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    Federal Open Market Committee (FOMC)

    Also known as Federal Open Market Committee, the Committee

    The Federal Open Market Committee (FOMC) is the Federal Reserve body that sets the target for the federal funds rate. It has 12 voting members: the seven Fed governors, the New York Fed president and four rotating Reserve Bank presidents.[1][2] It meets eight times a year. On September 16, 2026 it raised the target range to 3.75-4.00%, and its next meetings are October 27-28 and December 8-9.[3][4][5]

    Editor reviewedStrict sourcingUpdated Markets and tradingTech policy
    Key facts

    The Federal Open Market Committee (FOMC) is the part of the federal-reserve that decides US monetary policy. Its main decision is the target range for the federal funds rate, the overnight rate at which banks lend reserves to each other.[2] This page explains how the committee works. It is not financial advice.

    Membership

    The FOMC has 12 voting members:

    • the seven members of the Board of Governors
    • the president of the Federal Reserve Bank of New York
    • four of the other eleven Reserve Bank presidents, who rotate each year[1]

    All Reserve Bank presidents attend meetings and take part in the discussion, but only current members vote.[1]

    In 2026 the voters are the seven governors, Vice Chair John Williams of New York, and presidents Beth Hammack (Cleveland), Neel Kashkari (Minneapolis), Lorie Logan (Dallas) and Anna Paulson (Philadelphia).[6] Fed Chairman Kevin Warsh also chairs the FOMC.[7]

    Meetings and outputs

    The committee holds eight scheduled meetings a year.[3] In 2026 the meetings fell on:

    • January 27-28
    • March 17-18
    • April 28-29
    • June 16-17
    • July 28-29
    • September 15-16
    • October 27-28
    • December 8-9[5]

    Each meeting ends with a statement and a vote count. Four meetings a year (March, June, September and December) also publish a Summary of Economic Projections.[5] Minutes come out later. The September 2026 minutes were released on October 7.[5]

    The projections include each participant’s expected path for the federal funds rate, widely known as the dot plot. In September 2026 the median expected rate was 4.1% at the end of 2026 and 3.2% in the longer run.[8] Governor Christopher Waller noted that 16 of the 18 participants expected at least one more hike in 2026.[9]

    Dissent in 2026

    Several 2026 votes were split, with dissents in both directions:

    • January 28. Stephen Miran and Christopher Waller dissented in favour of a rate cut.[10]
    • April 29. Miran wanted a cut. Hammack, Kashkari and Logan agreed with holding rates but objected to the statement’s easing bias.[11]
    • July 29. Hammack, Kashkari and Logan dissented in favour of a rate increase.[12]
    • September 16. The vote to raise rates was 12-0.[4]

    The full record is in the 2026 rate decisions tracker.

    How the statement changed in 2026

    From the June 2026 meeting, the first after Warsh became Chairman, the statement was cut to a few sentences. It ends: “The Committee will deliver price stability.”[13] Warsh argued at Jackson Hole in August that regular forward guidance had overstayed its welcome and should be limited in normal times.[14] Waller has argued that the projections now do the signalling instead. In his view they show where rates are likely headed while leaving the pace to the data.[15]

    Questions readers ask

    Who votes on the FOMC?

    The seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the other eleven Reserve Bank presidents, who serve one-year rotating terms.[1]

    Who are the 2026 FOMC voters?

    Chairman Kevin Warsh, Vice Chair John Williams of New York, Governors Michael Barr, Michelle Bowman, Lisa Cook, Philip Jefferson, Jerome Powell and Christopher Waller, and presidents Beth Hammack (Cleveland), Neel Kashkari (Minneapolis), Lorie Logan (Dallas) and Anna Paulson (Philadelphia).[6]

    When is the next FOMC meeting?

    The remaining 2026 meetings are October 27-28 and December 8-9. The December meeting includes a Summary of Economic Projections.[5]

    What is the dot plot?

    It is part of the Summary of Economic Projections, in which each participant gives an expected path for the federal funds rate. In September 2026 the median was 4.1% for the end of 2026, and 16 of 18 participants expected at least one more hike in 2026.[8][9]

    Sources

    Each numbered claim is a statement we checked against the sources listed with it. Status shows how well established it is.

    1. [1]

      The FOMC has 12 voting members, the seven governors, the New York Fed president and four of the other 11 Reserve Bank presidents on one-year rotating terms; all presidents take part in discussions. confirmedas of 2026-10-10

    2. [2]

      The federal funds rate is the rate banks pay to borrow reserve balances overnight, and changing its target is the FOMC's primary policy tool; the target has been set as a 25-basis-point range since December 2008. confirmedas of 2026-10-10

    3. [3]

      The FOMC holds eight regularly scheduled meetings a year. confirmedas of 2026-10-10

    4. [4]

      On September 16, 2026 the FOMC unanimously raised the federal funds target range by a quarter point to 3.75-4.00%, saying the move would support a timelier return to 2% inflation. confirmedas of 2026-09-16

    5. [5]

      The FOMC's 2026 meetings were scheduled for January 27-28, March 17-18, April 28-29, June 16-17, July 28-29, September 15-16, October 27-28 and December 8-9, with economic projections at the March, June, September and December meetings. confirmedas of 2026-10-10

    6. [6]

      The 2026 FOMC voters are the seven governors plus Vice Chair John Williams (New York) and Reserve Bank presidents Beth Hammack (Cleveland), Neel Kashkari (Minneapolis), Lorie Logan (Dallas) and Anna Paulson (Philadelphia). confirmedas of 2026-10-07

    7. [7]

      Kevin Warsh took office as Fed Chairman on May 22, 2026 for a four-year term ending May 21, 2030, and also chairs the FOMC; he was previously a governor from 2006 to 2011. confirmedas of 2026-10-10

    8. [8]

      In September 2026 the median FOMC participant projected the federal funds rate at 4.1% at end-2026, 4.1% at end-2027, 3.9% in 2028, 3.6% in 2029 and 3.2% in the longer run, up from a June median of 3.8% for end-2026. confirmedas of 2026-09-16

    9. [9]

      Governor Waller said 16 of the 18 participants' September 2026 projections showed at least one more rate hike in 2026, and four of them showed two. confirmedas of 2026-10-08

    10. [10]

      On January 28, 2026 the FOMC held the target range at 3.50-3.75% by a 10-2 vote; Stephen Miran and Christopher Waller preferred a quarter-point cut. confirmedas of 2026-01-28

    11. [11]

      On April 29, 2026 the FOMC held rates by an 8-4 vote; Miran wanted a cut, while Hammack, Kashkari and Logan supported the hold but objected to the statement's easing bias. The statement cited higher global energy prices. confirmedas of 2026-04-29

    12. [12]

      On July 29, 2026 the FOMC held rates at 3.50-3.75% by a 9-3 vote; Hammack, Kashkari and Logan preferred a quarter-point increase. confirmedas of 2026-07-29

    13. [13]

      On June 17, 2026, at the first FOMC meeting after Kevin Warsh became Chairman, the Committee held rates at 3.50-3.75% by a 12-0 vote; its statement ended "The Committee will deliver price stability." confirmedas of 2026-06-17

    14. [14]

      In his August 2026 Jackson Hole speech, Chairman Warsh said regular forward guidance had "overstayed its welcome" and should be limited in normal times. confirmedas of 2026-08-28

    15. [15]

      Waller said in October 2026 that the Summary of Economic Projections serves as a signal of where policy is likely headed, while the pace and size of hikes stay data dependent. confirmedas of 2026-10-08

    Revision history (1)
    1. Page created.

    Created Oct 10, 2026. Last reviewed by an editor on Oct 10, 2026. Next scheduled review: Nov 10, 2026.

    Cite this page

    "Federal Open Market Committee (FOMC)." ContentLora, updated Oct 10, 2026. https://contentlora.com/wiki/fomc

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