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SeriesThe federal funds rate

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The federal funds rate

The Federal Reserve’s decisions, the debate behind them, and what happens next.

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  1. The quiet hold breaks: three officials vote to raise rates

    Outside the vote line, the statement changed by one verb. The vote turned a split already visible in June into three formal dissents: a 9–3 hold, with three regional presidents asking for a hike, the first time since 2016 that three dissenters pulled in the same direction.

  2. Warsh's first unanimous vote, with half the committee penciling in a hike

    The June 17 decision looked like calm: a 12–0 hold, a four-paragraph statement. The projections underneath flipped from a cut to a hike, and six weeks later the dissents arrived.

Key figures and sources
5.50 peaksix cuts, Sep 2024 → Dec 20254.00 · effective September 17202420252026
Upper bound of the target range. Source: Federal Reserve daily history (FRED).
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Vote count

  • June 17, 2026: 12-0 vote. Fed policymakers voted 12-0 to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75%
  • July 29, 2026: 9-3 vote. The Federal Reserve voted 9-3 to hold its key interest rate steady in a range between 3.5% and 3.75%.
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