The next FOMC (Federal Open Market Committee) meeting will be on January 27-28, 2025.
The Federal Open Market Committee (FOMC) meets eight scheduled times a year to discuss and set monetary policy, and its decisions have a major impact on financial markets, mortgage rates, and economic growth.
What is the FOMC?
The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve responsible for setting monetary policy for the US. This key decision-making body plays a crucial role in influencing interest rates, money supply, and overall economic stability.
What date is the next FOMC meeting?
The Federal Reserve has scheduled its next FOMC meeting for January 27-28, 2025.
See below for the full list of 2026's scheduled FOMC meetings:
- January 27-28
- March 17-18*
- April 28-29
- June 16-17*
- July 28-29
- September 15-16*
- October 27-28
- December 8-9*
Meetings marked with * are associated with a Summary of Economic Projections.
At the end of each meeting, the FOMC announces its decisions on U.S. interest rates, followed by a press conference led by the Federal Reserve Chair. While these dates are set by the Federal Reserve, they remain tentative until officially confirmed at the preceding meeting.
How often is FOMC meeting?
The FOMC meets eight times per year, approximately every six to eight weeks. These meetings are scheduled in advance and typically span two days. However, in addition to the scheduled meetings, the FOMC can hold unscheduled (emergency) meetings if economic conditions require immediate action.
Who is on the Federal Open Market Committee?
The Federal Open Market Committee is composed of twelve members, each with expertise in economics and monetary policy.
2025 Committee Members
- Jerome H. Powell, Board of Governors, Chair
- John C. Williams, New York, Vice Chair
- Michael S. Barr, Board of Governors
- Michelle W. Bowman, Board of Governors
- Susan M. Collins, Boston
- Lisa D. Cook, Board of Governors
- Austan D. Goolsbee, Chicago
- Philip N. Jefferson, Board of Governors
- Stephen I. Miran, Board of Governors
- Alberto G. Musalem, St. Louis
- Jeffrey R. Schmid, Kansas City
- Christopher J. Waller, Board of Governors
Alternate Members
- Beth M. Hammack, Cleveland
- Neel Kashkari, Minneapolis
- Lorie K. Logan, Dallas
- Anna Paulson, Philadelphia
- Sushmita Shukla, First Vice President, New York
Federal Reserve Bank Rotation on the FOMC
2026 Members
- New York
- Cleveland
- Philadelphia
- Dallas
- Minneapolis
2026 Alternate Members
- New York*
- Chicago
- Richmond
- Atlanta
- San Francisco
2027 Members
- New York
- Chicago
- Richmond
- Atlanta
- San Francisco
2027 Alternate Members
- New York*
- Cleveland
- Boston
- St. Louis
- Kansas City
2028 Members
- New York
- Cleveland
- Boston
- St. Louis
- Kansas City
2028 Alternate Members
- New York*
- Chicago
- Philadelphia
- Dallas
- Minneapolis
*For the Federal Reserve Bank of New York, the First Vice President is the alternate for the President.
This composition reflects the FOMC's structure of combining the Board of Governors with rotating Federal Reserve Bank presidents to ensure diverse regional representation in monetary policy decisions. For the most current information on FOMC membership, please refer to the Federal Reserve's official website.
What time is the FOMC rate decision?
The FOMC will convene its next meeting over two days: Tuesday, January 27, and Wednesday, January 28, 2026.
While the specific start times of these meetings are not publicly disclosed, it is customary for the FOMC to release its policy statement at 18:00 UTC (14:00 ET) on the second day of the meeting. Following the statement, a press conference led by the Federal Reserve Chair typically occurs at 18:30 UTC (14:30 ET).
What interest rate is FOMC expecting?
As of its December 10th, 2025, meeting, the Federal Open Market Committee (FOMC) lowered the target range for the federal funds rate to 3.50%–3.75%.
The Fed’s Summary of Economic Projections indicates that officials still expect at least one more rate cut in 2026, though further cuts are not assured in the near term. While markets may be pricing in a series of reductions, policymakers are signaling a more measured approach to easing.
See more here: When is the next Fed interest rate decision?
How often does the Fed meet to change interest rates?
The Federal Reserve (via the FOMC) meets eight times per year on a pre-scheduled basis to discuss and potentially adjust interest rates. However, interest rate changes do not occur at every meeting, decisions are based on economic conditions, inflation trends, and employment data.
Will the Fed cut rates this year?
Yes, the Fed’s Summary of Economic Projections suggests that officials still anticipate at least one more rate cut in 2026, but no additional cuts are guaranteed in the short term. This indicates that while markets may price multiple cuts, Fed officials themselves foresee a more cautious easing path.
What is the Fed's target interest rate?
The current federal funds rate target range is 3.50% – 3.75%.
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