Every vote, every word

Sunday, November 1, 2026

FOMC meeting

June 16–17, 2026

hold Held at 3.50–3.75% by a 12–0 vote.

Statement · Press conference · Projections · Minutes (July 8, 2026) · federalreserve.gov

The vote

Unanimous.

Voted for (12)

Kevin Warsh, Philip N. Jefferson, Michelle W. Bowman, Michael S. Barr, Lisa D. Cook, Jerome H. Powell, Christopher J. Waller, John C. Williams, Anna Paulson, Beth M. Hammack, Neel Kashkari, Lorie K. Logan

What changed in the statement

173 word-level changes against the April 29, 2026 statement. Added text and removed text are marked in the redline below.

Target range 3.50–3.75% → 3.50–3.75%. Vote 8–4 → 12–0.

Statement redline

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 extentpercent, andin timingsupport of additional adjustments to the target range for theFederal federalReserve's fundsdual rate,mandate. theThe Committee will carefullyreaffirmed assessits incomingpolicy data,of themaintaining evolvingample outlook,reserves andin the balance of risks.banking Thesystem. Economic Committeeactivity is strongly committed to supporting maximum employment and returning inflationexpanding toat itsa 2solid percentpace objective. Indespite assessingelevated theuncertainty appropriatethat stanceowes, ofin monetarypart, policy,to the Committee will continue toconflict monitorin the implicationsMiddle ofEast. incomingProductivity informationgrowth forand thecapital economicinvestment outlook.are Thestrong. CommitteeJob wouldgains behave preparedkept topace adjustwith the stance of monetary policyworkforce, asand appropriatethe ifunemployment risksrate emergehas thatchanged couldlittle. Inflation impederemains theelevated attainmentrelative ofto the Committee's goals. The Committee's assessments will take2 intopercent accountgoal, ain widepart rangereflecting ofsupply information,shocks includingthat readingshave ondriven laborprice marketincreases conditions,in inflationcertain pressuressectors, andincluding inflationenergy. expectations,The andCommittee financialwill anddeliver internationalprice developments.stability.

Statement as released

The Federal Open Market Committee approved the following statement for release by a 12 - 0 vote:

The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.

Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.

Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.

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