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When is the Fed's next meeting?
The Fed meets eight times per year, with the next meeting set for Nov. 6-7.
Soon, the Federal Open Market Committee (FOMC) — a division of the Federal Reserve responsible for setting monetary policy — will meet once again to evaluate the health of the economy and make key decisions regarding the federal funds rate.
Following a series of interest rate hikes between March 2022 and July 2023, which were intended to help reverse rising inflation, the Fed held its benchmark rate steady for over a year. However, in September, the Fed decided to lower the federal funds rate by a whopping 50 basis points.
These decisions impact not only how the economy functions as a whole but also everyday consumers, as they influence rates on savings accounts, credit cards, mortgages, and more.
Statements and forecasts released during FOMC meetings provide valuable information on the economic outlook. Knowing when the Fed meets to discuss monetary policy and make important decisions can help you get a snapshot of the economy’s overall health and adjust your own financial strategy accordingly.
Read more: Should you open a savings account or CD before the Fed's next meeting?
When is the next Fed meeting?
The FOMC holds eight regularly scheduled meetings per year. Its next meeting takes place Nov. 6-7, 2024.
At these meetings, policymakers assess the health of the economy by evaluating economic indicators such as the Consumer Price Index (CPI), gross domestic product (GDP), and the unemployment rate to shape monetary policy.
The minutes of regularly scheduled meetings are released three weeks after the date of the policy decision. The live press conferences held by Federal Reserve Chairman Jerome Powell are also livestreamed and recorded.
Upcoming 2024 FOMC meetings:
Nov. 6-7
Dec. 17-18*
* Meeting associated with a Summary of Economic Projections.
Once each meeting concludes, the FOMC releases its policy decisions at 2 p.m. Eastern time. Then the Fed Chairman holds a press conference at 2:30 p.m.
Read more: How the Federal Reserve rate decision affects mortgage rates
What to expect from the next Fed meeting
The next meeting is expected to provide Americans with an update on the federal funds rate. The Fed lowered its target rate in September 2024, following a series of rate hikes to temper rising inflation.
"In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent," the FOMC wrote in a recent statement. "In considering 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."
Experts believe that the Fed will reduce the federal funds rate again this year. However, the number and size of these rate cuts remains to be seen.
Read more: How much control does the president have over the Fed and interest rates?
Frequently Asked Questions
Will the Fed lower rates in June?
It’s not possible to predict with certainty what the Fed will decide regarding the federal funds rate. That said, many economists expect additional rate cuts this year.
How often does the Fed meet to change interest rates?
The FOMC holds eight regularly scheduled meetings per year. But this doesn’t necessarily mean the committee will decide to change rates at every meeting. Members assess the economy's performance and the committee adjusts monetary policy accordingly.
What is the Fed’s target interest rate?
The Fed’s current target range is 4.75%-5.00%.