The next Federal Reserve meeting kicks off this Tuesday, October 27, and concludes Wednesday, October 28, with the latest policy decision.
With the midterms right around the corner, it's widely expected that the Fed will keep interest rates unchanged this time.
However, BofA Securities economist Aditya Bhave believes there's an argument to be made for an October hike. "The inflation picture has gotten worse on net since the September meeting," he says. "The beat in September inflation was large and broad-based enough to offset last month's bigger-than-expected downward revisions."
The Kiplinger team is reporting live on the October Fed meeting, bringing you the news and our expert analysis of what it could mean for the economy. Scroll for the latest updates.
Odds are low that the Federal Reserve will raise interest rates this week, but CME Group FedWatch shows futures traders are pricing in a 73% chance it will hike again in December, up from 42% one month ago.
Paul Eitelman, global chief investment strategist at Russell Investments, agrees. "We expect a hawkish hold in October with the Fed delivering one more hike at year-end. Growth has been solid, supported by strong earnings, the AI buildout, and resilient consumer spending."
But price pressures have been hot, he notes, with inflation not falling at a quick enough speed to satisfy Chair Warsh. The strategist believes inflation will moderate in 2027 "as wage and shelter inflation remain modest, but "geopolitics, energy prices, the AI buildout, and broader supply chain pressures pose upside risks."
If these risks fade, Eitelman feels "the risk of a sustained tightening cycle should fade, too."
- Karee Venema
Fed meeting schedule for 2026 and 2027
The next Fed meeting, which runs October 27 through 28, marks the second-to-last gathering of 2026.
"The committee meets eight times a year, or about once every six weeks," explains Kiplinger contributor Dan Burrows.
The Federal Open Market Committee "is required to meet at least four times a year and may convene additional meetings if necessary," Burrows adds, noting that "the convention of meeting eight times per year dates back to the market stresses of 1981."
Fed meetings last two days and wrap up with the release of a policy decision at 2 pm Eastern Standard Time. This is typically followed by the Fed chair's press conference at 2:30 pm, though this could change under Warsh's leadership.
The final meeting of 2026 will occur on December 8 and 9.
As for 2027, here is the full Fed meeting schedule:
January 26 to 27
March 16 to 17
April 27 to 28
June 8 to 9
July 27 to 28
September 14 to 15
October 26 to 27
December 7 to 8
- Karee Venema
When is the next Fed meeting for interest rates?
The Federal Open Market Committee will kick off its next policy meeting this Tuesday, October 27, and issue its latest policy statement on interest rates at 2 pm Eastern Standard Time on Wednesday, October 28.
According to CME Group FedWatch, futures traders are currently pricing in a nearly 90% probability that the central bank will keep the federal funds rate at its current range of 3.75% to 4.0% this time around.
Deutsche Bank economists believe there are several reasons the Fed will pause after hiking rates in September. "Financial conditions have started to tighten, though they remain accommodative on many metrics," the group writes. "Officials might want to see how much FCI [Financial Conditions Index] tightening occurs for reasons outside of monetary policy before taking further action. One could also argue that if tightening is needed to catch up to a rising neutral rate, it makes sense to take a gradual approach in this adjustment given that r-star is uncertain."
The economists also feel that "the Fed might prefer to stay out of the headlines for raising rates just ahead of a midterm election where affordability is the principal concern."
- Karee Venema
Who gets to vote at the October Fed meeting?
The Federal Open Market Committee (FOMC) has 12 total members, eight permanent and four who rotate each year.
The eight permanent voting committee members include the Fed chair and vice chair, the five Fed governors and the president of the New York Fed.
Four regional Fed presidents are rotated in each calendar year.
The 2026 FOMC voting committee consists of:
Fed Chair Kevin Warsh
Vice Chair Philip Jefferson
Fed Governor Michael Barr
Fed Governor Michelle Bowman
Fed Governor Lisa Cook
Fed Governor Jerome Powell
Fed Governor Christopher Waller
New York Fed President John Williams
Cleveland Fed President Beth Hammack
Minneapolis Fed President Neel Kashkari
Dallas Fed President Lorie Logan
Philadelphia Fed President Anna Paulson
In 2027, the presidents from Chicago, Richmond, Atlanta and San Francisco will rotate in as FOMC voting members, according to the Federal Reserve.
- Karee Venema
Karee Venema
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021, and oversees a wide range of investing coverage, including content focused on equities, fixed income, mutual funds, ETFs, macroeconomics and more.
Stocks trade higher to start Fed week, Treasury yields churn
Stocks are trading comfortably higher Monday as Wall Street looks ahead to a busy week that includes the Fed meeting and a jam-packed earnings calendar.
At last check, the tech-heavy Nasdaq Composite is leading the pack — up 1% at 26,213 — on enthusiasm over the upcoming Anthropic IPO. The broader S&P 500 is 0.7% higher at 7,679, while the blue-chip Dow Jones Industrial Average has gained 0.2% to 52,300.
The positive price action in stocks comes even as the 2-year Treasury yield trades 2.1 basis points higher at 4.703%. Yields on the 10-year and 30-year Treasuries are slightly lower.
