Markets
The Fed's September hike: funds rate 3.75%–4%, and the first cut waits for 2028
The Federal Open Market Committee raised the federal funds target range to 3.75%–4.00% on 16 September 2026, its first increase since July 2023, on a unanimous 12–0 vote. The projections published with the decision leave the median funds rate at 4.1% through the whole of 2027, and put the first decline in that path in 2028.
September 23, 2026