Federal Reserve holds target range at 3.75%–4.00% on Oct 28, 2026
On October 28, 2026 the Federal Reserve announced it would keep the federal funds target range at 3.75%–4.00% and maintain the interest rate on reserve balances at 3.90%; the Board set the primary credit rate at 4.00% and left standing repo and RRP offering rates unchanged.
The desk brief
On October 28, 2026 the Federal Reserve announced it would keep the federal funds target range at 3.75%–4.00% and maintain the interest rate on reserve balances at 3.90%; the Board set the primary credit rate at 4.00% and left standing repo and RRP offering rates unchanged.
A U.S. hold at the announced operational rates keeps official-dollar policy unchanged, which can condition USD funding costs and global dollar yields. That transmission can, if US yields move, influence USD-denominated borrowing costs for African sovereigns (for example South Africa USD bonds), and affect local FX and sovereign spread dynamics, depending on how global risk sentiment and US Treasury yields evolve.
Kevin Warsh's Oct 28, 2026 press conference and the December 2026 FOMC meeting for guidance on next policy steps.
Sources & verification
Verified briefSupported by 5 independent publishers.
- Implementation Note issued October 28, 2026federalreserve.gov (opens in a new tab)
- Fed meeting recap: Warsh says central bank will host fewer rate-setting meetings in future yearscnbc.comSource published (opens in a new tab)
- Fed holds rates steady despite concerns over inflationcnbc.comSource published (opens in a new tab)
- Fed holds interest rates at 3.75%-4% as inflation risks persistinvezz.comSource published (opens in a new tab)
- Federal Reserve issues FOMC statementfederalreserve.gov (opens in a new tab)
- Fed Meeting Live Updates: Interest Rates Hold Steady Despite 'Elevated' Inflationnytimes.comSource published (opens in a new tab)
- Federal Reserve issues FOMC statementfederalreserve.gov (opens in a new tab)
- Takeaways from Warsh’s news conference.nytimes.comSource published (opens in a new tab)
- Federal Reserve makes interest rate decision ahead of midtermsfoxbusiness.comSource published (opens in a new tab)
Public references supporting this brief.