# Fed holds at 3.75%–4.00%, with two votes for a hike

> The FOMC kept the federal funds target range at 3.75% to 4.00% on 28 October, by a 10–2 vote. Lisa D. Cook and Beth M. Hammack wanted a quarter-point increase.

- Canonical URL: https://forextradingcommunity.com/news/fed-holds-rates-28-october-2026-two-dissent-for-a-hike/
- Type: Central banks
- Published: 2026-10-30
- Updated: 2026-10-30
- Publisher: Forex Trading Community (https://forextradingcommunity.com), FTC Editorial Team
- Currencies: USD

The Federal Open Market Committee left the target range for the federal funds rate at 3.75% to 4.00% on 28 October 2026. The statement says the action was approved by a 10–2 vote, and it names the two dissenters, Lisa D. Cook and Beth M. Hammack, who wanted a quarter-point increase instead ([FOMC statement, 28 October 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm)).

## The decision in numbers

- **Target range**: 3.75% to 4.00%, unchanged
- **Vote**: 10 in favour, 2 against
- **Dissenters**: Lisa D. Cook and Beth M. Hammack, both for a 0.25-percentage-point increase
- **Last change**: a quarter-point increase on 16 September 2026, to 3.75%–4.00%

## Reading it

Two dissents in favour of a hike show that the committee was not unanimous about the next move. The hold keeps the range where the September increase left it. The Federal Reserve's calendar marks the next meeting with new economic projections for 8–9 December 2026 ([FOMC calendar](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm)).

For how a rate decision reaches the dollar, see [what happens when the Fed hikes](/news/what-happens-when-the-fed-hikes/). For the September move, see [the Fed's September hike](/news/fed-raises-rates-september-2026/). Live prices: [EUR/USD](/markets/eur-usd/).

## Sources

- [Federal Reserve: FOMC statement, 28 October 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm)
- [Federal Reserve Board: FOMC meeting calendars and information](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm)

## Common questions

### What did the Fed decide on 28 October 2026?

It kept the federal funds target range at 3.75% to 4.00%. The vote was 10–2.

### Who dissented at the October 2026 meeting?

Lisa D. Cook and Beth M. Hammack, who wanted a quarter-point increase, according to the statement.

---

This article is for information only and is not financial advice. Trading forex and CFDs carries a high risk of losing money.