Fed holds its rate range as two officials dissent

Notes

1. 1.Board of Governors of the Federal Reserve System, “Federal Reserve issues FOMC statement,” for release at 2:00 p.m. EDT, October 28, 2026. https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm “The Federal Open Market Committee approved the following statement for release by a 10 – 2 vote.” “The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent.” “Economic activity is expanding at a strong pace.” “Inflation remains elevated.” “Job gains have kept pace with the workforce, and the unemployment rate has changed little.” “The Committee will deliver price stability.” “Voting against the monetary policy action were Lisa D. Cook and Beth M. Hammack, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.”
2. 2.Federal Reserve, “About the FOMC,” page last updated October 28, 2026. https://www.federalreserve.gov/monetarypolicy/fomc.htm The committee “consists of twelve members—the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis.” The 2026 members list names Lisa D. Cook under Board of Governors and Beth M. Hammack under Cleveland. “The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.” The page says the committee's long-run goals are “price stability and sustainable economic growth.” The statement's phrase is “in support of the Federal Reserve's dual mandate.” This desk did not open a statute that defines that phrase.
3. 3.Implementation note, October 28, 2026. https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a1.htm The Board “voted unanimously to maintain the interest rate paid on reserve balances at 3.90 percent, effective October 29, 2026.” The directive, effective the same day, tells the Desk to keep the federal funds rate in a target range of 3-3/4 to 4 percent, to conduct standing overnight repurchase agreement operations at 4.0 percent, and standing overnight reverse repurchase agreement operations at 3.75 percent with a per-counterparty limit of $160 billion per day. The Board voted unanimously to keep the primary credit rate at the existing level of 4.0 percent. Press conference page: https://www.federalreserve.gov/monetarypolicy/fomcpresconf20261028.htm Related links say the statement and implementation note were released October 28, 2026 at 2:00 p.m. No transcript text was on that page. FOMC calendars, last update October 28, 2026: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm October 27-28 is posted. December 8-9 carries an asterisk for a Summary of Economic Projections. The page says each meeting date is tentative until confirmed at the meeting immediately preceding it.