FOMC · Signed Brief

FOMC Maintains Target Range at 3-1/2 to 3-3/4 Percent on June 17, 2026, in Unanimous 12-0 Vote

On June 17, 2026, the Federal Open Market Committee voted 12 to 0 to hold the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. The unanimous vote contrasted with four dissents recorded at the prior meeting, and the accompanying statement substantially rewrote its inflation language while removing multiple forward-guidance clauses.

By — Founder, Kitalpha Finance
Published 17 July 2026
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On June 17, 2026, the Federal Open Market Committee voted 12 to 0 to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent [E0]“June 17, 2026” — FOMC statement, 2026-06-17. federalreserve.gov ↗[E1]“The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:” — FOMC statement, 2026-06-17. federalreserve.gov ↗[E2]“The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

This was the fifth consecutive meeting at which the Committee held that target range [S1]the target range has stood at 3-1/2 to 3-3/4 percent for 5 consecutive meetings through 2026-06-17 — Computed deterministically from the FOMC statements' parsed target ranges. federalreserve.gov ↗.

The vote composition shifted markedly from the previous meeting, at which four members had dissented — one preferring to lower the target range by 1/4 percentage point and three objecting to inclusion of an easing bias in the statement — compared with unanimous approval at this meeting [D12]Removed: "Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[D13]Added: "The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:" — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E1]“The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

The current statement recast its economic-activity language: in place of the prior phrase stating that "Recent indicators suggest that economic activity has been expanding at a solid pace," policymakers stated that economic activity is expanding at a "solid pace" despite "elevated uncertainty that owes, in part, to the conflict in the Middle East" [D1]Removed: "Recent indicators suggest that economic activity has been expanding at a solid pace." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[D16]Added: "Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E4]“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

Officials added new language asserting that "Productivity growth and capital investment are strong" [D17]Added: "Productivity growth and capital investment are strong." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E5]“Productivity growth and capital investment are strong.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

On labor markets, the prior description of job gains as having "remained low, on average" was replaced with language stating that gains "have kept pace with the workforce, and the unemployment rate has changed little" [D18]Reworded from "Job gains have remained low, on average, and the unemployment rate has been little changed in recent months." to "Job gains have kept pace with the workforce, and the unemployment rate has changed little." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E6]“Job gains have kept pace with the workforce, and the unemployment rate has changed little.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

Inflation language was substantially rewritten: the statement removed a prior commitment to "returning inflation to its 2 percent objective" and a broad assessment-criteria passage [D7]Removed: "The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[D10]Removed: "The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗, while adding that inflation "remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy" [D19]Added: "Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E7]“Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

Multiple prior forward-guidance clauses — including language on carefully assessing "incoming data, the evolving outlook, and the balance of risks" and continuing to monitor "the implications of incoming information for the economic outlook" — were removed and replaced by a single new sentence: "The Committee will deliver price stability" [D6]Removed: "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[D8]Removed: "In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[D9]Removed: "The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[D20]Added: "The Committee will deliver price stability." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E8]“The Committee will deliver price stability.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

The rate-decision sentence was reworded, removing the phrase "In support of its goals" and substituting a reference to "the Federal Reserve's dual mandate" [D14]Reworded from "In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent." to "The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E2]“The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

The statement also added a sentence reaffirming "its policy of maintaining ample reserves in the banking system" [D15]Added: "The Committee reaffirmed its policy of maintaining ample reserves in the banking system." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E3]“The Committee reaffirmed its policy of maintaining ample reserves in the banking system.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

Data available to policymakers as of the June 17, 2026 decision showed the Consumer Price Index up 4.2% over the 12 months through May 2026 [N1]Headline CPI: +4.2% over the 12 months through May 2026 (as known on June 17, 2026) — U.S. Bureau of Labor Statistics, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗.

Core consumer prices, which exclude food and energy, rose 2.8% over the 12 months through May 2026 [N2]Core CPI: +2.8% over the 12 months through May 2026 (as known on June 17, 2026) — U.S. Bureau of Labor Statistics, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗.

The unemployment rate stood at 4.3% in May 2026 [N3]Unemployment rate: 4.3% in May 2026 (as known on June 17, 2026) — U.S. Bureau of Labor Statistics, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗.

Nonfarm payroll employment rose by 172,000 in May 2026 [N4]Nonfarm payrolls: +172,000 in May 2026 (as known on June 17, 2026) — U.S. Bureau of Labor Statistics, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗.

The headline PCE price index rose 3.8% over the 12 months through April 2026 [N5]Headline PCE: +3.8% over the 12 months through April 2026 (as known on June 17, 2026) — U.S. Bureau of Economic Analysis, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗.

Core PCE prices, which exclude food and energy, rose 3.3% over the 12 months through April 2026 [N6]Core PCE: +3.3% over the 12 months through April 2026 (as known on June 17, 2026) — U.S. Bureau of Economic Analysis, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗.

The next scheduled FOMC meeting concludes on July 29, 2026 [C1]Next scheduled FOMC meeting: July 29, 2026 — FOMC meeting calendar, federalreserve.gov. federalreserve.gov ↗.

Sources

  1. [E0]“June 17, 2026” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  2. [E1]“The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  3. [E2]“The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  4. [S1]the target range has stood at 3-1/2 to 3-3/4 percent for 5 consecutive meetings through 2026-06-17 — Computed deterministically from the FOMC statements' parsed target ranges. federalreserve.gov ↗
  5. [D12]Removed: "Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  6. [D13]Added: "The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:" — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  7. [D1]Removed: "Recent indicators suggest that economic activity has been expanding at a solid pace." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  8. [D16]Added: "Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  9. [E4]“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  10. [D17]Added: "Productivity growth and capital investment are strong." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  11. [E5]“Productivity growth and capital investment are strong.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  12. [D18]Reworded from "Job gains have remained low, on average, and the unemployment rate has been little changed in recent months." to "Job gains have kept pace with the workforce, and the unemployment rate has changed little." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  13. [E6]“Job gains have kept pace with the workforce, and the unemployment rate has changed little.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  14. [D7]Removed: "The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  15. [D10]Removed: "The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  16. [D19]Added: "Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  17. [E7]“Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  18. [D6]Removed: "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  19. [D8]Removed: "In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  20. [D9]Removed: "The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  21. [D20]Added: "The Committee will deliver price stability." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  22. [E8]“The Committee will deliver price stability.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  23. [D14]Reworded from "In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent." to "The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  24. [D15]Added: "The Committee reaffirmed its policy of maintaining ample reserves in the banking system." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  25. [E3]“The Committee reaffirmed its policy of maintaining ample reserves in the banking system.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  26. [N1]Headline CPI: +4.2% over the 12 months through May 2026 (as known on June 17, 2026) — U.S. Bureau of Labor Statistics, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗
  27. [N2]Core CPI: +2.8% over the 12 months through May 2026 (as known on June 17, 2026) — U.S. Bureau of Labor Statistics, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗
  28. [N3]Unemployment rate: 4.3% in May 2026 (as known on June 17, 2026) — U.S. Bureau of Labor Statistics, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗
  29. [N4]Nonfarm payrolls: +172,000 in May 2026 (as known on June 17, 2026) — U.S. Bureau of Labor Statistics, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗
  30. [N5]Headline PCE: +3.8% over the 12 months through April 2026 (as known on June 17, 2026) — U.S. Bureau of Economic Analysis, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗
  31. [N6]Core PCE: +3.3% over the 12 months through April 2026 (as known on June 17, 2026) — U.S. Bureau of Economic Analysis, retrieved via ALFRED vintage as of June 17, 2026. fred.stlouisfed.org ↗
  32. [C1]Next scheduled FOMC meeting: July 29, 2026 — FOMC meeting calendar, federalreserve.gov. federalreserve.gov ↗