October 2026: the Fed holds after its first rate increase in three years
A week before the midterms, the Fed left rates alone. Two officials wanted another increase, and markets expected one in December.
Wednesday, November 11, 2026
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A week before the midterms, the Fed left rates alone. Two officials wanted another increase, and markets expected one in December.
A unanimous committee lifted its target range a quarter point, a year after it began cutting.
The committee held steady by 9 to 3. The dissenters got their increase seven weeks later.
Two months after its most divided vote in decades, the committee agreed 12 to 0 to wait.
Rates stayed put, four officials dissented in two different directions, and it was Jerome Powell's last decision as chair.
The quarter-point cut was the last of the year. Three officials voted against it, and the committee signaled it was close to done.
The quarter-point reduction came with one dissent, from a new governor who wanted twice as much.
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