When is the next Fed meeting? FOMC dates for 2026 and 2027, and what prediction markets expect
The Federal Reserve’s next decision is on Wednesday 28 October 2026 at 2 p.m. ET, and the one after that on 9 December. The full FOMC calendar for 2026 and 2027, where rates stand after September’s hike, what Kalshi and Polymarket expect (a hold now, a hike in December), and how a Fed meeting works.
In this article
The next Fed meeting is on 27–28 October 2026. The Federal Open Market Committee announces its decision on Wednesday 28 October at 2 p.m. ET, and Chair Kevin Warsh holds a press conference at 2:30. The meeting after that is 8–9 December, with a decision on 9 December.
Dates from the Federal Reserve's FOMC calendar; odds from Kalshi and Polymarket on the afternoon of 27 October 2026.
Where rates stand
The Fed raised its target range for the federal funds rate by a quarter point to 3.75–4.00% on 16 September, by a 12–0 vote, its first increase since 2023. Inflation was the reason: September's consumer price index rose 3.7% from a year earlier (the September decision).
What markets expect
| Decision | Kalshi | Polymarket |
|---|---|---|
| 28 October: no change | 94% | 94.9% |
| 28 October: hike 0.25 pt | 6% | 4.5% |
| 9 December: hike 0.25 pt | 74% | 76.5% |
| 9 December: no change | 24% | 21% |
| 9 December: hike more than 0.25 pt | 5% | 2.1% |
Traders are almost sure the Fed will wait this week and fairly sure it will raise rates again in December. The December hike has been the favourite since mid-September:
Source: Polymarket price history, Fed Decision in December
Show the dataHide the data
| Hike | |
|---|---|
| 10 Sep | 44% |
| 18 Sep | 66% |
| 26 Sep | 70% |
| 4 Oct | 74% |
| 12 Oct | 75% |
| 20 Oct | 78% |
| 27 Oct | 77% |
Polymarket's October market has traded about $80 million and the December market about $5 million. Live prices: October on Polymarket · on Kalshi · December on Polymarket · on Kalshi. This week's preview: Fed meeting this week.
FOMC meeting dates 2026
| Meeting | Decision day | Projections |
|---|---|---|
| 27–28 January | 28 January | |
| 17–18 March | 18 March | Yes |
| 28–29 April | 29 April | |
| 16–17 June | 17 June | Yes |
| 28–29 July | 29 July | |
| 15–16 September | 16 September | Yes |
| 27–28 October | 28 October | |
| 8–9 December | 9 December | Yes |
FOMC meeting dates 2027 (tentative)
| Meeting | Decision day | Projections |
|---|---|---|
| 26–27 January | 27 January | |
| 16–17 March | 17 March | Yes |
| 27–28 April | 28 April | |
| 8–9 June | 9 June | Yes |
| 27–28 July | 28 July | |
| 14–15 September | 15 September | Yes |
| 26–27 October | 27 October | |
| 7–8 December | 8 December | Yes |
The Fed has also scheduled a meeting for 25–26 January 2028. Each date is tentative until confirmed at the meeting before it.
How a Fed meeting works
- Two days, eight times a year. The committee meets over two days; the decision comes on the second.
- Who votes: twelve members, the seven Fed governors, the president of the New York Fed and four of the other eleven regional presidents in rotation.
- 2 p.m. ET: the statement, with the decision and the vote.
- 2:30 p.m. ET: the chair's press conference, which often moves markets more than the decision.
- Projections: at four meetings a year (March, June, September, December) officials publish their forecasts, including the "dot plot" of where each expects rates to go.
- Minutes: a detailed account of the discussion three weeks later.
How to read the rate odds
Each contract pays $1 if its outcome happens, so a price of 76¢ on "hike in December" means the market puts the chance at about 76% (how to read prediction market odds). Futures markets give a similar read through tools such as CME FedWatch; Kalshi and Polymarket let you trade the outcome directly, and settle on the target range the Fed announces.
What can move the December odds: two monthly jobs reports and the October inflation report land before 9 December, and Warsh's press conference on 28 October will be read line by line for hints. A soft inflation number would cut the hike odds quickly; another hot one could push them towards certainty. Kalshi also lists markets on the inflation numbers themselves (Kalshi's CPI futures plan).
