Archive

Meetings

Federal Reserve

Bank of Japan

Sep 2026
Fed · Sep 16, 2026 FOMC raises federal funds rate target range AIAI title +25 bp → 3.75–4.00% +
Minutes Not indexed
Decision AIExtracted
  • +25 bp → 3.75–4.00% · 3-3/4 to 4 percentStatement
Meeting brief AIAI brief
  • The FOMC voted 12–0 to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent. The Committee is continuing its policy of maintaining ample reserves in the banking system.StatementPress conference
  • The statement says economic activity is expanding at a solid pace and domestic spending has been resilient. It also says productivity growth is strong, capital investment is robust, and the unemployment rate has changed little.Statement
  • The statement says inflation remains elevated and that today's action will support a timelier return to the 2 percent goal.StatementPress conference
  • Chairman Warsh said hiring, private-sector earnings and business capital investment have improved in recent months. He said he would be hard pressed to describe broad financial conditions as restrictive, a view widely shared by the Committee.Press conference
  • The Summary of Economic Projections shows real GDP growth of 2.3 percent for 2026 and 2.4 percent for 2027. The unemployment rate is projected at 4.1 percent for each year from 2026 to 2029, and 4.2 percent in the longer run.Projections
Meeting brief →
BoJ · Sep 18, 2026 BOJ Raises Policy Rate to 1.25% AIAI title +25 bp → 1.25% +
Minutes Scheduled
Outlook report Not published for this meeting
Decision AIExtracted
  • +25 bp → 1.25%Statement
  • 2 dissenting: Asada, Sato (7-2)
Meeting brief AIAI brief
  • The Bank decided, by a vote of 7 to 2, to guide the uncollateralized overnight call rate to around 1.25%, up from around 1.0%. The new policy applies from 24 September.StatementPress conference
  • The interest rate on the complementary deposit facility was set at 1.25%, and the basic loan rate at 1.5%. Both were also decided by 7 to 2.Statement
  • Mr. Asada favored keeping the policy unchanged because core CPI inflation was below 2% and the economy was not necessarily strong. Mr. Sato said a rate hike at this timing was not appropriate.Press conference
  • The Bank said Japan's economy is recovering moderately despite some weakness linked to the Middle East situation. It said underlying inflation is approaching 2%.StatementPress conference
  • The Governor said policy rates will continue to be raised in line with economic, price and financial conditions. The timing and pace of adjustment remain to be determined.Press conference
  • The Bank unanimously decided to switch climate response operations to a floating lending rate and to set caps on total lending.StatementPress conference
Meeting brief →
Jul 2026
Fed · Jul 29, 2026 FOMC holds rates steady amid three dissents AIAI title Hold · 3.50–3.75% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 3.50–3.75% · 3-1/2 to 3-3/4 percentStatement
  • 3 dissenting: Beth M. Hammack, Neel Kashkari, Lorie K. Logan
Meeting brief AIAI brief
  • The FOMC voted 9–3 to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent and to continue maintaining ample reserves in the banking system.StatementPress conference
  • Beth M. Hammack, Neel Kashkari and Lorie K. Logan dissented, preferring to raise the target range by 1/4 percentage point.Statement
  • The statement says economic activity is expanding at a solid pace despite elevated uncertainty, in part owing to the conflict in the Middle East. It says job gains have kept pace with the workforce and the unemployment rate has changed little.Statement
  • Inflation remains elevated relative to the 2 percent goal, in part reflecting supply shocks including energy. The Committee says it will deliver price stability.StatementPress conference
  • Chairman Warsh said there is no soft inflation target and that the statement steers clear of forecasting.Press conference
  • The minutes say oil prices ended the intermeeting period higher after Middle East tensions escalated, and nominal rates rose largely on expectations of higher policy rates. Longer-term inflation compensation remained stable and consistent with the 2 percent objective.Minutes
Meeting brief →
BoJ · Jul 31, 2026 BOJ Holds Rate at 1.0% With One Dissent AIAI title Hold · 1.00% +
Decision AIExtracted
  • Hold · 1.00% · 1.0%Statement
  • 1 dissenting: Hajime Takata (8-1)
Meeting brief AIAI brief
  • The Bank of Japan decided to keep guiding the uncollateralized overnight call rate at around 1.0%, by a vote of 8 to 1.Statement
  • Board member Takata dissented, proposing a rise to around 1.25% on the grounds of upside price risks from an overseas demand shock and a shift in overseas financial conditions; the proposal was rejected by majority vote.StatementPress conference
  • The Outlook Report says Japan's economy is recovering moderately despite some weakness linked to the Middle East situation, and is expected to keep growing moderately in fiscal 2026 at a slower pace.Press conferenceReport
  • Core CPI inflation is projected to rise clearly above 2% from the second half of fiscal 2026, then narrow toward around 2% later in the projection period.Press conferenceReport
  • Compared with the previous outlook, the growth forecast is broadly unchanged, while fiscal 2026 core CPI was revised down due to government summer energy subsidies.Report
  • The minutes, due 2026-09-28, record the overnight rate ranging 0.976–0.981% and JGB purchases of about 2.5 trillion yen in July, against about 2.7 trillion yen in June.Minutes
Meeting brief →
Jun 2026
Fed · Jun 17, 2026 FOMC holds rate at 3-1/2 to 3-3/4 percent AIAI title Hold · 3.50–3.75% +
Decision AIExtracted
  • Hold · 3.50–3.75% · 3-1/2 to 3-3/4 percentStatement
Meeting brief AIAI brief
  • The FOMC voted 12–0 to maintain the federal funds rate target range at 3-1/2 to 3-3/4 percent and reaffirmed its policy of maintaining ample reserves in the banking system.StatementPress conference
  • The statement says economic activity is expanding at a solid pace despite elevated uncertainty owing in part to the conflict in the Middle East. It says job gains have kept pace with the workforce and the unemployment rate has changed little.StatementPress conference
  • The statement describes inflation as elevated relative to the 2 percent goal, partly reflecting supply shocks that have raised prices in certain sectors, including energy.Statement
  • The minutes say optimism about a resolution of the Middle East conflict and a U.S.–Iran memorandum of understanding pushed the oil futures curve and near-term inflation compensation materially lower relative to the April meeting. Expected policy rates, Treasury yields, the U.S. dollar and equity prices rose.Minutes
  • The Summary of Economic Projections shows 2026 real GDP growth of 2.2 percent, an unemployment rate of 4.3 percent and PCE inflation of 3.6 percent.Projections
  • Chairman Warsh's press conference said the meeting reflected rigorous debate and that the Committee's objectives are price stability and maximum employment.Press conference
Meeting brief →
BoJ · Jun 16, 2026 BOJ raises policy rate to about 1.0% AIAI title +25 bp → 1.00% +
Outlook report Not published for this meeting
Decision AIExtracted
  • +25 bp → 1.00% · 1.0%Statement
  • 1 dissenting: Asada (7-1)
Meeting brief AIAI brief
  • The Bank decided, by a vote of 7 to 1, to encourage the uncollateralized overnight call rate to move at around 1.0%. The new guideline applies from June 17.Statement
  • The interest rate on supplementary deposit facility is set at 1.0% and the basic loan rate at 1.25%. The target was previously about 0.75%.StatementPress conference
  • Board member Asada dissented, saying downside risks to output and employment from the Middle East situation exceed upside price risks and that the policy stance should be kept unchanged.Press conference
  • The Bank assesses that Japan's economy is recovering moderately despite some weak movements linked to the Middle East situation. It says the risk of a large downturn has declined.StatementPress conference
  • The Bank sees a risk that underlying inflation will overshoot the 2% target, citing faster price pass-through between firms and rising medium- to long-term inflation expectations. It plans to continue raising the policy rate depending on economic, price and financial conditions.Press conferenceReport
Meeting brief →
Apr 2026
Fed · Apr 29, 2026 Fed Holds Rate at 3-1/2 to 3-3/4 Percent AIAI title Hold · 3.50–3.75% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 3.50–3.75% · 3-1/2 to 3-3/4 percentStatement
  • 4 dissenting: Stephen I. Miran, Beth M. Hammack, Neel Kashkari, Lorie K. Logan (8-4)
Meeting brief AIAI brief
  • The FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. Chair Powell said the current policy stance is seen as appropriate to promote progress toward the maximum-employment and 2 percent inflation goals.StatementPress conference
  • The statement says economic activity has been expanding at a solid pace, job gains have remained low, and the unemployment rate has been little changed. Powell put the unemployment rate at 4.3 percent in March.StatementPress conference
  • Inflation is described as elevated, in part reflecting the recent increase in global energy prices. Developments in the Middle East are contributing to a high level of uncertainty about the outlook.StatementPress conference
  • Powell said consumer spending has been resilient and business fixed investment has continued to expand at a brisk pace, while housing activity has remained weak.Press conference
  • The minutes say the Middle East conflict continued to drive asset prices, and that the crude oil futures curve was higher than at the March meeting. Near-term inflation expectations in the Desk survey moved up again, while those for 2027 and beyond were little changed.Minutes
Meeting brief →
BoJ · Apr 28, 2026 BOJ Holds Policy Rate at 0.75% by 6–3 Vote AIAI title Hold · 0.75% +
Decision AIExtracted
  • Hold · 0.75%Statement
  • 3 dissenting: Junko Nakagawa, Hajime Takata, Naoki Tamura (6-3)
Meeting brief AIAI brief
  • The Bank decided by a 6–3 vote to keep the uncollateralized overnight call rate at around 0.75%. Nakagawa, Takata and Tamura dissented.StatementPress conference
  • The three dissenters proposed raising the rate to around 1.0%, citing upside risks to prices. The proposal was rejected by a majority.StatementPress conference
  • The Outlook Report assumes Dubai crude starting at about $105 per barrel and falling to the $70s by the end of the projection period. It assumes Middle East effects ease and no large-scale supply chain disruption occurs.Press conference
  • Growth is expected to slow in fiscal 2026 on worsening terms of trade from higher oil prices, but to remain moderate. Growth is projected to rise gradually from fiscal 2027.Press conferenceReport
  • Core CPI inflation is projected in the upper 2% range for fiscal 2026, the lower 2% range for fiscal 2027 and about 2% for fiscal 2028. Compared with the previous outlook, fiscal 2026 growth is revised down and fiscal 2026 CPI is revised up significantly.Press conferenceReport
  • The Summary of Opinions was published on May 12 and the minutes on June 19. The opinions note that the Strait of Hormuz may take time to become commercially navigable, so oil prices could stay high for some time.MinutesReport
Meeting brief →
Mar 2026
Fed · Mar 18, 2026 Federal Reserve issues FOMC statement Hold · 3.50–3.75% +
Decision AIExtracted
  • Hold · 3.50–3.75% · 3-1/2 to 3-3/4 percentStatement
  • 1 dissenting: Stephen I. Miran (11-1)
BoJ · Mar 19, 2026 Statement on Monetary Policy Hold · 0.75% +
Jan 2026
Fed · Jan 28, 2026 Federal Reserve issues FOMC statement Hold · 3.50–3.75% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 3.50–3.75% · 3-1/2 to 3-3/4 percentStatement
  • 2 dissenting: Stephen I. Miran, Christopher J. Waller (10-2)
BoJ · Jan 23, 2026 Statement on Monetary Policy Hold · 0.75% +
Dec 2025
Fed · Dec 10, 2025 Federal Reserve issues FOMC statement -25 bp → 3.50–3.75% +
Decision AIExtracted
  • -25 bp → 3.50–3.75% · 3-1/2 to 3-3/4 percentStatement
  • 3 dissenting: Stephen I. Miran, Austan D. Goolsbee, Jeffrey R. Schmid (9-3)
BoJ · Dec 19, 2025 Change in the Guideline for Money Market Operations +25 bp → 0.75% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
Oct 2025
Fed · Oct 29, 2025 Federal Reserve issues FOMC statement -25 bp → 3.75–4.00% +
Projections Not published for this meeting
Decision AIExtracted
  • -25 bp → 3.75–4.00% · 3-3/4 to 4 percentStatement
  • 2 dissenting: Stephen I. Miran, Jeffrey R. Schmid (10-2)
BoJ · Oct 30, 2025 Statement on Monetary Policy Hold · 0.50% +
Sep 2025
Fed · Sep 17, 2025 Federal Reserve issues FOMC statement -25 bp → 4.00–4.25% +
BoJ · Sep 19, 2025 Statement on Monetary Policy Hold · 0.50% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
  • Hold · 0.50% · 0.5%Statement
  • 2 dissenting: Hajime Takata, Naoki Tamura (7-2)
Jul 2025
Fed · Jul 30, 2025 Federal Reserve issues FOMC statement Hold · 4.25–4.50% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 4.25–4.50% · 4-1/4 to 4-1/2 percentStatement
  • 2 dissenting: Michelle W. Bowman, Christopher J. Waller (9-2)
BoJ · Jul 31, 2025 Statement on Monetary Policy Hold · 0.50% +
Jun 2025
Fed · Jun 18, 2025 Federal Reserve issues FOMC statement Hold · 4.25–4.50% +
BoJ · Jun 17, 2025 Statement on Monetary Policy Hold · 0.50% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
  • Hold · 0.50% · 0.5%Statement
  • 1 dissenting: Naoki Tamura (8-1)
May 2025
Fed · May 7, 2025 Federal Reserve issues FOMC statement Hold · 4.25–4.50% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 4.25–4.50% · 4-1/4 to 4-1/2 percentStatement
  • Unanimous (12-0)
BoJ · May 1, 2025 Statement on Monetary Policy Hold · 0.50% +
Minutes Not indexed
Summary of opinions Not indexed
Decision AIExtracted
Mar 2025
Fed · Mar 19, 2025 Federal Reserve issues FOMC statement Hold · 4.25–4.50% +
Decision AIExtracted
  • Hold · 4.25–4.50% · 4-1/4 to 4-1/2 percentStatement
  • 1 dissenting: Christopher J. Waller (11-1)
BoJ · Mar 19, 2025 Statement on Monetary Policy Hold · 0.50% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
Jan 2025
Fed · Jan 29, 2025 Federal Reserve issues FOMC statement Hold · 4.25–4.50% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 4.25–4.50% · 4-1/4 to 4-1/2 percentStatement
  • Unanimous (12-0)
BoJ · Jan 24, 2025 Change in the Guideline for Money Market Operations +25 bp → 0.50% +
Dec 2024
Fed · Dec 18, 2024 Federal Reserve issues FOMC statement -25 bp → 4.25–4.50% +
BoJ · Dec 19, 2024 Statement on Monetary Policy Hold · 0.25% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
  • Hold · 0.25%Statement
  • 1 dissenting: Naoki Tamura (8-1)
Nov 2024
Fed · Nov 7, 2024 Federal Reserve issues FOMC statement -25 bp → 4.50–4.75% +
Projections Not published for this meeting
Decision AIExtracted
  • -25 bp → 4.50–4.75% · 4-1/2 to 4-3/4 percentStatement
  • Unanimous (12-0)
Oct 2024
BoJ · Oct 31, 2024 Statement on Monetary Policy Hold · 0.25% +
Sep 2024
Fed · Sep 18, 2024 Federal Reserve issues FOMC statement -50 bp → 4.75–5.00% +
BoJ · Sep 20, 2024 Statement on Monetary Policy Hold · 0.25% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
Jul 2024
Fed · Jul 31, 2024 Federal Reserve issues FOMC statement Hold · 5.25–5.50% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 5.25–5.50% · 5-1/4 to 5-1/2 percentStatement
  • Unanimous (12-0)
BoJ · Jul 31, 2024 Change in the Guideline for Money Market Operations +15 bp → 0.25% +
Jun 2024
Fed · Jun 12, 2024 Federal Reserve issues FOMC statement Hold · 5.25–5.50% +
BoJ · Jun 14, 2024 Statement on Monetary Policy Hold · 0.10% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
  • Hold · 0.10% · 0.1%Statement
  • 1 dissenting: Toyoaki Nakamura (8-1)
May 2024
Fed · May 1, 2024 Federal Reserve issues FOMC statement Hold · 5.25–5.50% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 5.25–5.50% · 5-1/4 to 5-1/2 percentStatement
  • Unanimous (12-0)
Apr 2024
BoJ · Apr 26, 2024 Statement on Monetary Policy Hold · 0.10% +
Mar 2024
Fed · Mar 20, 2024 Federal Reserve issues FOMC statement Hold · 5.25–5.50% +
BoJ · Mar 19, 2024 金融政策の枠組みの見直しについて -290 bp → 0.10% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
  • -290 bp → 0.10% · 0.1%Statement
  • 2 dissenting: Toyoaki Nakamura, Asahi Noguchi (7-2)
Jan 2024
Fed · Jan 31, 2024 Federal Reserve issues FOMC statement Hold · 5.25–5.50% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 5.25–5.50% · 5-1/4 to 5-1/2 percentStatement
  • Unanimous (12-0)
Dec 2023
Fed · Dec 13, 2023 Federal Reserve issues FOMC statement Hold · 5.25–5.50% +
BoJ · Dec 19, 2023 Statement on Monetary Policy +250 bp → 3.00% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
Nov 2023
Fed · Nov 1, 2023 Federal Reserve issues FOMC statement Hold · 5.25–5.50% +
Projections Not published for this meeting
Decision AIExtracted
  • Hold · 5.25–5.50% · 5-1/4 to 5-1/2 percentStatement
  • Unanimous (12-0)
Sep 2023
Fed · Sep 20, 2023 Federal Reserve issues FOMC statement Hold · 5.25–5.50% +
BoJ · Sep 22, 2023 Statement on Monetary Policy Hold · 0.50% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
Jul 2023
Fed · Jul 26, 2023 Federal Reserve issues FOMC statement +25 bp → 5.25–5.50% +
Projections Not published for this meeting
Decision AIExtracted
  • +25 bp → 5.25–5.50% · 5-1/4 to 5-1/2 percentStatement
  • Unanimous (11-0)
BoJ · Jul 28, 2023 Statement on Monetary Policy Hold · 0.50% +
Jun 2023
Fed · Jun 14, 2023 Federal Reserve issues FOMC statement Hold · 5.00–5.25% +
BoJ · Jun 16, 2023 Statement on Monetary Policy Hold · 0.50% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
May 2023
Fed · May 3, 2023 Federal Reserve issues FOMC statement +25 bp → 5.00–5.25% +
Projections Not published for this meeting
Decision AIExtracted
  • +25 bp → 5.00–5.25% · 5 to 5-1/4 percentStatement
  • Unanimous (11-0)
Apr 2023
BoJ · Apr 28, 2023 Statement on Monetary Policy Hold · 0.50% +
Mar 2023
Fed · Mar 22, 2023 Federal Reserve issues FOMC statement +25 bp → 4.75–5.00% +
BoJ · Mar 10, 2023 Statement on Monetary Policy Hold · 0.50% +
Summary of opinions Not indexed
Outlook report Not published for this meeting
Decision AIExtracted
Feb 2023
Fed · Feb 1, 2023 Federal Reserve issues FOMC statement +25 bp → 4.50–4.75% +
Projections Not published for this meeting
Decision AIExtracted
  • +25 bp → 4.50–4.75% · 4-1/2 to 4-3/4 percentStatement
  • Unanimous (12-0)
Jan 2023
BoJ · Jan 18, 2023 Statement on Monetary Policy +25 bp → 0.50% +