4% target; two preferred a 0.25-percentage-point increase. These are votes, not probabilities, consumer interest rates or the separate Board reserve-rate vote.
United States, October 28, 2026 FOMC decision released at 2 p.m. EDT; implementation effective October 29. Policy targets and recorded votes, not observed consumer rates, a future decision or a personal financial recommendation.
The Fed left its overnight target unchanged October 28 in a 10–2 vote. The two dissenters favored an increase. That decision does not freeze the rate offered on your next loan. [1] [2] [4]
Still open: No matched before/after lender quotes, deposit-rate panel or borrower outcomes were captured. All open questions ↓
Read today’s decision, named dissents and linked implementation note; compare your own quoted terms separately →Read the full story
The reporting question: Does the Fed’s hold mean the rate on your next loan stays put?
What changed today
The October 28 statement resolves the morning edition’s release watch: the target stays at 3.75%–4%. Ten members backed the action; Lisa D. Cook and Beth M. Hammack preferred a quarter-point increase. This was a hold with disagreement about raising rates. [1] [2]
Why the split matters
The Committee describes strong economic activity and elevated inflation. It wants more information before deciding what policy will return inflation to its 2% goal. The two dissents show that some members wanted tighter policy now; they do not establish the next decision. [3] [2]
A target is not your mortgage quote
The Fed’s older explanation says longer-term loan rates also reflect expectations about policy and the economy over the loan’s life. Today’s unchanged overnight target alone therefore cannot establish that mortgage quotes stayed unchanged. No matched lender quotes or household savings are measured here. [4]
Check the terms you actually face
Before making a borrowing or saving decision, compare the quoted rate, fees and terms for your account. The implementation note separately maintains 3.90% interest on bank reserve balances from October 29; that is not a consumer savings offer. Read the decision and its linked note to separate the policy vote from the operating tools. [6] [5]
Archive photograph · 2011-03-29 · Washington, District of Columbia, United States
.jpg){kind=link}
.jpg#Licensing){kind=link}
- 3 source records
- Board of Governors of the Federal Reserve System
How we know6 scoped claims · 3 source recordsView evidence
Each claim keeps its full assertion, date, source passage and limits. Source counts describe records, not independent corroboration.
1.The target stays putAttributed
The FOMC decided October 28 to maintain its federal funds target range at 3.75%–4%. Its statement was released at 2 p.m. EDT.
- Scope
- United States, October 28, 2026 FOMC decision released at 2 p.m. EDT; implementation effective October 29. Policy targets and recorded votes, not observed consumer rates, a future decision or a personal financial recommendation.
- Evidence passage
- FOMC statement, release header and first policy paragraph.
- As of
- 2026-10-28
- Limit
- This is a policy target range, not a quoted mortgage, credit-card or savings-account rate.
Retrieved 2026-10-28T22:26:31.948Z · Board of Governors of the Federal Reserve System
The decision, recorded 10–2 vote, named dissents and the Committee’s economic assessment.
2.The dissent favored an increaseAttributed
The statement records a 10–2 vote. Lisa D. Cook and Beth M. Hammack opposed the action because they preferred a quarter-percentage-point increase.
- Scope
- United States, October 28, 2026 FOMC decision released at 2 p.m. EDT; implementation effective October 29. Policy targets and recorded votes, not observed consumer rates, a future decision or a personal financial recommendation.
- Evidence passage
- FOMC statement, opening vote sentence and final named-dissent paragraph.
- As of
- 2026-10-28
- Limit
- Twelve votes on this action, not public opinion or a probability of the next decision.
Retrieved 2026-10-28T22:26:31.948Z · Board of Governors of the Federal Reserve System
The decision, recorded 10–2 vote, named dissents and the Committee’s economic assessment.
3.The Fed keeps inflation in viewAttributed
The Committee describes strong economic expansion and elevated inflation, and says more information will help it determine a stance consistent with returning inflation to its 2% goal.
- Scope
- United States, October 28, 2026 FOMC decision released at 2 p.m. EDT; implementation effective October 29. Policy targets and recorded votes, not observed consumer rates, a future decision or a personal financial recommendation.
- Evidence passage
- FOMC statement, economic-activity and inflation paragraphs.
- As of
- 2026-10-28
- Limit
- Attributed policy assessment; the statement supplies neither a new observed inflation rate nor a guaranteed date for reaching its goal.
Retrieved 2026-10-28T22:26:31.948Z · Board of Governors of the Federal Reserve System
The decision, recorded 10–2 vote, named dissents and the Committee’s economic assessment.
4.Your loan rate has other driversSupported
The Fed’s older policy explanation says longer-term loan rates depend on expectations about policy and the economy over the loan’s duration, not just the current federal funds rate. An unchanged target alone therefore cannot establish an unchanged mortgage quote.
- Scope
- United States, October 28, 2026 FOMC decision released at 2 p.m. EDT; implementation effective October 29. Policy targets and recorded votes, not observed consumer rates, a future decision or a personal financial recommendation.
- Evidence passage
- Monetary Policy: What Are Its Goals? How Does It Work?, section explaining longer-term interest rates and expectations; last updated July 29, 2021.
- As of
- 2026-10-28
- Limit
- Mechanism and bounded inference, not a measured October 28 retail-rate change or a claim that any particular quote rose or fell.
Retrieved 2026-10-28T22:26:32.211Z · Board of Governors of the Federal Reserve System
Older background displayed as last updated July 29, 2021; original first publication date not established. Mechanism only, not a report on today’s mortgage or deposit pricing.
5.Keep the operating rates separateAttributed
The implementation note maintains interest on reserve balances at 3.90%, effective October 29, and instructs the New York Fed’s trading desk to keep the federal funds rate within 3.75%–4%.
- Scope
- United States, October 28, 2026 FOMC decision released at 2 p.m. EDT; implementation effective October 29. Policy targets and recorded votes, not observed consumer rates, a future decision or a personal financial recommendation.
- Evidence passage
- Implementation note, first Board decision and domestic policy directive effective October 29.
- As of
- 2026-10-28
- Limit
- The Board’s unanimous reserve-rate decision is distinct from the FOMC’s 10–2 policy vote; reserve balances are not consumer deposits.
Retrieved 2026-10-28T22:26:32.052Z · Board of Governors of the Federal Reserve System
Operational instructions effective October 29; separate Board and Committee actions must not be conflated.
6.Compare the terms offered to youInferred
For a borrowing or saving decision, check the actual quoted rate, fees and terms for your account. The overnight policy target and the mechanism described by the Fed cannot tell you those personal terms.
- Scope
- United States, October 28, 2026 FOMC decision released at 2 p.m. EDT; implementation effective October 29. Policy targets and recorded votes, not observed consumer rates, a future decision or a personal financial recommendation.
- Evidence passage
- Decision policy-range paragraph and older transmission discussion of longer-term loan rates.
- As of
- 2026-10-28
- Limit
- General comparison step derived from the documented scope; no product recommendation, promised saving or personal eligibility assessment.
Retrieved 2026-10-28T22:26:31.948Z · Board of Governors of the Federal Reserve System
The decision, recorded 10–2 vote, named dissents and the Committee’s economic assessment.
Retrieved 2026-10-28T22:26:32.211Z · Board of Governors of the Federal Reserve System
Older background displayed as last updated July 29, 2021; original first publication date not established. Mechanism only, not a report on today’s mortgage or deposit pricing.
What remains open.
- No matched before/after lender quotes, deposit-rate panel or borrower outcomes were captured.
- The Committee’s economic assessment is attributed, not an independent NTDS audit.
- The next policy decision is unknown; two dissents do not establish a future majority.
- Older transmission guidance is last updated July 29, 2021; its original first publication date is not established.
A corrected decision or vote record would require a separately retained correction. Comparable new retail-rate observations or a later policy action could change the practical account; forecasts alone cannot do so.
THIS STORY IN TIME
Keep the dates with the story.
- Reported development
- Evidence as of
- First retained publication
- This version published
Publication times are Central. A development date and an evidence date can differ. Missing dates remain unrecorded.
What readers add.
Comments are reviewed before they appear. Max includes five comments and two custom story requests each day.
Loading reviewed comments…
Add a comment with Max →