FOMC Results

Meeting Date: April 28-29, 2026

Federal Open Market Committee (FOMC) Meeting Results

FOMC meeting highlights:

• The Fed, citing uncertainty in the economy, maintained the current fed funds rate at 3.50-3.75%. This meeting’s vote was not unanimous.
• Three Fed presidents—Beth Hammack of Cleveland, Neel Kashkari of Minneapolis, and Lorie Logan of Dallas—backed the rate decision but objected to retaining the so-called “easing bias” that suggests a rate cut is more likely than a rate hike.
• A fourth official, Fed governor Steven Miran, dissented in the opposite direction; he backed a rate cut.
• The Committee emphasized that it is strongly committed to returning inflation to its 2% objective.

Economic highlights:  

• Recent indicators suggest that economic activity has been expanding at a solid pace. 
• Job gains have remained low, on average, and the unemployment rate has been little changed in recent months.
• Inflation is elevated, in part reflecting the recent increase in global energy prices.
• The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the long run. 
• Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook. 
• The Committee is attentive to the risks to both sides of its dual mandate.

Announcements:  

• In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3.5-3.75%.
• In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.
• The Committee is strongly committed to supporting maximum employment and returning inflation to its 2% objective.
• In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. 
• The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. 
• The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting results:  

The vote was not unanimous.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Philip N. Jefferson; Anna Paulson; and Christopher J. Waller. Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 0.25% at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time.

Next meeting:  

June 16-17, 2026