The Fed raised rates. The consequences are still unfolding.
September’s increase is settled. The effects on prices, borrowing and the next policy decision are not.
How did we get here?
Earlier FOMC policy statement provides the preceding decision for comparison.
What is established?
On September 16, 2026, the Federal Open Market Committee raised the target federal funds rate by a quarter point to 3.75%–4%. That decision is documented. Its effects on borrowing, inflation and employment cannot be assessed from an announcement alone.
What remains to be seen?
What do upcoming inflation, employment and borrowing-cost data show following the change?
In 30 seconds
On September 16, 2026, the Federal Open Market Committee raised the target federal funds rate by a quarter point to 3.75%–4%. That decision is documented. Its effects on borrowing, inflation and employment cannot be assessed from an announcement alone.
What is established
- The Federal Open Market Committee voted 12–0 on September 16, 2026, to raise its policy-rate target by 0.25 percentage point to 3.75%–4%.
- The committee described activity as expanding at a solid pace and inflation as remaining elevated.
- The Federal Reserve published an official statement, economic projections and a recorded press conference.
Still open — what would settle it?
- What do upcoming inflation, employment and borrowing-cost data show following the change?
- Does the FOMC change its policy stance at the October 27–28 meeting?
- How do the longer-run effects compare with the rationale given at the time?
View the earlier timeline
July 29, 2026 · Earlier FOMC policy statement provides the preceding decision for comparison.
September 16, 2026 · FOMC announces a quarter-point rate increase; publishes projections and holds a press conference.
October 7, 2026 · Minutes of the September FOMC meeting become available.
October 27–28, 2026 · Next scheduled FOMC meeting, a future checkpoint as of October 21.
Competing interpretations
Policy rationale · The FOMC says elevated inflation warrants action to support its price-stability goal.
What the decision cannot prove · A rate increase does not establish in advance how quickly prices, borrowing, employment or spending will respond.
Read the original material, including the record preceding the current headline.
September 16 decision — Federal Reserve ↗September meeting minutes — Federal Reserve ↗Official projections — Federal Reserve ↗FOMC meeting calendar — Federal Reserve ↗Watch what was said. Check what followed.
These links establish the content of a public statement, not the truth of every claim made in it. Viral posts receive the same scrutiny.
▶ Watch complete originalVIDEO · 2026-09-16FOMC Press Conference, September 16, 2026 ↗
Federal Reserve (verified channel) · Watch the complete official press conference. This is primary-source material, not independent verification of its policy claims.