BEGIN:VCALENDAR VERSION:2.0 PRODID:-//financecalendar.com - ECPv6.15.20//NONSGML v1.0//EN CALSCALE:GREGORIAN METHOD:PUBLISH X-WR-CALNAME:financecalendar.com X-ORIGINAL-URL:https://www.financecalendar.com X-WR-CALDESC:Events for financecalendar.com REFRESH-INTERVAL;VALUE=DURATION:PT1H X-Robots-Tag:noindex X-PUBLISHED-TTL:PT1H BEGIN:VTIMEZONE TZID:UTC BEGIN:STANDARD TZOFFSETFROM:+0000 TZOFFSETTO:+0000 TZNAME:UTC DTSTART:20250101T000000 END:STANDARD END:VTIMEZONE BEGIN:VEVENT DTSTART;TZID=UTC:20261209T000000 DTEND;TZID=UTC:20261209T235959 DTSTAMP:20260727T164603 CREATED:20260605T150048Z LAST-MODIFIED:20260605T150048Z UID:1220-1796774400-1796860799@www.financecalendar.com SUMMARY:FOMC Rate Decision December 2026 DESCRIPTION:Home\n ›\n Events\n ›\n Central Banks & Monetary Policy\n ›\n FOMC Rate Decision December 2026\n \n \n\n \n \n \n\n \n \n\n \n \n \n \n \n \n \n \n \n Central Banks & Monetary Policy \n \n \n High Impact\n \n \n FOMC Rate Decision December 2026\n The Federal Open Market Committee (FOMC) will announce its final interest rate decision of 2026 on Wednesday\, December 9\, 2026\, at 2:00 p.m. EDT\, following a two-day meeting on December 8-9. This is a Summary of Economic Projections (SEP) meeting\, at which FOMC members will publish updated quarterly forecasts and the closely watched “dot plot” of individual rate expectations. The December meeting represents the committee’s last opportunity in 2026 to adjust the federal funds rate target\, and markets will focus on both the rate decision itself and the updated economic projections for 2027 and beyond. The federal funds rate currently stands at 3.50% to 3.75%\, where it has been held following three rate cuts in the second half of 2025. \n \n \n \n Wednesday\, December 9\, 2026 \n \n \n \n 5 min read\n \n \n \n \n Finance Calendar Editorial\n \n \n \n\n \n \n At a Glance\n \n \n Event\n FOMC Rate Decision December 2026\n \n \n Date\n December 9\, 2026\n \n \n Category\n Central Banks & Monetary Policy\n \n \n Impact\n High\n \n \n \n\n \n \n \nThe Federal Reserve and the FOMC\nThe Federal Open Market Committee is the monetary policy-making body of the Federal Reserve (the Fed)\, the central bank of the United States. The FOMC meets eight times per year in Washington DC\, with each meeting lasting one or two days. The committee consists of 12 voting members: the seven members of the Board of Governors\, the president of the Federal Reserve Bank of New York\, and four of the remaining eleven Reserve Bank presidents who rotate voting rights annually. \nThe Fed operates under a dual mandate established by Congress: maximum employment and price stability\, with price stability defined as headline PCE inflation of 2% over the longer run. When the FOMC sets the federal funds rate\, it directly influences short-term borrowing costs across the entire US economy\, flowing through to mortgage rates\, corporate borrowing\, consumer credit\, and exchange rates. The December 2026 meeting is particularly significant because it concludes the committee’s work for the year and establishes the rate outlook through its updated SEP and dot plot\, which will guide market expectations into 2027. \nFOMC December Meeting: December 8-9\, 2026\nThe December 2026 meeting is one of four SEP meetings in the year (alongside March\, June\, and September)\, at which FOMC members publish quarterly forecasts for GDP growth\, unemployment\, inflation\, and the federal funds rate. The dot plot\, which shows each member’s year-end rate expectation for the next three years and the longer run\, is the primary tool through which the committee communicates its collective thinking on the rate path. \nThe March 2026 SEP\, the most recent set of projections available at the time of writing\, showed committee members expecting just one rate cut in 2026 and one in 2027\, before the federal funds rate converges towards a longer-run neutral rate of approximately 3%. Against this backdrop\, the key question for December 2026 is whether the full-year data has shifted those projections. The combination of elevated headline inflation (driven by energy prices following geopolitical tensions in the Middle East)\, above-trend employment growth in early 2026\, and below-trend GDP growth presents a complex policy environment. The decision will be announced at 2:00 p.m. EDT on December 9\, with Fed Chair Jerome Powell’s press conference beginning at 2:30 p.m. EDT. \nWhat to Expect\nThe most likely outcome at the December 2026 meeting\, based on the FOMC’s stated data-dependent posture and the March 2026 dot plot projections\, is a hold at the current 3.50% to 3.75% range. The Fed has held rates through multiple consecutive meetings in 2026\, citing elevated inflation and a resilient labour market as arguments against premature easing. However\, if core PCE inflation has moderated consistently through the second half of 2026\, and if GDP growth has slowed to a pace that raises concerns about economic momentum\, the December SEP could reveal a shift in committee thinking towards more cuts in 2027. \nGovernor Miran’s dissent at the April 2026 meeting\, calling for a 25-basis-point cut\, represented the dovish extreme of the committee. Meanwhile\, hawkish members dissenting in favour of stronger forward guidance against cuts have pushed the other end. The December meeting will reveal where this internal debate has resolved over the course of 2026. If the committee delivers a cut at any earlier meeting (June\, July\, September\, or October)\, December could either follow with a second cut or revert to a hold. \nRate Decision History\n\n\n\nDate\nDecision\nRate (Upper)\nVote\n\n\n\n\nSep 2025\n-25bp\n4.25%\nn/v\n\n\nNov 2025\n-25bp\n4.00%\nn/v\n\n\nDec 2025\n-25bp\n3.75%\n9-3\n\n\nJan 2026\nHold\n3.75%\nn/v\n\n\nMar 2026\nHold\n3.75%\nn/v\n\n\nApr 2026\nHold\n3.75%\n8-4\n\n\nJun 2026\nTBD (Jun 16-17)\nTBD\nTBD\n\n\nJul 2026\nTBD (Jul 28-29)\nTBD\nTBD\n\n\n\nSources: Federal Reserve; CNBC; J.P. Morgan. “n/v” = vote not yet verified from official sources. Upper rate refers to the upper bound of the federal funds target range. Rates shown at 3.75% upper bound reflect the hold from December 2025 onwards. \nMarket Impact Scenarios\n\nHold (base case) – Maintaining the 3.50% to 3.75% range would be interpreted as cautious\, data-dependent policy continuation. Markets will focus primarily on the updated dot plot for 2027 expectations. If the dot plot shifts towards more cuts in 2027\, Treasury yields would fall modestly and equities would rally. If the dot plot holds or moves hawkish\, bond yields would remain elevated\, and equities would face pressure heading into year-end.\nCut (25bp) – A December rate cut to 3.25%-3.50% would signal the Fed has gained enough confidence in the inflation outlook to resume easing. This outcome would be positive for equities and bonds\, negative for the dollar\, and would likely be accompanied by a dovish dot plot. The size of the year-end equity rally would depend on whether the cut was already priced in by December.\nHike – A rate increase from the current range would represent a dramatic policy reversal and is not the base case. A hike would be strongly negative for equities\, particularly for the most rate-sensitive sectors (real estate\, utilities\, high-growth technology)\, and would strengthen the dollar while pushing bond yields higher across all maturities.\n\nPress Conference and Forward Guidance\nFed Chair Jerome Powell’s press conference at 2:30 p.m. EDT on December 9 will be scrutinised for signals about the 2027 rate path. After the dot plot\, Powell’s characterisation of inflation progress and the growth outlook will drive market reaction. Key phrases to watch include whether the Fed describes inflation as “still elevated” versus “making progress toward 2%”\, and whether Powell signals that the committee sees further cuts as appropriate or that it will remain on hold for an extended period. \nThe December SEP will also update projections for PCE inflation\, core PCE\, GDP growth\, and unemployment through 2028. Revisions to these projections\, particularly whether the committee now sees inflation returning to 2% in 2027 or later\, will shape the market’s interpretation of the dot plot and inform investment positioning into the new year. The December meeting traditionally attracts higher media and market attention than non-SEP meetings. \nRelated Events\n\nFOMC Rate Decision June 2026 – The June 16-17 SEP meeting is the next FOMC rate decision after the current date\, providing the first updated dot plot ahead of December.\nUS CPI Report June 2026 – Inflation data from June and subsequent months will be the primary determinant of whether the Fed has scope to cut in December 2026.\nECB Rate Decision June 2026 – The ECB’s June 11 decision illustrates the broader global monetary policy environment against which the Fed’s December decision will be assessed.\n\nFrequently Asked Questions\nWhat is the FOMC’s dual mandate?\nThe Federal Open Market Committee operates under a congressional mandate to pursue maximum employment and price stability. In practice\, the Fed targets headline PCE inflation of 2% over the longer run and aims to maintain the unemployment rate near its longer-run neutral level\, which the March 2026 SEP estimated at approximately 4.1%. \nWhen will the FOMC December 2026 decision be announced?\nThe FOMC will release its policy statement at 2:00 p.m. EDT on Wednesday\, December 9\, 2026. Fed Chair Jerome Powell’s press conference will begin at 2:30 p.m. EDT. The Summary of Economic Projections (SEP)\, including the dot plot\, will be released simultaneously with the policy statement. \nWhat does the dot plot show?\nThe dot plot is a chart published at each SEP meeting showing each FOMC member’s expectation for the appropriate level of the federal funds rate at year-end for the next three years and in the longer run. It is anonymous and shows the distribution of views across the committee\, not a binding forecast. Markets use the median dot to infer the committee’s collective rate path\, but it can shift significantly between meetings as economic conditions change. \n \n\n \n \n Related events\n \n \n \n High\n FOMC Rate Decision July 2026\n Jul 29\n \n \n \n \n High\n Bank of England MPC Rate Decision July 2026\n Jul 30\n \n \n \n \n High\n Bank of Japan Rate Decision July 2026\n Jul 31\n \n \n \n \n \n \n\n \n \n\n \n \n Upcoming Events\n \n \n \n \n 28 Jul\n Alphabet Q2 2026 Earnings: What to Expect on 28 July 2026\n \n \n \n \n \n 28 Jul\n Microsoft Q4 FY2026 Earnings: What to Expect on 28 July 2026\n \n \n \n \n \n 29 Jul\n META Earnings July 2026\n \n \n \n \n \n 29 Jul\n FOMC Rate Decision July 2026\n \n \n \n \n \n 30 Jul\n US Personal Income and Outlays (PCE) July 2026\n \n \n \n \n \n 30 Jul\n Amazon Q2 2026 Earnings: What to Expect on 30 July 2026\n \n \n \n \n \n \n \n Add to Calendar\n \n Get a reminder before this release lands. \n \n \n \n Google Calendar\n \n \n \n Apple / Outlook (.ics)\n \n \n \n \n \n \n \n Event Series\n \n Central Banks & Monetary Policy\n All upcoming central banks & monetary policy events with previews and analysis. \n View all events →\n Fed meeting schedule → URL:https://www.financecalendar.com/event/fomc-rate-decision-december-2026/ CATEGORIES:Central Banks & Monetary Policy ATTACH;FMTTYPE=image/jpeg:https://www.financecalendar.com/wp-content/uploads/2026/06/unsplash-6kA9FjqUxhM.jpg END:VEVENT END:VCALENDAR