{"content_id":"jwcs9cco7p","slug":"september-fomc-2026-rate-hike-results","locale":"en","schema_type":"Article","category":"news","category_name":"News","title":"September 2026 FOMC 0.25-Point Rate Hike","summary":"The Fed raised its target rate range to 3.75~4.00% at the September 2026 FOMC meeting. The dot plot points to the possibility of another hike this year, but it does not commit to a specific decision at the next meeting or to holding rates steady throughout 2027.","sponsorship_disclosure":null,"affiliate_disclosure":null,"commerce_disclosure":null,"author":{"name":"Injoys Editorial Team","url":"https://injoys.com/ko/about"},"key_points":["The September 2026 FOMC raised the target rate range by 0.25 percentage points.","The rate hike was approved unanimously by all 12 voting members.","Of 18 participants, 12 projected a year-end 2026 rate of 4.00~4.25%.","Even though the median projections for year-end 2026 and 2027 are the same, this does not mean rates will remain unchanged throughout 2027.","The remaining regularly scheduled meetings in 2026 are October 27~28 and December 8~9 in U.S. local time."],"content_markdown":"The Fed raised its policy rate to 3.75~4.00% in September 2026. The increase was 0.25%p. All 12 voting members voted in favor. The dot plot suggests another increase by the end of the year, but this is not a fixed schedule.\n\nThe interest rate and projection figures are based on the Fed's September 16, 2026 release.\n\n## What was decided at the September FOMC meeting?\n\nThe Federal Open Market Committee (FOMC) raised the target range for the federal funds rate. The federal funds rate is the rate applied when financial institutions borrow funds overnight. The figure commonly called the U.S. policy rate is the target range for this rate.\n\n| Item | September 2026 decision |\n| --- | --- |\n| Target range before increase | 3.50~3.75% per year |\n| Target range after increase | 3.75~4.00% per year |\n| Size of increase | 0.25%p, 25bp |\n| Vote | 12 in favor, 0 opposed |\n| Announcement | September 16 at 2 p.m. Eastern Time |\n\nThe rate increase and vote are confirmed in the [Fed's September FOMC statement](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm). AP reported that this was the first increase since 2023. It would therefore be inaccurate to describe it as a continuation of an ongoing cycle of increases. [AP report](https://apnews.com/article/federal-reserve-warsh-trump-inflation-bab1bcb07e973bfb2dd0c3e5fbbb73b1)\n\n## Why did the Fed raise rates?\n\nThe main reason given by the Fed was persistently high inflation. The statement assessed that economic activity continued to expand at a solid pace. It also explained that employment had increased in line with the growth of the labor force.\n\n\u003e Inflation remains elevated.\n\u003e\n\u003e The Fed, September 16, 2026 FOMC statement\n\nThis means that inflation remains high. The Fed judged that this action would help it achieve its inflation goal sooner. The inflation goal is an annual increase of 2% in the personal consumption expenditures (PCE) price index. [The Fed's explanation of its monetary policy goals](https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm)\n\nChair Kevin Warsh also explained that inflation had remained high for too long. At the press conference, he emphasized trends rather than individual data points. This is why it is difficult to predict the next decision based only on the consumer price index (CPI) for a particular month. [September press conference transcript](https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20260916.pdf)\n\n## How many additional increases does the dot plot project?\n\nProjections for the end of 2026 were concentrated in rate ranges above the current range. The dot plot shows the rate level that each participant considers appropriate. A total of 18 participants submitted projections this time.\n\n| Projection corresponding to the target range at the end of 2026 | Number of participants | Net change needed after the September decision |\n| --- | --- | --- |\n| 3.75~4.00% | 2 | No change |\n| 4.00~4.25% | 12 | Increase of 0.25%p |\n| 4.25~4.50% | 4 | Increase of 0.50%p |\n\nAssuming moves of 0.25%p each, these correspond to 0, 1, and 2 additional increases, respectively. The actual size of the adjustments and their sequence across meetings have not been determined. The underlying dot plot data appear in [Figure 2 of the September economic projections](https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20260916.htm).\n\n### Comparing the rate range and median\n\nThe 4.1% in the projections table does not refer to the upper end of the target range. The dot plot uses the midpoint of the target range. The midpoint of 4.00~4.25% is 4.125%.\n\n| Expression | Meaning |\n| --- | --- |\n| 4.00~4.25% | Target range |\n| 4.125% | Midpoint of that range |\n| 4.1% | Median projection shown to one decimal place |\n\nThe median rates for the end of 2026 and the end of 2027 are both 4.00~4.25%. This means that the representative projections for the two year ends are the same. It is not a commitment to leave rates unchanged at every meeting between those dates.\n\n## Common mistakes when interpreting the dot plot\n\nThe vote on the rate decision must be distinguished from the submission of rate projections. There were 12 voting members this time, but 18 participants submitted projections. Chair Kevin Warsh said that he did not submit his own projection. [September press conference transcript](https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20260916.pdf)\n\n- **Confusing unanimity with agreement on the future path:** Support for this increase does not mean agreement on the number of future increases.\n- **Confusing the number of projections with probability:** The number of dots in a particular range is not a market-calculated probability of an increase.\n- **Confusing year-end figures with the path during the year:** The year-end median alone does not reveal decisions at the intervening meetings.\n- **Presenting it as the Chair's projection:** It is inaccurate to describe this dot plot as the Chair's personal interest rate plan.\n\n## How do the announcement date and effective date differ?\n\nFor this rate decision, the announcement date and effective date differ based on U.S. local dates. The statement was released on September 16, 2026. The policy implementation instructions take effect on September 17.\n\n| Category | Date and meaning |\n| --- | --- |\n| Decision announced | September 16 at 2 p.m. Eastern Time |\n| Corresponding time in Korea | September 17 at 3 a.m. Korea time |\n| New target range implemented | Starting September 17 by U.S. local date |\n\nThe effective date is specified in the [Fed's policy implementation instructions](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm). Separating the announcement date from the effective date can reduce confusion about the dates. The fact that the date had changed in Korea and the policy's effective date are separate pieces of information.\n\n## Remaining 2026 FOMC schedule and Korea time\n\nThe remaining regular meetings in 2026 are in October and December. The next release of economic projections is scheduled for the December meeting. Meeting dates are based on the [Fed's official calendar](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm).\n\n| Meeting | U.S. local meeting dates | Results announced in Korea time | Economic projections and dot plot |\n| --- | --- | --- | --- |\n| September | September 15~16, 2026 | September 17 at 3 a.m., released | Released |\n| October | October 27~28, 2026 | October 29 at 3 a.m., based on the regular release time | No regular release |\n| December | December 8~9, 2026 | December 10 at 4 a.m., based on the regular release time | Scheduled for release |\n\nFuture release times were converted based on 2 p.m. Eastern Time. Daylight saving time is not in effect in December, so the Korea time is one hour later. Any schedule changes can be checked on the official calendar shortly before the meeting.\n\n## Inflation and employment releases for the next decision\n\nPCE inflation, employment, and CPI releases are scheduled before the October meeting. The month in which an indicator is released differs from the month it measures. The times below are in Korea time, and all dates are in 2026.\n\n| Indicator | Measurement period | Scheduled release in Korea time | Relation to the October meeting |\n| --- | --- | --- | --- |\n| Personal income and outlays, including PCE price index | August | September 30 at 9:30 p.m. | Before the meeting |\n| Employment report | September | October 2 at 9:30 p.m. | Before the meeting |\n| CPI | September | October 14 at 9:30 p.m. | Before the meeting |\n| Personal income and outlays, including PCE price index | September | October 29 at 9:30 p.m. | After the results are announced |\n\nThe official September PCE release comes after the October FOMC results are announced. It should therefore not be assumed that this figure will be available before the meeting. The schedule can be checked on the [BLS release calendar](https://www.bls.gov/schedule/2026/) and the [BEA release calendar](https://www.bea.gov/news/schedule/full).\n\n## Comparing effects on stocks, bonds, and exchange rates\n\nA rate increase affects financial conditions but does not determine asset prices. The Fed explains that the policy rate affects lending rates and asset prices. Long-term interest rates also reflect expectations about future policy and the economy. [The Fed's explanation of monetary policy transmission](https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm)\n\n| Asset or product | Channel of impact | Conditions to consider |\n| --- | --- | --- |\n| Stocks | Changes in funding costs and attractiveness relative to other assets | Corporate earnings and expected future rates |\n| Bonds | Changes in the value of existing bonds as market rates move | Maturity and the future inflation outlook |\n| Dollar-won exchange rate | Changes in interest rates across countries and asset preferences | Policies in other countries and risk appetite |\n| Loans | Changes in funding rates reflected in lending terms | Whether the rate is fixed or variable and when it is repriced |\n\nThis table is an interpretation summarizing the transmission channels. It does not show the actual percentage changes immediately after this meeting. It also does not mean that the size of the policy rate increase applies unchanged to every financial product.\n\n## The president's criticism and Fed independence\n\nPresident Donald Trump called for rate cuts after the increase. According to Reuters, he argued that U.S. interest rates should be at most 1%. Earlier comments linking demands for rate cuts to threats to halt trade were also reported. [Reuters report published by CNA](https://www.channelnewsasia.com/world/trump-lashes-out-federal-reserve-rate-hike-kevin-warsh-6390466)\n\nChair Kevin Warsh responded that the Fed would stick to its own role. He added that those responsible for trade and fiscal policy also had their respective roles. This context appears in the [September press conference transcript](https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20260916.pdf).\n\nInterpreting this solely as an intention to clash with the president narrows the scope of the remarks. In context, the remarks emphasized the distinction between the role of monetary policy and those of other policies. The president's demand itself does not change the FOMC's decision.","content_html":"\u003cp\u003eThe Fed raised its policy rate to 3.75~4.00% in September 2026. The increase was 0.25%p. All 12 voting members voted in favor. The dot plot suggests another increase by the end of the year, but this is not a fixed schedule.\u003c/p\u003e\n\u003cp\u003eThe interest rate and projection figures are based on the Fed's September 16, 2026 release.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#what-was-decided-at-the-september-fomc-meeting\" class=\"anchor\" id=\"what-was-decided-at-the-september-fomc-meeting\"\u003e\u003c/a\u003eWhat was decided at the September FOMC meeting?\u003c/h2\u003e\n\u003cp\u003eThe Federal Open Market Committee (FOMC) raised the target range for the federal funds rate. The federal funds rate is the rate applied when financial institutions borrow funds overnight. The figure commonly called the U.S. policy rate is the target range for this rate.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eItem\u003c/th\u003e\n\u003cth\u003eSeptember 2026 decision\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Item\"\u003eTarget range before increase\u003c/td\u003e\n\u003ctd data-label=\"September 2026 decision\"\u003e3.50~3.75% per year\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Item\"\u003eTarget range after increase\u003c/td\u003e\n\u003ctd data-label=\"September 2026 decision\"\u003e3.75~4.00% per year\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Item\"\u003eSize of increase\u003c/td\u003e\n\u003ctd data-label=\"September 2026 decision\"\u003e0.25%p, 25bp\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Item\"\u003eVote\u003c/td\u003e\n\u003ctd data-label=\"September 2026 decision\"\u003e12 in favor, 0 opposed\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Item\"\u003eAnnouncement\u003c/td\u003e\n\u003ctd data-label=\"September 2026 decision\"\u003eSeptember 16 at 2 p.m. Eastern Time\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe rate increase and vote are confirmed in the \u003ca href=\"https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm\"\u003eFed's September FOMC statement\u003c/a\u003e. AP reported that this was the first increase since 2023. It would therefore be inaccurate to describe it as a continuation of an ongoing cycle of increases. \u003ca href=\"https://apnews.com/article/federal-reserve-warsh-trump-inflation-bab1bcb07e973bfb2dd0c3e5fbbb73b1\"\u003eAP report\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#why-did-the-fed-raise-rates\" class=\"anchor\" id=\"why-did-the-fed-raise-rates\"\u003e\u003c/a\u003eWhy did the Fed raise rates?\u003c/h2\u003e\n\u003cp\u003eThe main reason given by the Fed was persistently high inflation. The statement assessed that economic activity continued to expand at a solid pace. It also explained that employment had increased in line with the growth of the labor force.\u003c/p\u003e\n\u003cblockquote\u003e\n\u003cp\u003eInflation remains elevated.\u003c/p\u003e\n\u003cp\u003eThe Fed, September 16, 2026 FOMC statement\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003cp\u003eThis means that inflation remains high. The Fed judged that this action would help it achieve its inflation goal sooner. The inflation goal is an annual increase of 2% in the personal consumption expenditures (PCE) price index. \u003ca href=\"https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm\"\u003eThe Fed's explanation of its monetary policy goals\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eChair Kevin Warsh also explained that inflation had remained high for too long. At the press conference, he emphasized trends rather than individual data points. This is why it is difficult to predict the next decision based only on the consumer price index (CPI) for a particular month. \u003ca href=\"https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20260916.pdf\"\u003eSeptember press conference transcript\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-many-additional-increases-does-the-dot-plot-project\" class=\"anchor\" id=\"how-many-additional-increases-does-the-dot-plot-project\"\u003e\u003c/a\u003eHow many additional increases does the dot plot project?\u003c/h2\u003e\n\u003cp\u003eProjections for the end of 2026 were concentrated in rate ranges above the current range. The dot plot shows the rate level that each participant considers appropriate. A total of 18 participants submitted projections this time.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eProjection corresponding to the target range at the end of 2026\u003c/th\u003e\n\u003cth\u003eNumber of participants\u003c/th\u003e\n\u003cth\u003eNet change needed after the September decision\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Projection corresponding to the target range at the end of 2026\"\u003e3.75~4.00%\u003c/td\u003e\n\u003ctd data-label=\"Number of participants\"\u003e2\u003c/td\u003e\n\u003ctd data-label=\"Net change needed after the September decision\"\u003eNo change\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Projection corresponding to the target range at the end of 2026\"\u003e4.00~4.25%\u003c/td\u003e\n\u003ctd data-label=\"Number of participants\"\u003e12\u003c/td\u003e\n\u003ctd data-label=\"Net change needed after the September decision\"\u003eIncrease of 0.25%p\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Projection corresponding to the target range at the end of 2026\"\u003e4.25~4.50%\u003c/td\u003e\n\u003ctd data-label=\"Number of participants\"\u003e4\u003c/td\u003e\n\u003ctd data-label=\"Net change needed after the September decision\"\u003eIncrease of 0.50%p\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eAssuming moves of 0.25%p each, these correspond to 0, 1, and 2 additional increases, respectively. The actual size of the adjustments and their sequence across meetings have not been determined. The underlying dot plot data appear in \u003ca href=\"https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20260916.htm\"\u003eFigure 2 of the September economic projections\u003c/a\u003e.\u003c/p\u003e\n\u003ch3\u003e\n\u003ca href=\"#comparing-the-rate-range-and-median\" class=\"anchor\" id=\"comparing-the-rate-range-and-median\"\u003e\u003c/a\u003eComparing the rate range and median\u003c/h3\u003e\n\u003cp\u003eThe 4.1% in the projections table does not refer to the upper end of the target range. The dot plot uses the midpoint of the target range. The midpoint of 4.00~4.25% is 4.125%.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eExpression\u003c/th\u003e\n\u003cth\u003eMeaning\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Expression\"\u003e4.00~4.25%\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eTarget range\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Expression\"\u003e4.125%\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eMidpoint of that range\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Expression\"\u003e4.1%\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eMedian projection shown to one decimal place\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe median rates for the end of 2026 and the end of 2027 are both 4.00~4.25%. This means that the representative projections for the two year ends are the same. It is not a commitment to leave rates unchanged at every meeting between those dates.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#common-mistakes-when-interpreting-the-dot-plot\" class=\"anchor\" id=\"common-mistakes-when-interpreting-the-dot-plot\"\u003e\u003c/a\u003eCommon mistakes when interpreting the dot plot\u003c/h2\u003e\n\u003cp\u003eThe vote on the rate decision must be distinguished from the submission of rate projections. There were 12 voting members this time, but 18 participants submitted projections. Chair Kevin Warsh said that he did not submit his own projection. \u003ca href=\"https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20260916.pdf\"\u003eSeptember press conference transcript\u003c/a\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eConfusing unanimity with agreement on the future path:\u003c/strong\u003e Support for this increase does not mean agreement on the number of future increases.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eConfusing the number of projections with probability:\u003c/strong\u003e The number of dots in a particular range is not a market-calculated probability of an increase.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eConfusing year-end figures with the path during the year:\u003c/strong\u003e The year-end median alone does not reveal decisions at the intervening meetings.\u003c/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePresenting it as the Chair's projection:\u003c/strong\u003e It is inaccurate to describe this dot plot as the Chair's personal interest rate plan.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-do-the-announcement-date-and-effective-date-differ\" class=\"anchor\" id=\"how-do-the-announcement-date-and-effective-date-differ\"\u003e\u003c/a\u003eHow do the announcement date and effective date differ?\u003c/h2\u003e\n\u003cp\u003eFor this rate decision, the announcement date and effective date differ based on U.S. local dates. The statement was released on September 16, 2026. The policy implementation instructions take effect on September 17.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eCategory\u003c/th\u003e\n\u003cth\u003eDate and meaning\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eDecision announced\u003c/td\u003e\n\u003ctd data-label=\"Date and meaning\"\u003eSeptember 16 at 2 p.m. Eastern Time\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eCorresponding time in Korea\u003c/td\u003e\n\u003ctd data-label=\"Date and meaning\"\u003eSeptember 17 at 3 a.m. Korea time\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Category\"\u003eNew target range implemented\u003c/td\u003e\n\u003ctd data-label=\"Date and meaning\"\u003eStarting September 17 by U.S. local date\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe effective date is specified in the \u003ca href=\"https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm\"\u003eFed's policy implementation instructions\u003c/a\u003e. Separating the announcement date from the effective date can reduce confusion about the dates. The fact that the date had changed in Korea and the policy's effective date are separate pieces of information.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#remaining-2026-fomc-schedule-and-korea-time\" class=\"anchor\" id=\"remaining-2026-fomc-schedule-and-korea-time\"\u003e\u003c/a\u003eRemaining 2026 FOMC schedule and Korea time\u003c/h2\u003e\n\u003cp\u003eThe remaining regular meetings in 2026 are in October and December. The next release of economic projections is scheduled for the December meeting. Meeting dates are based on the \u003ca href=\"https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm\"\u003eFed's official calendar\u003c/a\u003e.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMeeting\u003c/th\u003e\n\u003cth\u003eU.S. local meeting dates\u003c/th\u003e\n\u003cth\u003eResults announced in Korea time\u003c/th\u003e\n\u003cth\u003eEconomic projections and dot plot\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Meeting\"\u003eSeptember\u003c/td\u003e\n\u003ctd data-label=\"U.S. local meeting dates\"\u003eSeptember 15~16, 2026\u003c/td\u003e\n\u003ctd data-label=\"Results announced in Korea time\"\u003eSeptember 17 at 3 a.m., released\u003c/td\u003e\n\u003ctd data-label=\"Economic projections and dot plot\"\u003eReleased\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Meeting\"\u003eOctober\u003c/td\u003e\n\u003ctd data-label=\"U.S. local meeting dates\"\u003eOctober 27~28, 2026\u003c/td\u003e\n\u003ctd data-label=\"Results announced in Korea time\"\u003eOctober 29 at 3 a.m., based on the regular release time\u003c/td\u003e\n\u003ctd data-label=\"Economic projections and dot plot\"\u003eNo regular release\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Meeting\"\u003eDecember\u003c/td\u003e\n\u003ctd data-label=\"U.S. local meeting dates\"\u003eDecember 8~9, 2026\u003c/td\u003e\n\u003ctd data-label=\"Results announced in Korea time\"\u003eDecember 10 at 4 a.m., based on the regular release time\u003c/td\u003e\n\u003ctd data-label=\"Economic projections and dot plot\"\u003eScheduled for release\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eFuture release times were converted based on 2 p.m. Eastern Time. Daylight saving time is not in effect in December, so the Korea time is one hour later. Any schedule changes can be checked on the official calendar shortly before the meeting.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#inflation-and-employment-releases-for-the-next-decision\" class=\"anchor\" id=\"inflation-and-employment-releases-for-the-next-decision\"\u003e\u003c/a\u003eInflation and employment releases for the next decision\u003c/h2\u003e\n\u003cp\u003ePCE inflation, employment, and CPI releases are scheduled before the October meeting. The month in which an indicator is released differs from the month it measures. The times below are in Korea time, and all dates are in 2026.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eIndicator\u003c/th\u003e\n\u003cth\u003eMeasurement period\u003c/th\u003e\n\u003cth\u003eScheduled release in Korea time\u003c/th\u003e\n\u003cth\u003eRelation to the October meeting\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Indicator\"\u003ePersonal income and outlays, including PCE price index\u003c/td\u003e\n\u003ctd data-label=\"Measurement period\"\u003eAugust\u003c/td\u003e\n\u003ctd data-label=\"Scheduled release in Korea time\"\u003eSeptember 30 at 9:30 p.m.\u003c/td\u003e\n\u003ctd data-label=\"Relation to the October meeting\"\u003eBefore the meeting\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Indicator\"\u003eEmployment report\u003c/td\u003e\n\u003ctd data-label=\"Measurement period\"\u003eSeptember\u003c/td\u003e\n\u003ctd data-label=\"Scheduled release in Korea time\"\u003eOctober 2 at 9:30 p.m.\u003c/td\u003e\n\u003ctd data-label=\"Relation to the October meeting\"\u003eBefore the meeting\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Indicator\"\u003eCPI\u003c/td\u003e\n\u003ctd data-label=\"Measurement period\"\u003eSeptember\u003c/td\u003e\n\u003ctd data-label=\"Scheduled release in Korea time\"\u003eOctober 14 at 9:30 p.m.\u003c/td\u003e\n\u003ctd data-label=\"Relation to the October meeting\"\u003eBefore the meeting\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Indicator\"\u003ePersonal income and outlays, including PCE price index\u003c/td\u003e\n\u003ctd data-label=\"Measurement period\"\u003eSeptember\u003c/td\u003e\n\u003ctd data-label=\"Scheduled release in Korea time\"\u003eOctober 29 at 9:30 p.m.\u003c/td\u003e\n\u003ctd data-label=\"Relation to the October meeting\"\u003eAfter the results are announced\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe official September PCE release comes after the October FOMC results are announced. It should therefore not be assumed that this figure will be available before the meeting. The schedule can be checked on the \u003ca href=\"https://www.bls.gov/schedule/2026/\"\u003eBLS release calendar\u003c/a\u003e and the \u003ca href=\"https://www.bea.gov/news/schedule/full\"\u003eBEA release calendar\u003c/a\u003e.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#comparing-effects-on-stocks-bonds-and-exchange-rates\" class=\"anchor\" id=\"comparing-effects-on-stocks-bonds-and-exchange-rates\"\u003e\u003c/a\u003eComparing effects on stocks, bonds, and exchange rates\u003c/h2\u003e\n\u003cp\u003eA rate increase affects financial conditions but does not determine asset prices. The Fed explains that the policy rate affects lending rates and asset prices. Long-term interest rates also reflect expectations about future policy and the economy. \u003ca href=\"https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm\"\u003eThe Fed's explanation of monetary policy transmission\u003c/a\u003e\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAsset or product\u003c/th\u003e\n\u003cth\u003eChannel of impact\u003c/th\u003e\n\u003cth\u003eConditions to consider\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Asset or product\"\u003eStocks\u003c/td\u003e\n\u003ctd data-label=\"Channel of impact\"\u003eChanges in funding costs and attractiveness relative to other assets\u003c/td\u003e\n\u003ctd data-label=\"Conditions to consider\"\u003eCorporate earnings and expected future rates\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Asset or product\"\u003eBonds\u003c/td\u003e\n\u003ctd data-label=\"Channel of impact\"\u003eChanges in the value of existing bonds as market rates move\u003c/td\u003e\n\u003ctd data-label=\"Conditions to consider\"\u003eMaturity and the future inflation outlook\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Asset or product\"\u003eDollar-won exchange rate\u003c/td\u003e\n\u003ctd data-label=\"Channel of impact\"\u003eChanges in interest rates across countries and asset preferences\u003c/td\u003e\n\u003ctd data-label=\"Conditions to consider\"\u003ePolicies in other countries and risk appetite\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Asset or product\"\u003eLoans\u003c/td\u003e\n\u003ctd data-label=\"Channel of impact\"\u003eChanges in funding rates reflected in lending terms\u003c/td\u003e\n\u003ctd data-label=\"Conditions to consider\"\u003eWhether the rate is fixed or variable and when it is repriced\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThis table is an interpretation summarizing the transmission channels. It does not show the actual percentage changes immediately after this meeting. It also does not mean that the size of the policy rate increase applies unchanged to every financial product.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#the-presidents-criticism-and-fed-independence\" class=\"anchor\" id=\"the-presidents-criticism-and-fed-independence\"\u003e\u003c/a\u003eThe president's criticism and Fed independence\u003c/h2\u003e\n\u003cp\u003ePresident Donald Trump called for rate cuts after the increase. According to Reuters, he argued that U.S. interest rates should be at most 1%. Earlier comments linking demands for rate cuts to threats to halt trade were also reported. \u003ca href=\"https://www.channelnewsasia.com/world/trump-lashes-out-federal-reserve-rate-hike-kevin-warsh-6390466\"\u003eReuters report published by CNA\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eChair Kevin Warsh responded that the Fed would stick to its own role. He added that those responsible for trade and fiscal policy also had their respective roles. This context appears in the \u003ca href=\"https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20260916.pdf\"\u003eSeptember press conference transcript\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eInterpreting this solely as an intention to clash with the president narrows the scope of the remarks. In context, the remarks emphasized the distinction between the role of monetary policy and those of other policies. The president's demand itself does not change the FOMC's decision.\u003c/p\u003e\n","tags":["Base rate","Monetary policy","Foreign exchange market","Fed","Inflation","Investor psychology"],"faqs":[{"question":"What is the U.S. federal funds rate after the September 2026 FOMC meeting?","answer":"The target range for the federal funds rate is 3.75-4.00% per year. It is 0.25 percentage points higher than before."},{"question":"Do 0.25 percentage points and 25bp mean the same thing?","answer":"They represent the same change in interest rates. Since 1bp is 0.01 percentage points, 25bp is 0.25 percentage points."},{"question":"Was this rate hike unanimous?","answer":"All 12 voting members voted in favor. This is separate from the number of participants who submitted projections."},{"question":"Was another rate hike in 2026 decided?","answer":"No additional rate hike was decided. The dot plot shows each participant's projection and does not replace a vote at the next meeting."},{"question":"Why are the dot plot's 4.1% and the 4.00-4.25% target range different?","answer":"The projection table uses the midpoint of the target range. The midpoint of 4.00-4.25% is 4.125%, which is shown as 4.1% when rounded to one decimal place."},{"question":"If the median at the end of 2027 is unchanged, does that mean rates will remain unchanged throughout next year?","answer":"That cannot be concluded. The year-end projection does not show the rate path at interim meetings."},{"question":"Does this dot plot include the Federal Reserve Chair's projection?","answer":"Chair Kevin Warsh said he did not submit his own projection. It is therefore inaccurate to describe the dot plot as the Chair's personal projection."},{"question":"When will the next FOMC decision be announced in Korean time?","answer":"The October meeting will be held on October 27-28, 2026, in U.S. local time. Based on the regular announcement time, it will be announced at 3:00 a.m. on October 29 in Korean time. Any changes can be checked on the Federal Reserve's official calendar."},{"question":"Why is the December FOMC announcement one hour later in Korean time?","answer":"Daylight saving time is not in effect in the eastern United States in December. 2:00 p.m. Eastern Time corresponds to 4:00 a.m. the next day in Korean time."},{"question":"Is the Federal Reserve's 2% inflation target based on the CPI?","answer":"The Federal Reserve's target is an annual increase of 2% in the PCE price index. It should not be confused with the CPI figure."},{"question":"Will September PCE inflation be released before the October FOMC meeting?","answer":"Under the current BEA schedule, it will be released after the meeting decision is announced. It is scheduled for release at 9:30 p.m. on October 29, 2026, in Korean time."},{"question":"If U.S. interest rates rise, does that determine the direction of the dollar and stock prices?","answer":"Their direction is not determined automatically. Asset prices also reflect the future rate path and the economic outlook."}],"sources":[{"url":"https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm","title":"Federal Reserve, Federal Reserve issues FOMC statement, September 16, 2026","type":"source"},{"url":"https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm","title":"Federal Reserve, Implementation Note issued September 16, 2026","type":"source"},{"url":"https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20260916.htm","title":"Federal Reserve, September 2026 Economic Projections and Dot Plot Accessibility Materials","type":"data_point"},{"url":"https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20260916.pdf","title":"Federal Reserve, Transcript of Chairman Warsh’s Press Conference, September 16, 2026, preliminary version","type":"source"},{"url":"https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm","title":"Federal Reserve, FOMC Meeting Schedules, Statements, and Minutes","type":"source"},{"url":"https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm","title":"Federal Reserve, Monetary Policy: What Are Its Goals? How Does It Work?","type":"source"},{"url":"https://www.bls.gov/schedule/2026/","title":"BLS, Schedule of Selected Releases 2026","type":"data_point"},{"url":"https://www.bea.gov/news/schedule/full","title":"BEA, Economic Statistics Release Schedule","type":"data_point"},{"url":"https://www.channelnewsasia.com/world/trump-lashes-out-federal-reserve-rate-hike-kevin-warsh-6390466","title":"Reuters and CNA, coverage of President Donald Trump’s response after the interest rate hike","type":"source"},{"url":"https://apnews.com/article/federal-reserve-warsh-trump-inflation-bab1bcb07e973bfb2dd0c3e5fbbb73b1","title":"AP, coverage of the Federal Reserve’s September 2026 interest rate hike and response to inflation","type":"source"}],"images":[{"id":1376,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MTk3NzYsInB1ciI6ImJsb2JfaWQifX0=--68e370a768e458830f431196ef7b9e49fa667f11/ai-9fc0eeba.webp","is_representative":true,"generation_method":"ai_photo","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"금리 전망 차트 앞 연단에서 청중에게 발표하는 여성","caption":"발표자가 상승 그래프와 점도표를 바탕으로 통화정책 전망을 설명하고 있다.","description":null},"en":{"alt":"Woman presenting to an audience at a podium in front of interest-rate charts","caption":"The speaker discusses the monetary policy outlook using an upward graph and dot plot.","description":null},"ja":{"alt":"金利見通しのグラフを背に演壇で聴衆へ説明する女性","caption":"登壇者が上昇グラフとドットチャートを使って金融政策の見通しを説明している。","description":null},"es":{"alt":"Mujer ante un podio presentando gráficos de tasas de interés a una audiencia","caption":"La ponente explica las perspectivas de política monetaria con un gráfico ascendente y un diagrama de puntos.","description":null},"id":{"alt":"Perempuan di podium memaparkan grafik suku bunga kepada audiens","caption":"Pembicara menjelaskan prospek kebijakan moneter dengan grafik naik dan diagram titik.","description":null},"pt":{"alt":"Mulher apresenta gráficos de juros ao público diante de um púlpito","caption":"A palestrante explica as perspectivas da política monetária com um gráfico ascendente e um diagrama de pontos.","description":null},"zh-hant":{"alt":"女子站在講台前向觀眾說明利率走勢圖表","caption":"講者利用上升圖表與點陣圖說明貨幣政策展望。","description":null},"de":{"alt":"Frau präsentiert einem Publikum am Rednerpult Zinsdiagramme","caption":"Die Rednerin erläutert den geldpolitischen Ausblick anhand einer steigenden Grafik und eines Punktdiagramms.","description":null}}},{"id":1377,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MTk3ODIsInB1ciI6ImJsb2JfaWQifX0=--c814e43787ab41cd15c077e8c5d3f2e286926728/ai-33898227.webp","is_representative":false,"generation_method":"ai_semi","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"사무실 유리 보드에 경제 흐름과 차트를 그리는 파란 정장 차림의 여성","caption":"한 분석가가 유리 보드의 지표를 활용해 금리와 경제 전망을 설명하고 있다.","description":null},"en":{"alt":"Woman in a blue suit drawing economic trends and charts on a glass board","caption":"An analyst uses charts on a glass board to explain the interest-rate and economic outlook.","description":null},"ja":{"alt":"オフィスのガラスボードに経済動向とグラフを描く青いスーツの女性","caption":"アナリストがガラスボードの指標を使って金利と景気の見通しを説明している。","description":null},"es":{"alt":"Mujer con traje azul dibujando tendencias económicas y gráficos en una pizarra de vidrio","caption":"Una analista usa gráficos en una pizarra de vidrio para explicar las perspectivas económicas y de tipos.","description":null},"id":{"alt":"Perempuan berjas biru menggambar tren ekonomi dan grafik pada papan kaca","caption":"Seorang analis memakai grafik pada papan kaca untuk menjelaskan prospek suku bunga dan ekonomi.","description":null},"pt":{"alt":"Mulher de terno azul desenhando tendências econômicas e gráficos em um quadro de vidro","caption":"Uma analista usa gráficos em um quadro de vidro para explicar as perspectivas de juros e da economia.","description":null},"zh-hant":{"alt":"身穿藍色西裝的女子在辦公室玻璃板上繪製經濟走勢與圖表","caption":"分析師利用玻璃板上的圖表說明利率與經濟前景。","description":null},"de":{"alt":"Frau im blauen Anzug zeichnet Wirtschaftstrends und Diagramme auf eine Glastafel","caption":"Eine Analystin erläutert anhand von Diagrammen den Zins- und Wirtschaftsausblick.","description":null}}}],"published_at":"2026-09-18T20:08:17+09:00","updated_at":"2026-09-18T20:08:17+09:00","license":"cc_by","translation_status":"reviewed","available_locales":["ko","en","ja","es"],"data_locales":["ko","en","ja","es","id","pt","zh-hant","de"],"url":"https://injoys.com/en/articles/september-fomc-2026-rate-hike-results"}