The October 27-28 2026 FOMC held the federal funds target range at 3.75-4.00% on a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favour of a quarter-point hike. The statement said economic activity is expanding at a strong pace with resilient domestic spending, that job gains have kept pace with the workforce, that inflation remains elevated, and that the accumulation of more information will help the Committee determine the policy stance appropriate for a timely return to 2%. Both dissents were for tighter policy; none was for easing. Warsh said politics played no role six days before the midterms, and futures priced a December 9 hike as likely.