The Federal Open Market Committee voted 11-1 on Wednesday to hold the federal funds rate steady within its existing target range of 3.50–3.75%. The decision, announced on 18 March, leaves borrowing costs at the level set at the previous meeting.
Seven participants on the committee indicated in their individual projections that they expected no rate cuts at all in 2026. The median projection in the quarterly Summary of Economic Projections — the dot plot — continued to show one rate cut pencilled in for later in the year.
LONGER-RUN PROJECTION AND NEXT MEETING
A hold at 3.50–3.75% means the effective federal funds rate remains above the median longer-run rate projection of 3.1% in the March Summary of Economic Projections.
The next FOMC decision is scheduled for 29 April 2026.