According to the minutes of the September 15–16, 2026 FOMC meeting, most Federal Reserve policymakers judged that an additional increase in the target range for the federal funds rate would likely be appropriate by year-end. At the same time, they stressed that they would approach each meeting with an open mind and that future policy decisions would be guided by incoming economic data, its implications for the outlook, and the balance of risks.
The minutes also indicated that all policymakers supported raising the target range for the federal funds rate by 25 basis points, to 3.75%–4.00%. Participants generally noted that inflation remained elevated while the labor market appeared to be at or near full employment, with some signs of further strengthening, and that overall economic activity was expanding at a solid pace.
In addition, almost all participants judged that while the risks to inflation were skewed to the upside, risks to the labor market had receded and were now viewed as broadly balanced.
