The Fed moved the target range to 3-3/4 to 4 percent

The Federal Open Market Committee’s September 16, 2026 statement is a clerk’s document, and it should be read that way. Released at 2:00 p.m. Eastern, it says the Committee voted 12–0 to raise the target range for the federal funds rate by 1/4 percentage point, to 3-3/4 to 4 percent, “in support of the Federal Reserve’s dual mandate.” The same paragraph says the Committee is continuing its policy of maintaining ample reserves.

The implementation note issued the same afternoon is the part that actually moves the plumbing. The Board of Governors voted unanimously to raise the interest rate paid on reserve balances to 3.90 percent, effective September 17, 2026. The Open Market Desk at the Federal Reserve Bank of New York was directed to keep the federal funds rate inside that 3-3/4 to 4 percent range, to offer standing overnight repurchase agreements at 4.0 percent, and to offer standing overnight reverse repurchase agreements at 3.75 percent with a per-counterparty limit of $160 billion a day.

The Board’s own calendar says minutes of a regularly scheduled meeting come out three weeks after the decision. The September minutes are not linked on that calendar yet. The next listed meeting is October 27–28. The press-conference transcript posted with this decision opens under the name Chairman Warsh. This brief does not add a vote count, a projection, or a motive that the statement does not print.

This page is a Notice Nearby publisher-desk Federal brief of a public Board record. It is not the FOMC, not a newspaper story, and not Legal Publication.