LemonTradesDid the Fed cut rates?
The answer from the Fed’s latest decision, every move since its cutting cycle began in 2024, and the date of the next one.
- Last cut
- December 10, 2025
- Cuts in 2025
- 3
- Next decision
- October 28, –
10-year 5.146% +6 bp · Dollar −0.10% · Gold −1.15% · S&P 500 futures −0.63%
Every Fed decision since 2024
| Decision | Move | Target range |
|---|---|---|
| Wednesday, September 16, 2026The first hike since 2023, by 12 votes to 0 | Hike 0.25 | 3.75%–4.00% |
| Wednesday, July 29, 2026Three officials voted for a hike | Hold | 3.50%–3.75% |
| Wednesday, June 17, 2026Kevin Warsh’s first meeting as chair | Hold | 3.50%–3.75% |
| Wednesday, April 29, 2026 | Hold | 3.50%–3.75% |
| Wednesday, March 18, 2026 | Hold | 3.50%–3.75% |
| Wednesday, January 28, 2026 | Hold | 3.50%–3.75% |
| Wednesday, December 10, 2025The last cut so far | Cut 0.25 | 3.50%–3.75% |
| Wednesday, October 29, 2025 | Cut 0.25 | 3.75%–4.00% |
| Wednesday, September 17, 2025 | Cut 0.25 | 4.00%–4.25% |
| Wednesday, July 30, 2025 | Hold | 4.25%–4.50% |
| Wednesday, June 18, 2025 | Hold | 4.25%–4.50% |
| Wednesday, May 7, 2025 | Hold | 4.25%–4.50% |
| Wednesday, March 19, 2025 | Hold | 4.25%–4.50% |
| Wednesday, January 29, 2025 | Hold | 4.25%–4.50% |
| Wednesday, December 18, 2024 | Cut 0.25 | 4.25%–4.50% |
| Thursday, November 7, 2024 | Cut 0.25 | 4.50%–4.75% |
| Wednesday, September 18, 2024The first cut since 2020 | Cut 0.50 | 4.75%–5.00% |
From the FOMC’s statements. The Fed cut by 1.75 points in total from September 2024 to December 2025, then raised rates in September 2026 as inflation stayed above its 2% target.
Why the Fed stopped cutting
The Fed cut rates in 2024 and 2025 as inflation came down from its 2022 peak and hiring slowed. In 2026, inflation stopped falling and stayed above the Fed’s 2% target. The Fed held rates through July, with three officials voting for a hike that month, then raised rates in September; its statement cited inflation and tension in the Middle East. Most officials then expected one more hike in 2026.
What decides the next move
- Inflation: the CPI and PCE reports. See what is CPI in trading.
- Jobs: a weak labor market makes cuts more likely. See the latest jobs report.
- Fed speakers, outside the blackout before each meeting.
Fed news
- Wed 10:34 PMUS Dollar Index hovers around 101.70 as sliding US bond yields counters Fed hike bets
Lower bond yields balance Fed expectations, keeping the dollar in check.
- Wed 8:46 PMGold Falls, Weighed by Rising Energy Costs, Fed Uncertainty
Higher energy costs and rate uncertainty create headwinds for non-yielding gold.
- Wed 7:56 PMGold Edges Lower as Traders Weigh Mideast Signals, Fed Rate Path
Traders assessing rate outlook and geopolitical signals weigh on gold demand.
- Wed 11:05 AMBOE’s Bailey Defends Speaking Out Over Trump Attacks on Powell
Political pressure on Fed autonomy affects long-term dollar credibility.
- Wed 10:21 AMBofA’s Cabana Asks Fed on Rate Hikes ‘Why Wait Now?’
Hawkish rate commentary can provide modest support for the US dollar.
- Wed 4:12 AMDow Jones futures rise on Fed rate pause expectations, AI tech rally
Rate pause bets and tech momentum support general stock market indices.
Questions
Did the Fed cut rates today?
There’s no Fed decision today. No. At its last meeting, on Wednesday, September 16, 2026, the Fed raised rates by 0.25 points, to 3.75%–4.00%. The next decision is on Wednesday, October 28, 2026.
When did the Fed last cut rates?
On Wednesday, December 10, 2025, by 0.25 points to 3.50%–3.75%.
How many times did the Fed cut rates in 2025?
3 times, in September, October and December, by a quarter point each.
Why did the Fed raise rates in September 2026?
Inflation stayed above its 2% target. It was the first hike since 2023, and the vote was 12 to 0.
LemonTrades warns you 15 minutes before every Fed decision, CPI and jobs report, gives you the result against the forecast a minute after with what it means for your markets, and scores every headline on yields and the Fed as it breaks. Try LemonTrades free for 3 days, no card needed.
Market news and analysis, not financial advice. AI can misread a headline, so check the source before acting on anything important. Prices and news may be delayed.