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The Federal Open Market Committee (FOMC) is meeting this week. During these meetings, the committee assesses the health of the economy and potentially adjusts the federal funds rate. Read on to learn more about the timeline for this meeting, what it involves, and expected outcomes. When is the next Fed meeting? The latest FOMC meeting takes place on July 28-29, 2026. This is its fifth scheduled meeting of the year. Once the meeting concludes, the FOMC will release its policy decisions on Wednesday at 2 p.m. Eastern time. Then the Fed chairman will hold a news conference at 2:30 p.m. The live news conferences, held by the Federal Reserve chairman, are livestreamed and recorded. Additionally, the minutes of regularly scheduled meetings are released three weeks after the date of the policy decision. Knowing when the Fed meets to discuss monetary policy and tuning into those meetings can help you gain a better understanding of how the economy is doing and help you make more informed decisions about your personal finances. Read more: What Kevin Warsh's appointment as Fed chair could mean for consumers What will happen at the next Fed meeting? The Fed is expected to hold the federal funds rate steady. However, the CME Group's FedWatch tool predicts about a 36% chance of a rate increase due to ongoing inflationary pressure. Following its last meeting, when it held rates steady, the Fed stated, "The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system. 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." That said, it's impossible to predict with certainty when the Fed will make changes to the federal funds rate and by how much. But it's a good idea to be prepared. Ahead of future Fed meetings — and possible rate increases — consider taking the following steps to shore up your finances: Prioritize paying down variable-rate debt. Credit cards and other variable-rate debt will likely see increased APRs following a Fed rate hike. That's why your top prioritiy should be paying down high-interest balances now. For example, consider consolidating high-interest credit card debt with a 0% balance-transfer offer or lower-rate consolidation loan. Lock in a low fixed rate now. The good news is that if rates increase, the cost of fixed-rate loans won't go up. However, if you took out a mortgage, car loan, or private student loan when rates were elevated or your credit score wasn't in great shape, now may be your last chance to refinance to a lower rate. Keep your savings liquid. Another benefit to a Fed rate hike is that deposit account yields tend to go up. That presents the opportunity to shop around and secure a higher interest rate on your savings. However, it's important to avoid locking money you might need for an unexpected expense into an account or investment that's difficult or costly to access. Your best bet is to take advantage of today's best high-yield savings accounts, which pay upwards of 4% APY, and don't impose penalties for withdrawing funds. Read more: A look at the federal funds rate over the past 50 years: How has it changed?

At the Federal Open Market Committee (FOMC)'s most recent meeting in March, the committee announced its decision to maintain the target range for the federal funds rate at 3.50%-3.75%, citing "uncertainty about the economic outlook." The Fed has not cut rates since late 2025, yet interest rates on consumer loans and bank accounts have steadily decreased. With several Fed meetings on the calendar for the remainder of 2026 — can consumers expect to see any more rate cuts in 2026? And if so, how will that impact your bottom line? Here's what the experts have to say, and what you should do to prepare in the meantime. Read more: How a Fed rate cut affects your bank accounts, loans, credit cards, and investments What is the federal funds rate, and why does it matter? The federal funds rate is the interest rate at which depository institutions charge each other for ultra-short-term loans, usually overnight. It's expressed as a range, and financial institutions negotiate a specific rate within that range. The federal funds rate plays a key role in the Federal Reserve's management of inflation. When inflation is too high, the Fed typically raises its rate to reduce consumer spending and slow economic activity. Conversely, the Fed may lower its rate to stimulate economic activity and growth. The federal funds rate doesn't directly affect the rates offered by individual banks, but it does have an influence. When the Fed's target rate increases or decreases, rates for high-yield savings accounts, certificates of deposit (CDs), money market accounts, credit cards, home loans, and other banking products generally follow suit. That means when the Fed's rate is high, it can be a good time to deposit money in a bank account and earn more interest. When it's low, it's a good time to borrow money or refinance at a lower interest rate. Read more: How do banks set their savings account interest rates? How the federal funds rate has changed over time After inflation peaked in June 2022, the Fed implemented a series of rate hikes in an effort to tame rising costs. By July 2023, the federal funds rate reached a target range of 5.25%-5.5% — the highest it had been since 2006. The Fed then held rates steady until September 2024, at which point it made a 50-basis-point cut. The federal funds rate was reduced by another 25 bps in November, and again in December. Three more cuts occurred in 2025 — in September, October, and December — dropping 25 bps each time. However, the Fed has not made any rate cuts in 2026, so far. Currently, the Fed's target range is 3.5%-3.75%. Read more: A look at the federal funds rate over the past 50 years Fed predictions for 2026 The Fed's job is to carefully monitor the economy and maintain stability. During each meeting, it may adjust the federal funds rate and overall monetary policy based on what the economy needs to continue running smoothly. However, it doesn't necessarily announce its plans ahead of time. Economic experts monitor the economy's health closely and formulate their own ideas about the Fed's next move based on the data they have available. For example, CME's FedWatch tool predicts just a 1.4% chance of a rate cut following the Fed's meeting this week. The biggest reason the Fed may not cut is inflation. May CPI rose 0.5% for the month, bringing the annual inflation rate to 4.2% — the highest level in three years. Meanwhile, unemployment held at 4.3% and employers added 172,000 jobs in May, giving policymakers less urgency to cut rates. In fact, Goldman Sachs now expects no cuts until 2027. David Mericle, Goldman's chief U.S. economist, wrote that recent job growth has picked up "impressively," and that a modest rise in unemployment would not be "enough to create a sense of urgency to lower the funds rate." Goldman also expects core PCE inflation to stay above 3% through 2026 because of tariffs, higher oil prices, Middle East-war effects, and AI-related demand. Read more: Jobs, inflation, and the Fed: How they're all related 3 money moves you can make ahead of the next rate cut Regardless of whether the federal funds rate changes, it's a good time to evaluate your banking products and potentially make some savvy money moves that could pay off later. 1. Make sure you're getting the most competitive savings account rate Right now, the national average savings interest rate is just 0.38%. But some banks and credit unions offer high-yield savings accounts that earn 10 times that — at least, for now. If your interest rate isn't competitive, you could be leaving money on the table. So, shop around and see if you're getting the best rates possible on your savings. If not, it could be time to switch banks or open up a new type of account. 2. Lock in today's high CD rates The best CD rates today are comparable to HYSAs. But one of the major perks of CDs is that they provide a fixed interest rate for the entire term. This allows you to lock in a high APY for several months or years, even if deposit rates in general start going down. Keep in mind that if you make a withdrawal before your CD reaches maturity, you'll be subject to an early withdrawal penalty. So be sure to carefully consider your savings goals before tying up your money in a CD. If you're saving for a longer-term goal (six months to two years), opening a CD and securing a higher rate could help you reach it even faster. Read more: Short- or long-term CD: Which is best for you? 3. Hold off on financing any major purchases If you're preparing for a big-ticket purchase (like a car or house), applying for a new loan now could potentially lock you into a higher interest rate. It's impossible to predict with certainty how the Fed will change rates — if at all. However, if Fed officials do decide to cut rates this year, lenders will likely reduce their rates as well. So it could pay to hold off.

You may not think much about the federal funds rate on a daily basis, but this key number impacts many areas of your financial life and the economy as a whole. The Federal Reserve — the country's central bank — periodically adjusts its target rate to keep the economy running smoothly and consumer prices in check. When the federal funds rate moves up or down, so do the interest rates on bank accounts and loans. In other words, changes in the Fed's rate impact how much your savings can grow and how much you pay to borrow money. So how does today's federal funds rate compare to past years? Here's a look at historical Fed interest rates so you can better understand how your bottom line is affected. What is the federal funds rate? The federal funds rate is set by the Federal Reserve and dictates what a bank can charge another bank for ultra-short-term loans (usually overnight) in order to meet reserve requirements. It's expressed as a range, and financial institutions can negotiate a specific rate between each other within that range. The Fed's target rate also impacts the interest rates individual financial institutions set for financial products such as deposit accounts, bonds, loans, and credit cards. Read more: How the Fed's rate decision affects your bank accounts, loans, credit cards, and investments Historical Fed interest rate: How it's changed over 50 years The federal funds rate soared in the early 1980s when inflation hit more than 13%, the highest level recorded. This marked the end of a macroeconomic period known as the "Great Inflation," which economists believe was brought on by Federal Reserve policies that led to an overgrowth in the supply of money. In response, the Fed raised interest rates, and the federal funds rate reached more than 19%. In the late 1990s and into the early 2000s, there was another major economic shift when the Fed began bringing the federal funds rate down. This move was fueled by the dot-com bubble burst — a period of economic instability when investors poured capital into internet-based companies, which led to an overvaluation of many of these start-ups. Unfortunately, not all of these companies were profitable, and the fallout of this bubble burst led to many bankruptcies and a recession. Then, following the terrorist attacks of Sept. 11, 2001, the Fed cut rates further due to widespread uncertainty and a slowdown in economic activity. In 2007, the housing market crash prompted the Fed to once again lower its target rate to 2%. A series of rate cuts followed, eventually bringing the target range down to a range of 0%-0.25% — effectively zero — by December 2008. As the economy recovered from the Great Recession, the Fed began slowly increasing rates again. But in 2020, the COVID-19 pandemic rocked the U.S. economy and brought about challenges such as supply-chain issues, reduced economic activity, and high unemployment. In March 2020, the Fed once again slashed rates to a range of 0%-0.25%. Read more: How to recession-proof your savings Beginning in 2022, the Fed pivoted sharply as inflation surged to a 40-year high. It raised the rate aggressively through 2022 and 2023, eventually peaking at 5.25%–5.5%, the highest level in over two decades. By late 2024, however, inflation had eased, and the Fed began gradually cutting rates again. The target rate remained steady at 4.25%–4.5% until September 2025, when the Fed finally cut its rate again by 25 basis points. It made another 25 bps cut in October, and another in December. The Fed has not changed rates so far in 2026. Today, the federal funds rate stands at a range of 3.5%-3.75%. "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," the Fed said in a statement explaining the decision to hold rates steady once again. Read more: Best new bank account promotions and bonuses: Earn up to $3,000 What to expect from the Fed moving forward The next Fed meeting is slated for September 15-16, 2026, when the Federal Open Market Committee (FOMC) will decide whether or not to further adjust the federal funds rate. Most experts expect the Fed to leave rates unchanged through the remaining meetings this year. The economy has continued to grow, unemployment has remained relatively low, and the Fed appears willing to wait for more inflation data before taking any action. That said, the conversation has now shifted from whether or not the Fed will cut rates this year to whether it will implement a rate hike. In its latest July meeting, nine Fed officials agreed to keep the federal funds rate steady, but three dissented in favor of a quarter-point rate hike. Sticky inflation — particularly from energy prices and housing — has led many investors to price in the possibility of at least one rate hike before year-end. The CME Fedwatch tool predicts a nearly 60% chance of a rate hike following the Fed's September meeting. Read more: Fed predictions for 2026