Official FOMC statement
FOMC statement for 16 September 2026
HIKE · 3.75%–4.00% · Change +25 bp · Vote —
Official statement
The Federal Open Market Committee approved the following statement for release by a 12 - 0 vote:
The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated. Today's policy action will support a timelier return to the Committee's 2 percent goal. The Committee will deliver price stability.
For media inquiries, please email [email protected] or call 202-452-2955.
Implementation Note issued September 16, 2026
Changes from the preceding statement
Formatting-only differences are normalised before sentence-level comparison.
VOTING LANGUAGE · modified · materiality 3
Previous wording: The Federal Open Market Committee approved the following statement for release by a 9 - 3 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.
Current wording: The Federal Open Market Committee approved the following statement for release by a 12 - 0 vote: The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate.
ECONOMIC ACTIVITY · added · materiality 2
Current wording: Economic activity is expanding at a solid pace.
UNCERTAINTY · added · materiality 1
Current wording: While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient.
GROWTH · added · materiality 2
Current wording: Productivity growth is strong, and capital investment is robust.
UNCERTAINTY · removed · materiality 2
Previous wording: Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.
GROWTH · removed · materiality 2
Previous wording: Productivity growth and capital investment are strong.
INFLATION · added · materiality 2
Current wording: Inflation remains elevated.
OTHER · modified · materiality 1
Previous wording: 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.
Current wording: Today's policy action will support a timelier return to the Committee's 2 percent goal.
VOTING LANGUAGE · removed · materiality 1
Previous wording: Voting against the monetary policy action were Beth M.
OTHER · removed · materiality 1
Previous wording: Hammack, Neel Kashkari, and Lorie K.
POLICY STANCE · removed · materiality 3
Previous wording: Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.
OTHER · modified · materiality 1
Previous wording: Implementation Note issued July 29, 2026
Current wording: Implementation Note issued September 16, 2026
Implementation note
IORB
—
Standing repo facility
—
Overnight reverse repo
—
Related meeting research
Recent Squawkdeck messages
Actual Squawkdeck message · FOMC Statements
FOMC Statement — 2026-09-16
Target range: 3.75%–4.00% Change: +25 bp Material wording changes: The Federal Open Market Committee approved the following statement for release by a 12 - 0 vote: The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate. | Economic activity is expanding at a solid pace. | Productivity growth is strong, and capital investment is robust.
16 September 2026
Official sourceActual Squawkdeck message · FOMC Statements
FOMC Statement — 2026-07-29
Target range: 3.50%–3.75% Change: 0 bp No material deterministic wording change was identified.
29 July 2026
Official source