September inflation hit 3.7% and gasoline is up 34% in a year. Will the Fed raise rates again on Oct 28?

The Federal Reserve held its benchmark rate steady at 3.75%-4.00% on October 28, 2026, rather than raising it, after a two-day FOMC meeting. The vote was 10-2, with governors Lisa Cook and Beth Hammack dissenting in favor of a quarter-point hike. The post-meeting statement said inflation remained elevated and reaffirmed the Committee's commitment to price stability, but the majority judged that holding steady, rather than tightening further, was the appropriate response to September's 3.7% inflation reading and rising gasoline prices. Chair Kevin Warsh told reporters afterward that the central bank plans to reduce the number of rate-setting meetings starting in 2027. A Reuters poll taken before the meeting found 94 of 100 surveyed economists expected a hold, with all 100 forecasting a possible hike in December instead.

The community leaned toward a hold but underestimated the margin: only 38% of predictors said the Fed would raise rates on October 28, matching the eventual no-hike outcome, though the dissent from two governors shows the decision was not unanimous. The question resolved NO, confirming the Fed left rates unchanged rather than raising them again.