OptencisThe Federal Reserve (the Fed) is the central bank of the United States. Eight times a year, its monetary policy committee decides the level of US interest rates, and few events move the markets as much: the dollar, Treasury yields, Wall Street, gold and most currency pairs react within seconds. This page brings together the dates, the current rate and what to watch on decision day.
What the Fed does
The Fed has a dual mandate from Congress: maximum employment and stable prices, which it defines as inflation of 2% a year over time. Its main tool is the federal funds rate, the rate at which banks lend to each other overnight. The Fed sets a target range for it, 0.25 point wide.
Decisions are taken by the Federal Open Market Committee (FOMC). It has 12 voting members: the 7 members of the Board of Governors, the president of the New York Fed, and 4 of the 11 other regional Fed presidents, who take turns each year.
Fed meeting dates
The FOMC holds eight scheduled meetings a year, each over two days. The decision is published on the second day at 2:00 p.m. New York time. Four of these meetings, in March, June, September and December, also come with new economic projections.
| Decision day | Local time | UTC | |
|---|---|---|---|
| Wednesday 9 December 2026 | 14:00 | 19:00 | With projections |
| Wednesday 27 January 2027 | 14:00 | 19:00 | |
| Wednesday 17 March 2027 | 14:00 | 18:00 | With projections |
| Wednesday 28 April 2027 | 14:00 | 18:00 | |
| Wednesday 9 June 2027 | 14:00 | 18:00 | With projections |
| Wednesday 28 July 2027 | 14:00 | 18:00 | |
| Wednesday 15 September 2027 | 14:00 | 18:00 | With projections |
| Wednesday 27 October 2027 | 14:00 | 18:00 |
The Fed can also act between meetings in an emergency, which is rare. The official calendar is on the Federal Reserve website.
What happens on decision day
- 2:00 p.m. New York time: the statement. The rate decision and a short text on the economy. Markets read every change of wording.
- 2:30 p.m.: the press conference. The Chair explains the decision and answers questions. The tone often moves the markets more than the decision itself.
- Projections and the “dot plot” (March, June, September, December): each member’s forecast for growth, unemployment, inflation and the future path of rates.
- Three weeks later: the minutes. The detailed account of the discussion, which can revive the debate.
How markets react
What moves prices is not the decision itself but the gap between the decision and what markets expected. A rate cut that everyone expected can leave the market calm; a single word in the statement can move it sharply.
- When the Fed sounds more concerned about inflation than expected (“hawkish”), Treasury yields and the dollar often rise, and stocks and gold often come under pressure.
- When it sounds more concerned about growth or jobs (“dovish”), the opposite often happens.
The minutes around 2:00 and 2:30 p.m. New York time are among the most unpredictable of the month: prices can jump in seconds in both directions. If you trade short durations, know exactly when the statement comes out, and remember that a sharp move can go against you as fast as for you.
The data the Fed watches
Between meetings, expectations change with the economic data, above all inflation (the CPI and the PCE price index, the Fed’s preferred measure) and the jobs report (non-farm payrolls and the unemployment rate). These releases are in our economic calendar, with the forecast and the previous figure.
Follow the Fed with Optencis
- Central bank meetings: the current rate and a countdown to the next decision of the Fed and six other central banks.
- Our preview, published the day before each decision, and our article on the decision as soon as it is out, in the News.
- Optencis Wire: when a decision surprises the market, members receive a short-term trade idea based on it.
Latest articles on the Fed
- Fed holds rates at 4.00% as Warsh says inflation is still too high 28 Oct 2026
- US Federal Reserve holds rates at 3.75% to 4%, with two votes for a hike 28 Oct 2026
- US Federal Reserve preview: rate expected to stay at 4.00% on 28 October 27 Oct 2026
- Week Ahead: Fed, ECB and BoJ decisions, plus US GDP and Australian inflation 25 Oct 2026
- Nasdaq 100 drops 2.90% as Meta and Tesla results fail to support AI trade 22 Oct 2026
Frequently asked questions
When is the next Fed meeting?
The next decision is due on Wednesday 9 December 2026 at 14:00 New York time (19:00 UTC).
How often does the Fed meet?
Eight scheduled times a year, roughly every six weeks, with extra meetings possible in an emergency.
What time are Fed decisions announced?
At 2:00 p.m. New York time on the second day of the meeting, followed by the Chair’s press conference at 2:30 p.m.
What is the dot plot?
A chart published four times a year, where each FOMC member places a dot at the level of interest rates they expect at the end of each of the coming years. Markets compare it with their own expectations.
What is the federal funds rate?
The overnight rate at which US banks lend to each other. The Fed sets a target range for it, and it influences all other rates in the economy, from mortgages to the dollar.