FOMC Meeting Dates 2026 and Market Reaction
The next FOMC Rate Decision is scheduled for Wednesday, October 28, 2026 at 2:00 PM ET. On 262 FOMC days since 1994, SPY's move landed in the biggest quarter of all trading days 32.4% of the time, against 25% for any day, more than two standard errors above chance: the market has moved more on these days than on a normal session. The median move was 0.63% against 0.54% on all days.
Last release Sep 16, 2026. Its headline value is not matched in this record; the Federal Funds Rate page carries the latest reading.
Upcoming FOMC dates
- Wednesday, October 28, 20262:00 PM ET
- Wednesday, December 9, 20262:00 PM ET
- Wednesday, January 27, 20272:00 PM ET
- Wednesday, March 17, 20272:00 PM ET
- Wednesday, April 28, 20272:00 PM ET
- Wednesday, June 9, 20272:00 PM ET
- Wednesday, July 28, 20272:00 PM ET
- Wednesday, September 15, 20272:00 PM ET
- Wednesday, October 27, 20272:00 PM ET
- Wednesday, December 8, 20272:00 PM ET
Schedule: Federal Reserve FOMC calendars. Release record since 1994.
Does the market move on release day?
On 262 FOMC days since 1994, SPY's move landed in the biggest quarter of all trading days 32.4% of the time, against 25% for any day, more than two standard errors above chance: the market has moved more on these days than on a normal session. The median move was 0.63% against 0.54% on all days. SPY closed higher on 55.0% of release days against 53.7% of all days. The 10-year Treasury yield moved a median 3.9 bp either way, against 3.2 bp on all days.
When the headline Federal Funds Rate came in above its prior reading (6 days), release days carried an average SPY return of −0.12%; when it came in below (2 days), an average SPY return of +1.41%. Either group is small enough that the difference can be noise.
The top quarter means a close-to-close SPY move of 1.04% or more either way, the 75th percentile of every trading day since 1993. Headline values are today's revised figures, and no consensus forecasts are used, so above and below compare each print with the previous print. This is not a surprise study: markets react to the gap between a release and what was expected.
Recent FOMC releases
| Released | Period | Federal Funds Rate | Prior | SPY | 10-year |
|---|---|---|---|---|---|
| Sep 16, 2026 | — | — | — | −0.45% | +1.0 bp |
| Jul 29, 2026 | — | — | — | −1.54% | +1.8 bp |
| Jun 17, 2026 | — | — | — | −1.25% | +3.5 bp |
| Apr 29, 2026 | — | — | — | −0.02% | +6.4 bp |
| Mar 18, 2026 | — | — | — | −1.40% | +5.7 bp |
| Jan 28, 2026 | — | — | — | −0.01% | +2.8 bp |
| Dec 10, 2025 | — | — | — | +0.66% | −2.2 bp |
| Oct 29, 2025 | — | — | — | +0.05% | +7.5 bp |
| Sep 17, 2025 | — | — | — | −0.12% | +5.0 bp |
| Jul 30, 2025 | — | — | — | −0.13% | +4.6 bp |
| Jun 18, 2025 | — | — | — | −0.02% | +0.4 bp |
| May 7, 2025 | — | — | — | +0.42% | −3.3 bp |
| Mar 19, 2025 | — | — | — | +1.09% | −2.5 bp |
| Jan 29, 2025 | — | — | — | −0.45% | +0.4 bp |
| Dec 18, 2024 | — | — | — | −2.98% | +10.9 bp |
| Nov 7, 2024 | — | — | — | +0.77% | −8.5 bp |
| Sep 18, 2024 | — | — | — | −0.30% | +4.3 bp |
| Jul 31, 2024 | — | — | — | +1.63% | −3.4 bp |
| Jun 12, 2024 | — | — | — | +0.82% | −10.9 bp |
| May 1, 2024 | April 2024 | 5.33% | 5.33% | −0.32% | −9.1 bp |
| Mar 20, 2024 | — | — | — | +0.92% | −2.4 bp |
| Jan 31, 2024 | — | — | — | −1.63% | −9.2 bp |
| Dec 13, 2023 | — | — | — | +1.38% | −17.3 bp |
| Nov 1, 2023 | October 2023 | 5.33% | 5.33% | +1.07% | −8.6 bp |
Newest first. Values are today's revised data; a dash means no matched value.
What it measures
The Federal Open Market Committee's policy statement at the end of each of its eight scheduled meetings a year, setting the target range for the federal funds rate.
- Published by
- Federal Reserve (Fed)
- Release time
- 2:00 PM ET
- Schedule source
- Federal Reserve FOMC calendars
- Indicator pages
- Federal Funds Rate
Frequently asked questions
When is the next FOMC release?
The next FOMC Rate Decision is scheduled for Wednesday, October 28, 2026 at 2:00 PM ET. After that: Wednesday, December 9, 2026; Wednesday, January 27, 2027; Wednesday, March 17, 2027. Source: Federal Reserve.
What time is the FOMC released?
The Federal Reserve publishes the FOMC Rate Decision at 2:00 PM Eastern Time on its scheduled release days.
Does the stock market move on FOMC days?
On 262 FOMC days since 1994, SPY's move landed in the biggest quarter of all trading days 32.4% of the time, against 25% for any day, more than two standard errors above chance: the market has moved more on these days than on a normal session. The median move was 0.63% against 0.54% on all days. SPY closed higher on 55.0% of release days against 53.7% of all days. The 10-year Treasury yield moved a median 3.9 bp either way, against 3.2 bp on all days.
How did the market react to the last FOMC release?
On Wednesday, September 16, 2026, SPY moved −0.45% close to close and the 10-year Treasury yield +1.0 bp.
Last release Sep 16, 2026. Its headline value is not matched in this record; the Federal Funds Rate page carries the latest reading.