FOMC Results

Meeting Date: June 16-17, 2026

Federal Open Market Committee (FOMC) Meeting Results

FOMC meeting highlights:

• The Fed held rates steady in the 3.50% – 3.75% range today. This meeting’s vote was unanimous. The formal release statement was extremely short and to the point. The FOMC promises price stability.

Economic highlights:  

• Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.
• Productivity growth and capital investment are strong.
• Job gains have kept pace with the workforce, and the unemployment rate has changed little.
• Inflation remains elevated relative to the Committee's 2% goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.
• The Committee will deliver price stability.

Announcements:  

• The Committee decided to maintain the target range for the federal funds rate at 3.50% – 3.75%, in support of the Federal Reserve's dual mandate.
• The Committee reaffirmed its policy of maintaining ample reserves in the banking system.

Implementation Note issued June 17, 2026

Decisions Regarding Monetary Policy Implementation

• As part of its policy decision, the Federal Open Market Committee voted to direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:


• Effective June 18, 2026, the Federal Open Market Committee directs the Desk to:
• Undertake open-market operations as necessary to maintain the federal funds rate in a target range of 3.50% – 3.75%.
• Conduct standing overnight repurchase agreement operations at a rate of 3.75%.
• Conduct standing overnight reverse repurchase agreement operations at an offering rate of 3.50% and with a per-counterparty limit of $160 billion per day.
• When appropriate, increase the System Open Market Account holdings of securities through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of three years or less to maintain an ample level of reserves.
• Roll over at auction all principal payments from the Federal Reserve's holdings of Treasury securities. Reinvest all principal payments from the Federal Reserve's holdings of agency securities into Treasury bills.


• In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 3.75%.

The FOMC announced a new dot plot of future rate changes.	The FOMC announced its new economic projections.

Voting results:  

Voting Results: The vote was 12-0, unanimous.

Next meeting:  

July 28-29, 2026