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.
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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.
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
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