The offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here's an explanation of how we make money and our Advertiser Disclosure.
When is the Fed's next meeting?
This week, the Federal Open Market Committee (FOMC) — a division of the Federal Reserve responsible for setting monetary policy — met once again to evaluate the health of the economy and make key decisions regarding the federal funds rate.
Following a series of interest rate hikes between March 2022 and July 2023, which were intended to help reverse rising inflation, the Fed held its benchmark rate steady for over a year. However, in September, the Fed decided to lower the federal funds rate by a whopping 50 basis points. And in November, it cut its target rate by another 25 basis points.
These decisions impact not only how the economy functions as a whole but also everyday consumers, as they influence rates on savings accounts, credit cards, mortgages, and more.
Statements and forecasts released during FOMC meetings provide valuable information on the economic outlook. Knowing when the Fed meets to discuss monetary policy and make important decisions can help you get a snapshot of the economy’s overall health and adjust your own financial strategy accordingly.
Read more: Should you open a savings account or CD before the Fed's next meeting?
When is the next Fed meeting?
The FOMC holds eight regularly scheduled meetings per year. Its next meeting takes place Dec. 17-18, 2024.
At these meetings, policymakers assess the health of the economy by evaluating economic indicators such as the Consumer Price Index (CPI), gross domestic product (GDP), and the unemployment rate to shape monetary policy.
The minutes of regularly scheduled meetings are released three weeks after the date of the policy decision. The live press conferences held by Federal Reserve Chairman Jerome Powell are also livestreamed and recorded.
Once each meeting concludes, the FOMC releases its policy decisions at 2 p.m. Eastern time. Then the Fed Chairman holds a press conference at 2:30 p.m.
Read more: How the Federal Reserve rate decision affects mortgage rates
What to expect from the next Fed meeting
The next meeting is expected to provide Americans with an update on the federal funds rate. The Fed lowered its target rate in September and November 2024, following a series of rate hikes to temper rising inflation.
"In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the FOMC wrote in a recent statement. "The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective."
Experts believe that the Fed will reduce the federal funds rate again in 2025. However, the number and size of these rate cuts remains to be seen.
Read more: How much control does the president have over the Fed and interest rates?
Frequently Asked Questions
Is the Fed going to cut rates again?
It’s not possible to predict with certainty what the Fed will decide regarding the federal funds rate. That said, many economists expect additional rate cuts next year.
How often does the Fed meet to change interest rates?
The FOMC holds eight regularly scheduled meetings per year. But this doesn’t necessarily mean the committee will decide to change rates at every meeting. Members assess the economy's performance and the committee adjusts monetary policy accordingly.
What is the Fed’s target interest rate?
The Fed’s current target range is 4.50%-4.75%.
