Fed Meeting Preview: What to Expect From the October 27-28 Decision

The next Fed meeting takes place on October 27 and 28, 2026. Notably, it comes six weeks after the Federal Reserve raised interest rates in September. As a result, savers, borrowers, and investors are watching closely. Here is where rates stand, what markets expect, and what the decision could mean for you.

Where interest rates stand now

At its September 15-16 meeting, the Federal Open Market Committee (FOMC) raised its target range for the federal funds rate by a quarter point, to 3.75% to 4.00%. Moreover, the vote was 12-0.

In its statement, the Fed said that "inflation remains elevated." It added that the move "will support a timelier return to the Committee’s 2 percent goal." Currently, Kevin Warsh chairs the Fed. You can read the full September FOMC minutes on the Federal Reserve’s website.

What markets expect at the Fed meeting

For now, most forecasters expect the Fed to hold rates steady. According to a preview from Raisin, market pricing pointed to roughly a 91% chance of a hold in October. In addition, a Reuters survey found that 94 of 100 economists expected no change.

However, the same preview says markets see a strong chance of another quarter-point hike in December. In other words, the Fed may pause now but signal that it could still raise rates later.

As usual, the decision is typically released at 2 p.m. ET on the final day of the meeting, followed by the chair’s press conference.

The data the Fed is watching

Right now, two forces pull in different directions. On one side, the Fed has said inflation remains above its 2% target. On the other, the job market has cooled. The U.S. economy added 29,000 jobs in September, and the unemployment rate rose to 4.2%, according to figures cited in the Raisin preview.

As a result, the Fed has to weigh stubborn prices against a slowing labor market. Ultimately, that balance is likely to shape the tone of its statement.

What the Fed meeting could mean for your money

In practice, rate decisions ripple through everyday finances:

• Credit cards. Generally, card rates follow the prime rate, which moves with the Fed. A hold keeps rates where they are for now.
• Savings. Likewise, high-yield savings and CD rates often track Fed policy, so savers may keep earning similar yields.
• Mortgages. However, mortgage rates move with longer-term bond yields, which react to the Fed’s outlook, not just its decision.
• Business loans. Similarly, variable-rate business credit often follows the prime rate.

If you carry card balances, lowering what you owe is one of the few moves fully in your control. Our guide to the credit utilization ratio explains why that matters for your score too.

For more coverage, browse our Money & Finance section.

The bottom line

The Fed meeting on October 27-28 is widely expected to end in a hold after September’s hike. Even so, the message about December may matter more than the decision itself. Therefore, watch the statement and the press conference for clues on the next move.

Rates, forecasts, and data as reported as of October 25, 2026. This article is general information, not financial advice.