FOMC meeting
April 28–29, 2026
hold Held at 3.50–3.75% by a 8–4 vote.
Statement · Press conference · Minutes (May 20, 2026) · federalreserve.gov
The vote
Dissented (4)
- Stephen I. Miran preferred easier
Preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. - Beth M. Hammack preferred no change
Supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time. - Neel Kashkari preferred no change
Supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time. - Lorie K. Logan preferred no change
Supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time.
Voted for (8)
Jerome H. Powell, John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Philip N. Jefferson, Anna Paulson, Christopher J. Waller
What changed in the statement
39 word-level changes against the March 18, 2026 statement. Added text and removed text are marked in the redline below.
Target range 3.50–3.75% → 3.50–3.75%. Vote 11–1 → 8–4.
Statement redline
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Statement as released
Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. Inflation is elevated, in part reflecting the recent increase in global energy prices.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook. The Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Philip N. Jefferson; Anna Paulson; and Christopher J. Waller. Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time.