FOMC (Federal Open Market Committee)

Overview

The Federal Reserve's monetary policy committee. Meets 8 times per year to set the federal funds rate target range.

Meeting summary （published 2026-08-19）

At the July 28-29, 2026 FOMC meeting, nine members agreed to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent and reaffirmed the policy of maintaining ample reserves in the banking system. The vote was 9-3, with Lorie K. Logan preferring a 1/4 percentage point rate increase. Staff assessment indicated that inflation remained elevated, labor market conditions remained stable, and real GDP continued to expand. Committee members concurred that on a 12-month basis, total PCE inflation moved down in June and core inflation edged down, but noted that price increases over the past year were broad-based. Several participants remarked that core services excluding housing, as well as materials for data centers such as chips and steel, and consumer items including smartphones and computer equipment had registered large price increases. Market- and survey-based indicators of medium- and longer-term inflation expectations remained well-anchored.

Past meetings

Release history (official values)