Only one Federal Open Market Committee (FOMC) meeting remains in 2026. The Federal Reserve’s rate-setting committee gathers for the final time this year on December 8-9, with its decision due on Wednesday, December 9, at 2:00 p.m. Eastern Time — 36 days from today. The federal funds target range stands at 3.75% to 4.00% after a quarter-point hike in September and a hold in October, and December is the meeting markets are watching most. Below: every 2026 meeting date, what happened at each one, and which reports will land before the December decision — and which arrive too late to matter.

The 2026 calendar at a glance

The Fed holds eight regularly scheduled meetings a year. Four of them — in March, June, September and December — come with a Summary of Economic Projections, including the “dot plot” of officials’ rate expectations. Seven of this year’s eight meetings are done; one is left.

Sources: Federal Reserve FOMC calendar; Macrometer compilation. Minutes are released three weeks after each decision, at 2:00 p.m. ET.

Two features of the table deserve attention. First, 2026 has produced only one rate move so far — the September hike. Second, December is a projections meeting, the most information-rich date left on the calendar: alongside the decision, the Fed will publish fresh forecasts for growth, unemployment, inflation and the rate path itself.

How an FOMC meeting works

Each scheduled meeting runs over two days, usually a Tuesday and Wednesday. The decision is published in a short statement at 2:00 p.m. Eastern Time on the second day, and the Fed Chair holds a press conference at 2:30 p.m. The minutes — a detailed account of the debate — follow three weeks later.

The statement itself is brief, often under 500 words, and markets parse it word by word: a change from “solid” to “strong” in the description of activity can move bond yields within seconds. At the four projections meetings, the statement is accompanied by the Summary of Economic Projections. Its best-known element is the dot plot, in which each of the 19 meeting participants marks where they expect the federal funds rate to be at the end of this year, next year and beyond. The median dot is the closest thing to an official forecast the Fed publishes.

For the full mechanics — what the federal funds rate is, how the Fed steers it into its target range, and how markets price each decision in advance — see our guide, How the Fed Sets Interest Rates: A Complete Guide. One practical detail: each meeting date is tentative until confirmed at the meeting before it, and the Fed can also meet between scheduled dates if conditions demand it.

The year so far: seven meetings, one move

The first half of 2026 was a long pause. From January through July, the committee held its target range at 3.50% to 3.75% at five consecutive meetings while it waited for evidence on whether inflation was settling or re-accelerating.

September broke the pattern. On September 16, the FOMC raised the range by a quarter point to 3.75% to 4.00% — its first increase since 2023 — and published new projections, resetting the debate for the rest of the year: the question was no longer whether the Fed would tighten, but how far and how fast.

October answered with patience. On October 28, the committee held the range at 3.75% to 4.00%, with two officials — Governor Lisa Cook and Cleveland Fed President Beth Hammack — dissenting in favour of another quarter-point hike, to 4.00%-4.25%. Chair Kevin Warsh said the pause would let September’s tightening work through financial and credit conditions while an unusually dense run of data arrived. The statement upgraded its description of activity to “expanding at a strong pace” and repeated that inflation “remains elevated.”

The data that followed argued against patience. The next day, the Bureau of Economic Analysis reported third-quarter growth of 3.4% at an annual rate, and September PCE inflation — the Fed’s preferred gauge — at 3.6% year on year, up from 3.4% in August. We covered the full 48 hours in Fed Holds, PCE Heats Up: December Hike Comes Into View.

What the Fed will — and won’t — see before December 9

A rate decision is only as good as the data behind it. Six scheduled releases and one set of minutes will reach policymakers before they vote — but one of the year’s most important inflation reports will not: the November CPI lands the day after the decision.

Before the December meeting:

After the December meeting:

Sources: Bureau of Labor Statistics release schedule; Federal Reserve; Bureau of Economic Analysis. All dates as scheduled on November 3, 2026.

The split is the point of this guide. By December 9, the committee will have fresh October inflation data from both the CPI and the PCE, plus two jobs reports. What it will not have is any November inflation data at all. If October’s numbers stay hot, the case for a hike strengthens on evidence the committee can actually see. If they cool, the hawks lose their freshest ammunition — and the November CPI, arriving December 10, can only shape the January debate, not the December one.

Why December is the live meeting

Three things make December 8-9 the most consequential date left in 2026. First, expectations are unusually one-sided: in a Reuters poll conducted October 16-20, all 100 economists surveyed expected a rate hike in December, a sharp reversal from the previous month’s poll, when fewer than half expected a December move. CME FedWatch pricing reported by Reuters on October 30 put the chance of a December hike at roughly 85% — a snapshot of market bets, not a promise.

Second, it is a projections meeting. Whatever the decision, the new dot plot will show where officials expect rates to go in 2027. Chair Warsh has said he does not favour forward guidance outside exceptional circumstances, which makes the dots — and his answers at the press conference — carry more weight than usual.

Third, the October dissents point the same way as the data. Two of twelve voters already wanted a hike in October, and both the growth and inflation numbers released since then have moved in the hawks’ direction. The case to wait is narrower but not weak: quarterly inflation cooled sharply in the third quarter, the September jump was energy-led, and the Fed has had only six weeks to observe its September hike.

What to watch on December 9

The decision lands at 2:00 p.m. ET, followed by the Chair’s press conference at 2:30 p.m. Three things matter most:

1. The statement’s language on inflation — whether “remains elevated” hardens, and whether the committee signals more to come.
2. The dot plot median for 2027 — the market’s main read on how many more moves officials expect.
3. The press conference — Warsh’s answers on the data, the dissents, and what would change the committee’s mind in January.

The minutes of the December meeting follow on December 30. The first meeting of 2027 is scheduled for January 26-27.

Frequently asked questions

How often does the FOMC meet?

Eight times a year on a pre-announced schedule, roughly every six weeks, plus unscheduled meetings if needed. Each meeting runs over two days.

When is the next Fed meeting?

December 8-9, 2026. The decision is published on Wednesday, December 9, at 2:00 p.m. ET, with a press conference at 2:30 p.m. It is a projections meeting, so a new Summary of Economic Projections and dot plot will be released at the same time.

What time is the Fed decision announced?

At 2:00 p.m. Eastern Time on the second day of each meeting. The Chair’s press conference follows at 2:30 p.m. Minutes are released three weeks later, also at 2:00 p.m. ET.

What is the dot plot?

A chart in the Summary of Economic Projections in which each FOMC participant marks where they expect the federal funds rate to be at year-end for the next few years. The median dot is widely read as the committee’s collective rate forecast. It appears at the March, June, September and December meetings.

Where does the Fed’s 2026 schedule come from?

The Federal Reserve publishes the FOMC calendar a year in advance on its own website, with links to each meeting’s statement and minutes. The Bureau of Labor Statistics publishes the release dates for the jobs report and CPI on its schedule pages.

This article is analysis of public data and statements, not financial advice. Figures are as published by the Federal Reserve, the Bureau of Labor Statistics and the Bureau of Economic Analysis; market expectations cited are from Reuters polls and CME FedWatch pricing as reported at the time.