When Is the Next Fed Meeting?

The FOMC is expected to keep interest rates unchanged at the next Fed meeting.

when is the next Fed meeting
Fed Chair Jerome Powell
(Image credit: Getty Images)

"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 June 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. And while job growth is slowing, the labor market remains healthy.

The question now is centered on what the Fed will do this year and beyond.

"With a lack of clarity across the economic landscape due to ongoing trade negotiations and the threat of tariffs, it is too soon to make a meaningful decision around interest rate cuts," notes Steve Rick, chief economist at TruStage. "Until we have a clearer picture, we don't anticipate a significant move from the Fed."

The bottom line? When you consider the Fed's dual mandate against the backdrop of a late-cycle economic expansion (rising inflation, a tight 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

federal reserve building

(Image credit: Getty Images)

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, July 29, and conclude with a policy statement on Wednesday, July 30, at 2 pm Eastern. A pause is by far and away the betting favorite.

As of July 22, interest rate traders assigned a 95% probability to the FOMC keeping the short-term federal funds rate at a target range of 4.25% to 4.50%, according to CME Group's FedWatch Tool. That's up from 85% a month ago.

September remains the betting favorite for the next cut, with a 58% chance of a quarter-point cut expected.

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

Swipe to scroll horizontally
2025 Fed meeting calendar

January 28 to 29

March 18 to 19

May 6 to 7

June 17 to 18

July 29 to 30

September 16 to 17

October 28 to 29

December 9 to 10

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Dan Burrows
Senior Investing Writer, Kiplinger.com

Dan Burrows is Kiplinger's senior investing writer, having joined the publication full time in 2016.

A long-time financial journalist, Dan is a veteran of MarketWatch, CBS MoneyWatch, SmartMoney, InvestorPlace, DailyFinance and other tier 1 national publications. He has written for The Wall Street Journal, Bloomberg and Consumer Reports and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among many other outlets. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange.

Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.

In his current role at Kiplinger, Dan writes about markets and macroeconomics.

Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.

Disclosure: Dan does not trade individual stocks or securities. He is eternally long the U.S equity market, primarily through tax-advantaged accounts.