The Boston Report · Live tracker
The FOMC raised 0.25 pt on Sept. 16, 2026 (vote 12–0). The next decision is due Oct. 28, 2026, at 2 p.m. ET.
About this trackerWhat it covers, sources and update schedule
This Federal Reserve tracker follows the U.S. central bank’s interest rate decisions, the FOMC meeting calendar, the inflation and jobs data the Fed watches, and who leads the Board of Governors. Every figure comes from an official source (the Federal Reserve Board, the Bureau of Labor Statistics and the Bureau of Economic Analysis) and carries the date it applies to. Page last updated Oct. 27, 2026.
Top photo: AgnosticPreachersKid, Wikimedia Commons, CC BY-SA 3.0 (file photo)
Key numbers at a glance
Each card shows the latest reading, the date it applies to, the change from a year earlier and a trend line of about three years. Data from FRED (Federal Reserve Bank of St. Louis), which republishes official Fed, BLS and BEA figures; each card links to its series. Next releases: core PCE Oct. 29, 2026, jobs report Nov. 6, 2026, CPI Nov. 10, 2026.
Dual mandate balance: inflation vs. maximum employment
Congress directs the Fed to pursue maximum employment and stable prices. In its Statement on Longer-Run Goals and Monetary Policy Strategy (reaffirmed effective Jan. 27, 2026), the FOMC defines its price goal as 2% inflation measured by the annual change in the PCE price index. The statement says the maximum level of employment “is not directly measurable,” so there is no fixed numeric jobs goal. As a yardstick, the chart below uses the median FOMC participant’s longer-run unemployment estimate from the September 2026 projections, 4.2%.
The statement says the two goals are “generally complementary.” When they are not, the committee says it “follows a balanced approach,” taking into account how far each measure is from its goal and how long each is projected to take to return. In plain terms, higher rates tend to slow inflation but can also slow hiring, and lower rates tend to do the reverse, so the size of each gap matters when the two point in different directions.
Rates
The chart shows the upper bound of the FOMC’s target range. The Fed cut rates by a total of 1.75 percentage points between September 2024 and December 2025, held at its first five meetings of 2026, then raised the range by a quarter point in September 2026.
Fed funds target range since 2024
Fed funds rate vs. CPI and core PCE inflation, 10 years
Fed dot plot: September 2026 projections
In the Summary of Economic Projections released with the Sept. 16 decision, the median of the 18 participants projected the federal funds rate at 4.1% at the end of 2026, above the 3.875% midpoint of the current 3.75%–4.00% range. The median projections also showed PCE inflation of 3.7% and core PCE inflation of 3.4% for 2026, unemployment of 4.1% and GDP growth of 2.3%.
For a preview of this week’s meeting, read our report: Fed meeting begins with rates likely on hold as inflation hits 3.7%.
Inflation
The Fed’s longer-run goal is 2% inflation as measured by the PCE price index. Headline consumer prices rose 3.7% in the 12 months to September, with the BLS energy index up 20.4%. Prices excluding food and energy rose 2.6% on the CPI measure; the Fed’s preferred core PCE gauge rose 3.0% in the year to August.
Inflation measures vs. the 2% goal
Jobs and unemployment
The official U-3 unemployment rate counts people without a job who are looking for one. The broader U-6 rate also counts people working part time who want full-time work and people who have stopped looking. Weekly initial claims track new filings for unemployment insurance; continuing claims track people still receiving benefits. The Massachusetts rate comes from the BLS state survey.
Unemployment rate, 10 years: U.S. vs. Massachusetts
Monthly payroll job gains and losses, 24 months
Growth
Real GDP measures the economy’s output adjusted for inflation; the figure shown is the quarterly change at an annual rate from the Bureau of Economic Analysis. The University of Michigan sentiment index tracks how households rate their finances and the economy.
Markets
Treasury yield curve: 2-year vs. 10-year
Balance sheet and money supply
Fed balance sheet: total assets
Massachusetts
The Massachusetts unemployment rate comes from the BLS state survey and is compared with the national rate in the jobs chart above. A Boston-area metro rate is not shown because the FRED series for the Boston metro area had not been updated past December 2024 when this page was built.
FOMC meetings: decisions and calendar
Show past decisions and upcoming meetingsNext: Oct. 28, 2026 · Last: raised 0.25 pt on Sept. 16, 2026 (12–0 vote)
Upcoming and past meetings, 2026–2027
- Jan 27–282026
- Mar 17–182026 · SEP
- Apr 28–292026
- Jun 16–172026 · SEP
- Jul 28–292026
- Sep 15–162026 · SEP
- Oct 27–282026 · next
- Dec 8–92026 · SEP
- Jan 26–272027
- Mar 16–172027 · SEP
- Apr 27–282027
- Jun 8–92027 · SEP
- Jul 27–282027
- Sep 14–152027 · SEP
- Oct 26–272027
- Dec 7–82027 · SEP
“SEP” marks a meeting with a Summary of Economic Projections (the “dot plot”). Statements are released at 2 p.m. ET on the second day.
Rate decisions since September 2024
| Decision date | Action | New target range | Vote | Dissents |
|---|---|---|---|---|
| Sept. 16, 2026 | Raise 0.25 pt | 3.75–4.00% | 12–0 | None |
| July 29, 2026 | Hold | 3.50–3.75% | 9–3 | Hammack, Kashkari, Logan (preferred a 0.25-pt hike) |
| June 17, 2026 | Hold | 3.50–3.75% | 12–0 | None |
| Apr. 29, 2026 | Hold | 3.50–3.75% | 8–4 | Miran (preferred a 0.25-pt cut); Hammack, Kashkari, Logan (opposed the statement’s easing bias) |
| Mar. 18, 2026 | Hold | 3.50–3.75% | 11–1 | Miran (preferred a 0.25-pt cut) |
| Jan. 28, 2026 | Hold | 3.50–3.75% | 10–2 | Miran, Waller (preferred a 0.25-pt cut) |
Show 11 earlier decisions
| Decision date | Action | New target range | Vote | Dissents |
|---|---|---|---|---|
| Dec. 10, 2025 | Cut 0.25 pt | 3.50–3.75% | 9–3 | Miran (preferred a 0.50-pt cut); Goolsbee, Schmid (preferred no change) |
| Oct. 29, 2025 | Cut 0.25 pt | 3.75–4.00% | 10–2 | Miran (preferred a 0.50-pt cut); Schmid (preferred no change) |
| Sept. 17, 2025 | Cut 0.25 pt | 4.00–4.25% | 11–1 | Miran (preferred a 0.50-pt cut) |
| July 30, 2025 | Hold | 4.25–4.50% | 9–2 | Bowman, Waller (preferred a 0.25-pt cut); Kugler absent |
| June 18, 2025 | Hold | 4.25–4.50% | 12–0 | None |
| May 7, 2025 | Hold | 4.25–4.50% | 12–0 | None |
| Mar. 19, 2025 | Hold | 4.25–4.50% | 11–1 | Waller (backed the rate hold but preferred to keep the pace of balance-sheet runoff) |
| Jan. 29, 2025 | Hold | 4.25–4.50% | 12–0 | None |
| Dec. 18, 2024 | Cut 0.25 pt | 4.25–4.50% | 11–1 | Hammack (preferred no change) |
| Nov. 7, 2024 | Cut 0.25 pt | 4.50–4.75% | 12–0 | None |
| Sept. 18, 2024 | Cut 0.50 pt | 4.75–5.00% | 11–1 | Bowman (preferred a 0.25-pt cut) |
Votes and dissents are taken from each FOMC statement. The June and September 2026 statements report a 12–0 vote. Source: Federal Reserve meeting calendars and statements.
Who runs the Fed: Board of Governors
Kevin Warsh succeeded Jerome H. Powell as chair on May 22, 2026. Warsh previously served on the Board from 2006 to 2011. Powell, chair since Feb. 5, 2018, stayed on as a governor; his board term runs to Jan. 31, 2028. Governors are nominated by the president and confirmed by the Senate for 14-year terms.
Source: Federal Reserve Board members; Warsh and Powell biographies. The FOMC also includes the president of the New York Fed and four other Reserve Bank presidents who vote on a rotating basis.
How the Federal Reserve sets interest rates
The Federal Open Market Committee, which has 12 voting members, holds eight scheduled meetings a year. It sets a target range for the federal funds rate, the rate banks charge each other for overnight loans. Changes in that range feed into what households and businesses pay on credit cards, home equity lines, auto loans and many business loans, and they influence mortgage rates and Treasury yields.
Congress gave the Fed a dual mandate: maximum employment and stable prices. When inflation runs above the 2% goal, the committee can raise rates to cool demand; when the job market weakens, it can cut rates. The Fed also manages the size of its balance sheet, made up mainly of Treasury securities and mortgage-backed securities, which totaled $6.754 trillion on Oct. 21, 2026.
Federal Reserve tracker FAQ
What is the current federal funds rate?
The FOMC’s target range for the federal funds rate is 3.75% to 4.00%, set on Sept. 16, 2026, when the committee raised it by a quarter percentage point by a 12–0 vote. The effective federal funds rate was 3.88% on Oct. 23, 2026, according to the Fed’s H.15 release.
When is the next Fed meeting?
The FOMC meets Oct. 27–28, 2026. The policy statement is scheduled for 2 p.m. ET on Wednesday, Oct. 28. The final 2026 meeting is Dec. 8–9, and the first 2027 meeting is Jan. 26–27.
Who is the chair of the Federal Reserve?
Kevin Warsh took office as chairman of the Board of Governors on May 22, 2026, for a four-year term ending May 21, 2030, according to his official Fed biography. Jerome H. Powell, who was chair from Feb. 5, 2018 to May 22, 2026, remains a governor.
What does the Fed’s dot plot show?
In the September 2026 Summary of Economic Projections, the median FOMC participant projected a federal funds rate of 4.1% at the end of 2026 and 2027, 3.9% at the end of 2028, 3.6% at the end of 2029 and 3.2% over the longer run. The next projections are due with the Dec. 8–9 meeting.
How often is this tracker updated?
The Boston Report updates this page after each FOMC decision and after major official data releases: the monthly CPI and jobs reports from the Bureau of Labor Statistics, the monthly PCE price data from the Bureau of Economic Analysis, and the Fed’s weekly H.4.1 balance sheet release.
Related coverage
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- Business & Finance hub
Sources
- Federal Reserve: Meeting calendars, statements and minutes (2026–2027)
- Federal Reserve: FOMC statement, Sept. 16, 2026
- Federal Reserve: Summary of Economic Projections, Sept. 16, 2026
- Federal Reserve: H.15 Selected Interest Rates
- Federal Reserve: H.4.1 Factors Affecting Reserve Balances, Oct. 22, 2026
- Federal Reserve: Board members
- U.S. Bureau of Labor Statistics: Consumer Price Index, September 2026
- U.S. Bureau of Labor Statistics: Employment Situation, September 2026
- U.S. Bureau of Economic Analysis: Core PCE price index
- Federal Reserve: Statement on Longer-Run Goals and Monetary Policy Strategy (reaffirmed Jan. 27, 2026)
Additional sources
- Federal Reserve Bank of St. Louis (FRED): federal funds target range, upper limit
- FRED: Fed total assets (WALCL)
- FRED, Federal Reserve Bank of St. Louis: Effective federal funds rate (daily) (DFF)
- FRED, Federal Reserve Bank of St. Louis: Federal funds target range, lower limit (DFEDTARL)
- FRED, Federal Reserve Bank of St. Louis: Consumer Price Index, all urban consumers (CPIAUCSL)
- FRED, Federal Reserve Bank of St. Louis: CPI less food and energy (CPILFESL)
- FRED, Federal Reserve Bank of St. Louis: PCE price index excluding food and energy (PCEPILFE)
- FRED, Federal Reserve Bank of St. Louis: Unemployment rate (UNRATE)
- FRED, Federal Reserve Bank of St. Louis: U-6 unemployment rate (U6RATE)
- FRED, Federal Reserve Bank of St. Louis: All employees, total nonfarm (PAYEMS)
- FRED, Federal Reserve Bank of St. Louis: Labor force participation rate (CIVPART)
- FRED, Federal Reserve Bank of St. Louis: Initial claims (ICSA)
- FRED, Federal Reserve Bank of St. Louis: Continued claims (CCSA)
- FRED, Federal Reserve Bank of St. Louis: Real gross domestic product (GDPC1)
- FRED, Federal Reserve Bank of St. Louis: 2-year Treasury constant maturity (DGS2)
- FRED, Federal Reserve Bank of St. Louis: 10-year Treasury constant maturity (DGS10)
- FRED, Federal Reserve Bank of St. Louis: 10-year minus 2-year Treasury spread (T10Y2Y)
- FRED, Federal Reserve Bank of St. Louis: 30-year fixed mortgage average (Freddie Mac) (MORTGAGE30US)
- FRED, Federal Reserve Bank of St. Louis: 5-year breakeven inflation rate (T5YIE)
- FRED, Federal Reserve Bank of St. Louis: ICE BofA US High Yield option-adjusted spread (BAMLH0A0HYM2)
- FRED, Federal Reserve Bank of St. Louis: University of Michigan consumer sentiment (UMCSENT)
- FRED, Federal Reserve Bank of St. Louis: M2 money stock (M2SL)
- FRED, Federal Reserve Bank of St. Louis: Massachusetts unemployment rate (MAUR)
- FRED, Federal Reserve Bank of St. Louis: NBER-based recession indicator (USREC)