October 28 decision: Held (10–2; Cook and Hammack preferred a 25 bp hike)
Compared with September 16: 3 rewritten; vote 12–0 → 10–2
September 16
The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate.
October 28
The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate.
September 16
Economic activity is expanding at a solid pace.
October 28
Economic activity is expanding at a strong pace.
September 16
Today's policy action will support a timelier return to the Committee's 2 percent goal.
October 28
The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2 percent goal.
10 in favour, 2 against (previously 12 in favour, 0 against)
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.
The Committee is continuing its policy of maintaining ample reserves in the banking system.
While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient.
Productivity growth is strong, and capital investment is robust.
Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated.
The Committee will deliver price stability.
Sources: October 28 ↗ · September 16 ↗ · Statement text from the Federal Reserve Board website (a U.S. government work). · Verified 2026-10-31