Summary

• The FOMC voted 12–0 to hold the federal funds rate steady at 3.50%–3.75% for the fourth consecutive meeting.
• Markets currently price in one 25-basis-point interest rate hike by October 2026, with no further movement through 2027.
• Fed officials raised year-end rate projections to between 3.6% and 4.1%.

By Jennifer Nash

The Federal Reserve concluded its fourth meeting of the year by holding the federal funds rate (FFR) steady in the 3.50%-3.75% range. The decision, which markets had fully priced in, keeps the benchmark rate at its lowest level since November