October Fed Meeting: Live Updates And Commentary

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

Fed meeting schedule for 2026 and 2027

The next Fed meeting, which runs October 27 through 28, marks the second-to-last gathering of 2026.

"The committee meets eight times a year, or about once every six weeks," explains Kiplinger contributor Dan Burrows.

The Federal Open Market Committee "is required to meet at least four times a year and may convene additional meetings if necessary," Burrows adds, noting that "the convention of meeting eight times per year dates back to the market stresses of 1981."

Fed meetings last two days and wrap up with the release of a policy decision at 2 pm Eastern Standard Time. This is typically followed by the Fed chair's press conference at 2:30 pm, though this could change under Warsh's leadership.

The final meeting of 2026 will occur on December 8 and 9.

As for 2027, here is the full Fed meeting schedule:

• January 26 to 27
• March 16 to 17
• April 27 to 28
• June 8 to 9
• July 27 to 28
• September 14 to 15
• October 26 to 27
• December 7 to 8

- Karee Venema

The Fed is expected to hike again in December

Odds are low that the Federal Reserve will raise interest rates this week, but CME Group FedWatch shows futures traders are pricing in a 73% chance it will hike again in December, up from 42% one month ago.

Paul Eitelman, global chief investment strategist at Russell Investments, agrees. "We expect a hawkish hold in October with the Fed delivering one more hike at year-end. Growth has been solid, supported by strong earnings, the AI buildout, and resilient consumer spending."

But price pressures have been hot, he notes, with inflation not falling at a quick enough speed to satisfy Chair Warsh. The strategist believes inflation will moderate in 2027 "as wage and shelter inflation remain modest, but "geopolitics, energy prices, the AI buildout, and broader supply chain pressures pose upside risks."

If these risks fade, Eitelman feels "the risk of a sustained tightening cycle should fade, too."

- Karee Venema

Where have all the Fed speakers been?

The Fed-speak has been nonexistent over the past week or so. That's by design. Since Saturday, October 17, and until Thursday, October 29, participants in the FOMC meeting have been bound by a Federal Reserve policy that limits the extent to which they can talk about the economy and interest rates.

These two-week "blackout periods" begin the second Saturday that falls 10 days before the next FOMC meeting and end the Thursday that follows the meeting. The Fed's blackout period was an unofficial practice that began in the 1980s. It was formalized in 2011 and reaffirmed in January 2025.

Fed-watchers see the policy as a measure against corruption and the potential for information leaks to distort markets. It also provides cover for open discussion during the Fed's most intense periods of policy-making.

Here is a schedule (pdf) for all blackout periods through January 2028.

- David Dittman