When Is the Next Fed Meeting?

"When is the next Fed meeting?" is a question that hasn't weighed this heavily on anxious investors' minds in probably four decades.

Which is fair enough, really. The worst bout of inflation to hit the U.S. economy in 40 years was nearly back down to the central bank's long-term target when trade uncertainty once again raised the threat of rising prices.

The Federal Reserve brought borrowing costs down from a 23-year high in September 2024, slashing interest rates by a surprising half-percentage point.

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The Federal Open Market Committee (FOMC) then followed up in November and December by cutting the short-term federal funds rate by 25 basis points (bps), or 0.25%, at each meeting with the target range currently at 4.25% to 4.50%.

That said, the change in the political landscape complicates the central bank's calculus, as inflationary pressures could resurface as a result of President Donald Trump's tariff policies.

"Businesses can respond to the tariff increases by raising prices or eating the added costs, and we will most likely see a mix of the two," says Steve Dean, chief investment officer at Compound Planning.

And the July Consumer Price Index (CPI) report showed that tariffs are indeed beginning to have an impact on inflation, albeit a marginal one at this point.

While stable prices are one side of the Fed's dual mandate, maximum employment is the other. Signs of incipient weakness in the August jobs report all but ensure a move to lower rates, experts say.

"The August jobs report is likely to amplify the Fed's concerns about labor market weakness," writes Aditya Bhave, U.S. economist at BofA Securities. "Job growth was anemic on the month. There is now clearer evidence of deterioration in labor demand, not just supply."

The bottom line? When you consider the Fed's dual mandate against the backdrop of sticky inflation and a softening labor market, it kind of makes sense that folks are obsessed with the question of "when is the next Fed meeting?"

The fact that lower interest rates today equal higher returns for equities tomorrow also makes rate cuts rather attractive to market participants.

The next Fed meeting: what to expect

For the record, the central bank's rate-setting committee is called the Federal Open Market Committee.

As you can see from the FOMC meeting calendar below, the committee meets eight times a year, or about once every six weeks. The FOMC is required to meet at least four times a year and may convene additional meetings if necessary.

The convention of meeting eight times per year dates back to the market stresses of 1981.

FOMC meetings last two days and conclude with the committee releasing its policy decision at 2 pm Eastern time. The Fed chief then holds a press conference at 2:30 pm.

(Pro tip: as closely scrutinized as the Fed statement might be, market participants are usually even more keen on what the Fed chair has to say in the press conference.)

As for the next Fed meeting, it will begin on Tuesday, September 16, and conclude with a policy statement on Wednesday, September 17, at 2 pm Eastern. A quarter-point cut is by far and away the betting favorite.

As of September 9, interest rate traders assigned a 92% probability to the FOMC cutting the fed funds rate by 25 basis points (0.25%) to a target range of 4.0% to 4.25%, according to CME FedWatch. That's up from 89% a week ago. The odds of a 50 basis point cut are at 8%.

"The decision from the FOMC will depend on whether Fed officials believe that the weakness in employment trumps the risks for higher inflation as tariffs continue to contaminate the inflation numbers," notes Eugenio Alemán, chief economist at Raymond James.

For those wondering "When is the next Fed meeting?," have a look at the schedule below, courtesy of the FOMC.

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• When Is the Next Jobs Report?
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• Kiplinger's Economic Calendar
• Kiplinger Economic Forecasts
• What Will the Fed Do at Its Next Meeting?