FOMC Meets April 28 to 29 as Fed Holds Rates at 3.50 to 3.75 Percent

The Federal Open Market Committee began its two-day meeting on April 28, 2026, with markets watching closely for any signal on the direction of interest rates.

The federal funds rate target range has held at 3.50 to 3.75 percent since the March 18 meeting, following a series of cuts that began in late 2025. The effective federal funds rate stood at approximately 3.64 percent in March.

The committee is expected to announce its decision on April 29 at 2:00 PM Eastern Time. Federal Reserve Chair Jerome Powell will hold a press conference at 2:30 PM to discuss the decision and the Fed's economic outlook.

Powell's term as Fed Chair expires on May 15, 2026, adding an unusual layer of uncertainty to the meeting. Kevin Warsh, nominated by President Trump to succeed Powell, is awaiting Senate confirmation.

The Fed's dual mandate requires it to pursue maximum employment and price stability, with a 2 percent inflation target. Analysts are divided on whether the committee will hold rates steady or signal a cut later in the year, given ongoing uncertainty from trade policy and the Iran conflict's effect on energy prices.

The FOMC meets approximately eight times per year. The next scheduled meeting after April is in June 2026.