According to the Federal Reserve’s October 28, 2026 statement, the Federal Open Market Committee voted 10 to 2 to keep the target range for the federal funds rate at 3-3/4 to 4 percent [1].

Two members, Lisa D. Cook and Beth M. Hammack, voted against the action. Both preferred to raise the target range by 1/4 percentage point at that meeting [1].

The statement says economic activity is expanding at a strong pace and that inflation remains elevated. It restates the Committee’s 2 percent inflation goal and says uncertainty remains elevated, in part because of geopolitical developments [1].

A family’s savings and loan rates are set by each bank, and the federal funds target range often shapes their direction over time. As of this release the range did not change, so the Committee gave savers and borrowers no new move that day.

The decision itself changed nothing in the rates a family sees. What the vote adds is a split: both dissenters leaned toward higher rates.

Sources

1. Board of Governors of the Federal Reserve System, “Federal Reserve issues FOMC statement,” October 28, 2026. https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm